Brooks Macdonald has said that its funds under management (FUM) fell to £15.52bn in the first quarter of fiscal year 2023.

At the end of 30 June 2022, the end of the firm’s previous financial year, FUM stood at £15.7bn. 

For the first quarter ended 30 September 2022, the group’s organic net new business was £191m. 

The positive net flows were offset by a dent of £334m due to investment performance amid volatile global markets.

The company note that its overall investment performance during the quarter was negative 2.1%, which is better than the MSCI PIMFA Private Investor Balanced Index, which declined by 3.6%.

Brooks Macdonald CEO Andrew Shepherd said: “Despite the difficult political and economic conditions in our first quarter, net flows were running at an annualised 4.9% – an excellent result, continuing the trend seen in the previous financial year.

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 “Given the challenging backdrop, high-quality financial advice and robust long-term investment management are needed now more than ever. Our net flows for this quarter are a credit to everyone at Brooks Macdonald, who engaged actively with our clients and intermediaries to support them in navigating these volatile markets. 

“We remain confident in our expectations for new business flows and in the Group’s ability to deliver our ambitious growth strategy.” Earlier this month, Brooks Macdonald acquired UK-based independent financial adviser (IFA) Adroit Financial Planning.