Charles Stanley and Brooks Macdonald grow assets despite Covid pressure
Charles Stanley ‘cautiously optimistic’ worst of pandemic is over while Brooks Macdonald ‘on track’ to meet expectations
Charles Stanley and Brooks Macdonald both reported an increase in assets under management during the first three months of the year, despite the pressures of Covid-19 and the associated lockdown.
Charles Stanley said it was “cautiously optimistic” that the worst of the pandemic is over after reporting a 2% increase in funds under management (FUM) during the first three months of the year.
The wealth manager’s funds under management and administration (FUMA) increased from £25.1bn at the end of December 2020 to £25.6bn at the end of March.
Brooks Macdonald AUM hits record £15.5bn as outflows slow
Net outflows dropped to £367m for the six months to end of December from £506m the year before
Brooks Macdonald added £2.4bn to its funds under management during 2020 as it experienced an “improving trend” in outflows.
The wealth manager’s results for the six months to 31 December 2020 revealed assets to be £15.5bn, up from £13.7bn in June 2020 and £13.1bn at the end of 2019.
It attributed this to strong investment performance which added 9.5% to its assets, or £1.3bn, despite volatility in markets, as well as it two acquisitions -Lloyds Banking Group’s Channel Islands wealth business and Cornelian Asset Managers.