LONDON (ShareCast) - (ShareCast News) - AIM-listed integrated wealth management group Brooks Macdonald posted a 1.1% drop in funds under management in the first quarter as it pointed to weak investment markets.
For the quarter ended 30 September, discretionary funds under management totalled £7.33bn compared with £7.41bn at the end of June 2015.

The company said its property management business, Braemar Estates, had assets under administration of £1.07bn, compared with £1.14bn at the end of June. Its third party assets under administration rose to over £260m from just over £255m at the end of June.

Chief executive Chris Macdonald said: "Investment markets have been weak in the first quarter which has an inevitable impact on funds under management and financial performance.

"However we are pleased that new business is robust and demand for our risk rated investment solutions from both professional intermediaries and private clients continue to gain traction."

At 1250 BST, shares were down 1% at 1,712.20p.

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