StockMarketWire.com - Investment manager Brooks Macdonald Group said Friday fiscal first-quarter discretionary funds under management increased year-on-year, driven by an influx of new business and stronger investment performance.

Discretionary funds under management rose 3% to £12.8bn from the previous quarter. This was driven by net new business of £158m and investment performance of £211m.

Net fund flows were weighed down somewhat by outflows from Brooks Macdonald International following the departure of one of its client-facing teams.

Compared to the same period a year ago, funds under management increased by 16.4%.

'We have maintained positive momentum in our UK business over the first quarter, with good organic growth despite softer client sentiment in light of the current macroeconomic environment,' said Caroline Connellan, Chief Executive of Brooks Macdonald.

'The ongoing strength of our investment performance has been particularly pleasing, driven by our Centralised Investment Process and the expertise within our teams.' At 9:30am: [LON:BRK] Brooks Macdonald Group PLC share price was +15p at 1770p



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