Brooks Macdonald is set to move from the Alternative Investment Market (Aim) to the London Stock Exchange’s Main Market, subject to regulatory approval.
In a quarterly funds under management (FUM) update, the firm announced they would not seek to raise any funds or offer any new shares with the move, which it expects to complete by the end of March.
CEO Andrea Montague (pictured) said the move would extend the opportunity to own the group’s ordinary shares to a broader group of investors.
Brooks Macdonald was founded in 1991 and listed on Aim in 2005.
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For the quarter to 31 December, the wealth manager’s FUM held steady at £17.9bn — the same level as the previous quarter.
The firm posted its strongest quarter for gross inflows for 18 months at £579m. Brooks suffered £151m net outflows in the quarter, however, though its MPS platform business gained £146m net inflows.
Investment performance contributed £200m towards total FUM.
Andrea Montague (pictured), CEO of Brooks Macdonald said: “This is Brooks Macdonald’s strongest quarter of gross inflows for 18 months, driven by the quality of our service, the scope of products tailored to meet clients’ needs, and our strong investment performance.
“While outflows remained elevated in the quarter, we are taking actions to improve asset retention as well as driving new business growth. Additionally, we continue to scale and enhance our financial planning expertise, including most recently through the acquisitions of LIFT, Lucas Fettes and CST Wealth Management.
“We remain focused on the execution of our strategy to reignite growth, serving our clients well, reaching more clients, and delivering value for our clients, shareholders and employees.”
This story was written by our sister title, Portfolio Adviser
