In the first announcement since Connellan took over from outgoing CEO Chris Macdonald, the specialist discretionary fund management provider has reported a 6.45% increase in FUM to £9.93bn in the quarter ending 31 March 2017.
Half of the growth was due to £291m of net new business taken by the wealth management firm, and a further 3% of growth (£311m) was attributed to strong investment performance.
The latest announcement follows the firm’s strong performance in the second half of 2016.
Connellan, who became chief executive in April, said the figures showed “continued momemtum” with strong organic growth.
She added: “Over the quarter our net new business improved to over 3% while performance for clients was positive on both relative and absolute bases.
“Whilst some concerns over client sentiment remain given the economic outlook, Brexit negotiations and upcoming elections, we are focused on maintaining the impetus during this final quarter of the year.”
Brooks Macdonald is currently listed as a ‘buy’ option by Cantor Fitzgerald, with financial services research analyst Keith Baird expecting “favourable growth” to be sustained over the medium term.
Brooks Macdonald announced its first international strategic alliance last November, signing a deal with Dubai-based advisers Abacus Financial Consultants.
