Brooks Macdonald assets reach £8bn despite market losses

Chris-Macdonald-700x450.jpgBrooks Macdonald has reached £8bn in assets under management for the first time, despite recording investment losses for the quarter.

The results for the three months to the end of March, released today, show assets rose from £7.8bn at the end of last year.

However, the investment manager saw £56m in investment losses for the period, with inflows boosting the assets. Net new discretionary business was £241m for the period.

Chris Macdonald, chief executive of Brooks Macdonald, says investment performance was hit by underweights in resources and UK fixed income.

“After good progress in the first half, we have had a satisfactory third quarter, growing discretionary funds under management to over £8bn, for the first time in our history,” he says.

“Net organic growth remained strong at over 3 per cent for the quarter although our underweight positions in resources and UK fixed income caused client portfolios to lag the benchmark after a sustained period of outperformance.”