British wealth manager Brooks Macdonald Group said that its discretionary funds under management (FuM) stood at £8.92bn at the end of 30 September 2016, an increase of 7.5% compared £8.30bn on 30 June 2016.
The company said that the rise in FuM was due to £170m in net new business and £451m in investment performance. The figures represent all the discretionary funds managed by the group across asset management, funds and international.
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Brooks Macdonald CEO Chris Macdonald said: "Following on from our annual results announcement last month, we have continued to make good progress in the first quarter of our new financial year, with further organic growth in discretionary funds under management. This has been achieved in spite of a period of weak client sentiment immediately post the EU referendum."
"Notwithstanding potential market volatility, we look forward with confidence as we continue to leverage the growing strength of our brand, investment offering and professional intermediary relationships."
Simultaneously, Brooks Macdonald also announced the appointment of Caroline Connellan as its new group CEO. She is replacing Chris Macdonald who will now become deputy chairman.
The company’s board eventually plans to appoint Macdonald as chairman in the future.
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By GlobalDataConnellan, who joins from HSBC, will assume the new role in April 2017. At HSBC, she served as head of UK Premier & Wealth, and before that was the group strategy director at Standard Life. She previously also worked as a wealth and asset management consultant at McKinsey, and as a fund manager at Newton Investment Management in London.
Brooks Macdonald chairman Chris Knight said: “Caroline brings significant wealth management experience that will be critical to delivering the Group's strategy and we are confident that she will bring a valuable external perspective which, together with our experienced management team, will enable us to meet our clients' expectations and to drive further growth in our business."
