Investment manager Brooks Macdonald Group said Thursday funds under management declined in the six months through December as volatile market conditions hurt investment performance.

Discretionary funds under management fell 4.5% to £11.9bn for the half, from a year earlier, driven by rough December trading as 'both markets and client sentiment became weaker as a result of the macroeconomic and political uncertainty,' the company said.

Negative investment performance wiped £800m from funds under management, while a slowing inflows also weighed.

'Lower market levels resulted in lower management fees at the quarter end and transactional revenue was impacted by reduced new business flows' the company said.

Still, the company said it estimated underlying profit for the financial year remained in line with management's expectations, should there be no further deterioration in markets or client sentiment.


At 9:11am: (LON:BRK) Brooks Macdonald Group PLC share price was -60p at 1670p