Brooks Macdonald discretionary FUM up 4.2%

Brooks Macdonald's discretionary funds under management totalled £5.924bn at the end of March, an increase of 4.2% from the end of December.

The group says that as a comparison, the WMA balanced index declined by 0.3% over the quarter.

The group says the figure represents all of its discretionary funds across the group (Asset Management, Funds and International) and this growth was a combination of performance (c£30m) and net new business (c£215m) over the quarter.

Advisory funds under management totalled £413m, an increase of 10.5% from the end of December and the group's property management business Braemar Estates had property assets under administration of £1,137bn, an increase of 6.27%.

Third party assets under administration are now in excess of £180m (31 December 2013: >£160m).

Chief executive Chris Macdonald said: "Despite flat markets in the first quarter, we have made good progress in growing assets under management in all areas of the business. Overall, in our financial year to date, discretionary funds under management have risen 16%. "The acquisition of DPZ Capital at the start of the new quarter has expanded our International business based in Jersey and adds a further c.£360m of funds under discretionary management. The acquisition of DPZ is a further exciting development for the group."

At 8:21am: (LON:BRK) Brooks Macdonald Group PLC share price was +5.5p at 1720.5p

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