FUM inflow momentum continues in turbulent markets
Amidst significant market volatility - which often coincides with net outflows for asset and wealth managers - BM impressively recorded £0.2bn of net Funds Under Management (FUM) inflows during Q3 of FY22 (Jan - Mar 22). This was its fourth consecutive quarter of positive net flows, and indicative of continuing strong momentum in the business.We have made a small ‘mark to market’ adjustment to our forecasts (FY22 estimate reduces from £17.2bn to £17.1bn, FY23 from £18.8bn to £18.7bn), but remain confident that BM is well placed to achieve its longer-term ambitions (reaching £26-£27bn FUM in the next 5-6 years, excluding acquisitions) and highlight that our fundamental value is 3,200p per share (29% above the current share price), while BM’s PER of 19.8 is 23% below the sector median of 25.7.
Brooks MacDonald Group is an independent investment management firm. Co. has four segments: Investment Management, which provides discretionary investment management to private investors, pension funds, charities and trusts through Bespoke Portfolio Service and Managed Portfolio Service; Financial Planning, which delivers both fee based financial advice to high net-worth families, and employee benefit consultancy to small and medium sized employers throughout the U.K.; Funds and Property Management, which engages in new investment across the range of funds with the Defensive Capital Fund; and International, which includes the Channel Islands business discretionary funds under management.
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