Brooks Macdonald adds £127m to funds

Shares in Manchester-based property fund manager, Brooks Macdonald, said funds under management rose by £127m, or 1.99%, in the third quarter to £6.677bn.

The AIM-listed wealth management group with an office in 1 Marsden Street also owns property manager Braemar Estates, based in Hale, Trafford.

The £127m growth was a combination of performance of funds, £25m, and net new business, £102m, over the three months to 30 September.

Shares in the group were up 31p, or more than 2%, to 1,382p by 10.30am.

At the end of Q3, Braemar Estates had property assets under administration of £1.142bn, an increase of 0.79% from 30 June when the managed assets stood at £1.13bn.

Chris Macdonald, chief executive of Brooks Macdonald, said: "Despite more challenging markets during the quarter, which is historically our slowest trading period, the group has grown discretionary funds under management by c2%, derived from a combination of organic growth and by performance. Against this background, the Group has made a reasonable start to the new financial year."

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