By Elena Vardon
Brooks Macdonald Group might deliver on its mid-term net flow ambition later than expected as short-term headwinds in the first quarter are likely to result in outflows, potentially breaking its streak of inflows over fiscal 2023.
The U.K. asset manager on Thursday said the timing of the delivery of its 8% to 10% annual net flow target might be disrupted by negative net flows but it still expects overall net flows to remain positive for the rest of fiscal 2024.
At the end of fiscal 2023, the company’s funds under management as of June 30 stood at GBP16.8 billion, up 7.5% on year. It said it saw positive net flows every quarter and ended the year with net flows 5.2% higher despite weaker investor sentiment, compared with up 4.8% a year prior.
The London-listed group posted a pretax profit of 22.2 million pounds ($27.7 million) for the year ended June 30, compared with GBP29.5 million the previous year. Underlying profit was GBP30.3 million, down from GBP34.5 million, due to cost pressures, it added.
Revenue edged up to GBP123.8 million from GBP122.2 million, driven by inflows and investment performance, it said.
The board declared a final dividend of 47 pence a share, ahead of 45 pence a year prior, bringing the full-year payout to 75 pence a share, up from 71 pence.
Write to Elena Vardon at [email protected]
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