Wealth manager Brooks Macdonald saw £5m of net outflows in the quarter ending 30 June, a 96% fall from the £129m reported the previous quarter and its lowest outflows for two years.

The improvement in flows was due to increased and more systematic client engagement and recent acquisitions, according to the fourth quarter update from the fund manager released today.

Total assets under management and advice increased to £19.2bn (31 March: £18.6bn). Of this advised-only assets were £2.6bn (31 March: £2.5bn).

Market and investment performance contributed £0.6bn in the quarter.

The wealth manager’s platform managed portfolio service saw strong net inflows of £165m, bringing annualised growth to 14% for the year.

Brooks Macdonald has been striving to recover after being hit by net outflows in 2023 and cutting 10% of staff. It said the cuts from its 512-strong workforce were designed to ensure it is, “set up for success, organised to deliver its strategy and drive growth.”

The wealth manager will release its full financial results for the year ended 30 June on 4 September.

The wealth manager launched a new Financial Planning brand, Brooks Financial, at the start of this month.

It said the brand has been launched to recognise the growing scale of Brooks Macdonald’s Financial Planning business following several Financial Planing firm acquisitions including LIFT-Financial, Lucas Fettes and CST.

The company said Brooks Financial brings together all former Financial Planning companies under one unified brand.

Andrea Montague took over as CEO on 1 October 2024, since which time it has made several acquisitions.

Earlier this year it completed the acquisition of Chartered Financial Planners LIFT-Financial Group Limited and LIFT-Invest for £45m, Welsh Chartered Financial Planning firm CST Wealth Management for an undisclosed sum and £890m AUA Norwich-based Lucas Fettes Financial Planning.

It completed the sale of Brooks Macdonald Asset Management (International) to Canaccord Genuity Wealth in February. The firm chose to sell its international operations following a strategic review. Canaccord paid an initial consideration of £28m, with a further contingent sum of up to £22.85m payable in cash two years post-completion, subject to performance criteria.

Brooks Macdonald completed the process of moving its share listing from AIM to the London Stock Exchange main market in March.

• The next issue of Financial Planning Today magazine includes an exclusive Q&A with CEO Andrea Montague. You can subscribe here: www.financialplanningtoday.co.uk.