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Investment management firm Brooks Macdonald (LON:BRK) said that funds under management were down by 7.2% over the quarter ended 31st December. Net new business was down by 0.6% over the three months and 1.9% over the year. Management said that profits for the full year were still on track to hit expectations as long as there was no further decline in consumer sentiment.
Chief executive Caroline Connellan commented: “We had a good first half notwithstanding December when both markets and client sentiment became weaker as a result of the macroeconomic and political uncertainty. We have continued to implement our strategy, driving for medium-term margin improvement and building a scalable operating platform.
The fundamental opportunity for our business remains strong. I am confident that the strength of our client and adviser relationships, coupled with the investment we are making in our offering, position us well to capture future growth. The efficiency measures that we recently announced combined with ongoing cost discipline will help deliver greater value from this opportunity“.
Brooks Macdonald shares dropped by 2.69% to 1,683p (as of 15:25p).