British wealth manager Brooks Macdonald Group said that its discretionary funds under management (FuM) stood at £7.33bn at the end of 30 September 2015, a decline of 1.1% compared to £7.41bn at the end of June 2015.
The company said that this represents all discretionary funds across the group (asset management, funds and international) and reflected a combination of £263m investment performance decline and net new business of £180m over the first quarter of first quarter of fiscal 2016.
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Property business Braemar Estates saw assets drop from £1.14bn over the quarter to £1.073bn.
Third party assets under administration were in excess of £260m, compared to £255m as of 30 June 2015.
Brooks Macdonald CEO Chris Macdonald said: "Investment markets have been weak in the first quarter which has an inevitable impact on funds under management and financial performance.
"However we are pleased that new business is robust and demand for our risk rated investment solutions from both professional intermediaries and private clients continue to gain traction."
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