Wealth manager Brooks Macdonald has today reported outflows of £49m in the quarter ended 30 September.

Net outflows had improved the previous quarter to £3m (quarter ended 30 June), its lowest outflows for two years.

Net flows were a notable improvement year on year. For the quarter ended 30 September 2024 the wealth manager saw organic net outflows of £111m.

Outflows for the wealth manager’s bespoke portfolio service of £157m were an 11% improvement year on year. The improvement was driven by lower gross outflows across its BPS Core product.

Brooks Macdonald’s platform managed portfolio service delivered net inflows of £175m, annualised growth of 12%.

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 was, “set up for success, organised to deliver its strategy and drive growth.”

Total funds under management and advice increased 3% over the quarter to £19.7bn. Of this, total funds under management were £17.3bn including bespoke portfolio service assets of £8.7bn and managed portfolio service assets of £7.4bn.

Advised-only assets fell slightly from £2.57bn at 1 July to £2.42bn at 30 September. 

In July Brooks Macdonald launched a new Financial Planning brand known as Brooks Financial. It said the brand has been launched to recognise the growing scale of Brooks Macdonald’s Financial Planning business following the acquisitions of 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 of Brooks Macdonald 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. 

Brooks Macdonald also completed the process of moving its share listing from AIM to the London Stock Exchange main market in March. Since then it has also completed an £8.1m share buyback, acquiring and cancelling 528,000 of shares.

Brooks Macdonald will publish its next quarterly financial results on 15 January.