- Wealth Manager Brooks Macdonald reported flat funds under management growth in the second quarter of the year as stronger investment performance was offset by net outflows.

For the quarter ended 30 September 2020, Funds under management, or FUM, was £13.7 billion, in line with 30 June 2020, reflected strong investment performance of £0.2 billion in the quarter, offset by net outflows.

Investment performance continued to be strong relative to benchmark, up 1.7% for the period, ahead of the MSCI PIMFA Private Investor Balanced Index which was down 0.4%, the company said.

Its bespoke portfolio service was marginally up on the quarter at £8.3 billion, although the managed portfolio service was down 1.9% to £1.8 billion, and funds reduced 3.4% to £2.0 billion.

'The largest contributor to the reduction in MPS FUM was the exit of a single £90 million mandate as it moved from discretionary to advisory,' the company said.

At 9:10am: [LON:BRK] Brooks Macdonald Group PLC share price was +2.5p at 1652.5p

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