By Ian Walker
Brooks Macdonald Group announced on Thursday that its funds under management experienced a growth of 7.5% in fiscal 2023, primarily driven by positive inflows in the last quarter. However, the asset manager also cautioned that investor sentiment is likely to remain subdued amidst ongoing market uncertainty.
As of June 30, the total funds under management stood at £16.85 billion ($21.88 billion), compared to £16.79 billion at the end of March. This growth was attributed to net inflows of £100 million or 0.6% during the quarter, although it was partially offset by declining market conditions.
Brooks Macdonald anticipates that its full-year earnings will align with market forecasts, following a strong performance in the second half of the fiscal year. However, no specific figures were provided. The consensus for adjusted pretax profit for the year ended June 30 is £28.8 million, compared to £34.5 million in the same period of the previous year.
Analysts forecast that revenue for the year will reach £122.8 million, slightly higher than the previous year’s figure of £122.2 million. These forecasts are based on data from FactSet, which collected inputs from seven analysts.