Group FUM at the end of September reached £16.8bn (30 June 2021: £16.5bn).

The wealth manager saw 3.1% net flows and an overall investment performance of 1.4% (in comparison to the MSCI PIMFA Private Investor Balanced Index which rose by 0.2%).

The discretionary investment division of the firm saw positive net flows of £0.2bn, a 5.7% growth year on year. The positive flows were seen across both the bespoke portfolio service and managed portfolio service.

The UK investment management funds business saw small outflows with the Defensive Capital Funds continuing to be affected by outflows in the absolute return sector.

Last month the wealth manager reported rapid growth in profits and funds under management for the year ended 30 June as recent acquisitions helped deliver strong results.

Pre-tax underlying profits for the year were up 33% from £23m to £30.6m and group funds under management reached a record £16.5 billion (up 20.3% on FY20). 

Brooks Macdonald recently bought Cornelian Asset Managers and Lloyds Banking Group's Channel Islands funds and wealth management business.

Andrew Shepherd, CEO of Brooks Macdonald, said: "There is a clear energy about the business, helped by the passion and excitement our team gets from increasingly meeting face-to-face with advisers and clients again."

Mr Shepherd added that the wealth management firm has a healthy pipeline with net flows expected to continue to improve further.

He took over from Caroline Connellan as CEO of the wealth management firm on 1 July. Ms Connellan left the wealth manager to be the new chief executive of Abrdn’s personal wealth division which includes Financial Planning business 1825.

Before taking over as CEO, Mr Shepherd was group deputy CEO and CEO of the Brooks Macdonald's International business.  He has worked in financial services for 27 years and joined the firm in 2002.