Despite higher than normal outflows, Brooks Macdonald saw funds under management increase by 2 per cent in the first three months of 2024.
FUM increased to £17.9bn over the quarter, up from £17.6bn at the end of December 2023.
However, outflows in the period were £828mn. The update said: “Gross outflows continued to be elevated given the prevailing macroeconomic backdrop of high interest rates and inflation.”
The firm said platform MPS, including its adviser offering, grew to £4.2bn with new business of 1.7 per cent of opening funds under management.
Brooks Macdonald CEO, Andrew Shepherd, said increasing funds under management came as markets responded to an improving macroeconomic outlook.
He said: "We have also seen encouraging flows in our platform MPS and specialist bespoke portfolio propositions demonstrating continued demand for our broad product range.
“However, interest rates are still high, placing continuing pressure on our clients, and we remain focused on meeting their needs through our innovative solutions and excellent client service.
“I remain confident in our future opportunity, and I want to extend my appreciation to all our stakeholders for their ongoing support, and to everyone at BM in particular for their unwavering commitment to our clients.”
The update said the firm's strategic review of international operations was "progressing well" and the outcome of the review will be announced later this year.
In its half year results in March, it announced it is considering the future of its international arm.
It said this in a bid to secure the best results for shareholders as operations were behind plan and the group took a £11.6mn hit related to a purchase in 2012.
tara.o'connor@ft.com
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