Brooks Macdonald blamed investor confidence falling ahead of the Budget as one of the reasons it recorded outflows of £100m in the first quarter of its financial year.
Its latest results, published today (16 October), show a 6% reduction in gross inflows compared to the previous quarter.
MPS Platform, including the group’s B2B offering for financial advisers – BM Investment Solutions – grew to £4.6bn, from £4.4bn.
Gross outflows were down 5.1%, marking the second quarter in succession they have fallen.
Net outflows were offset by positive investment performance in the quarter, resulting in the group’s closing FUM increasing by £100m to £17.9bn.
Brooks Macdonald CEO Andrea Montague said: “Our business has shown resilience through improved client retention across all our UK propositions.
“The considerable speculation around the upcoming Budget and rumoured changes to taxation and reliefs has clearly had an impact on investor confidence with lower gross inflows in the quarter.
“Our recently announced acquisitions of LIFT and Lucas Fettes demonstrate the pace at which we are delivering on our strategy, to reignite growth focusing on client service, reach, scale and efficiency.
“I remain confident about unlocking the full potential of Brooks Macdonald.”
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