StockMarketWire.com - Investment manager Brooks Macdonald Group said annual funds under management grew by nearly a fifth supported by increased investment performance and new business, but warned 'macroeconomic uncertainty' was beginning to weigh on investor sentiment.

For the 12 months ended 30 June, statutory profit before tax fell 16.4% to £6.7m and revenue rose 14.4% to £101.6m.

Discretionary funds under management increased 18.7% to £12.4bn driven by an influx of new business and above-benchmark investment performance.

The fall in statutory profits was blamed on the previously announced £5.5m increase in costs to resolve legacy issues relating to an acquisition in 2012.

Total dividend was increased by 15% to 47.0p a share.

'I am pleased that we have maintained strong business performance while also making good progress on regulatory change and strengthening our foundations for future growth. Our net new business of 13% is again the highlight of our results, reflecting the strength of our client and adviser relationships. This, coupled with above benchmark investment performance, drove FUM to £12.4bn at the year end,' said Caroline Connellan, Chief Executive of Brooks Macdonald.

'After a strong year and in line with the industry, we're seeing some impact of macroeconomic uncertainty on investor sentiment as we move into the new financial year.'

'However, the fundamental opportunity for our business model remains strong and we remain confident in our positioning and ability to build on our success to date.'




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