Wealth manager and Financial Planner Brooks Macdonald is planning to move its share listing from AIM to the London Stock Exchange main market, it announced today as it released a trading update.

CEO Andrea Montague said a move to the main market would “further enhance” the group’s profile and provide more opportunities for investors to hold the company’s shares.

She made clear it was not a fund raising move.

Brooks Macdonald will apply to the FCA for the group's ordinary shares to be admitted to the Equity Shares (Commercial Companies) segment of the Official List, allowing trading on the main market of the London Stock Exchange. The group, founded in 1991, has been listed on AIM since 2005.

The company says it does not intend to raise any funds or offer any new shares. The listing of the company's ordinary shares on the main market is expected to take place in March and admission is subject to approval by the FCA of a prospectus.  

The group said its latest trading figures for the quarter ending December revealed the strongest quarter for 18 months.

Total Funds under Management were £17.9bn at 31 December (30 September 2024: £17.9bn, 30 June 2024: £17.8bn).

Gross inflows excluding BMI were robust in the 3 months to 31 December at £579m. These were offset by £(730)m of gross outflows. Net outflows in the quarter totalled £(151)m, equivalent to (1.0)% of opening FUM.

Net inflows to its MPS Platform business were £146m and investment performance contributed £0.2bn towards FUM in the quarter against a mixed market background.

The group forecasts full year performance “in line with its expectations" and expects a return to positive net flows later in the year.

Brooks Macdonald has acquired several Financial Planning firms in the past few years including LIFT, Lucas Fettes and CST Wealth Management but also sold its international arm (BMI) for £50m in September.

Ms Montague said: “This is Brooks Macdonald's strongest quarter of gross inflows for 18 months, driven by the quality of our service, the scope of products tailored to meet clients' needs, and our strong investment performance.

“While outflows remained elevated in the quarter, we are taking actions to improve asset retention as well as driving new business growth. Additionally, we continue to scale and enhance our financial planning expertise, including most recently through the acquisitions of LIFT, Lucas Fettes and CST Wealth Management. We remain focused on the execution of our strategy to reignite growth, serving our clients well, reaching more clients, and delivering value for our clients, shareholders and employees.

"I am pleased to announce the Board's intention to transition Brooks Macdonald from AIM to the Main Market. This move will further enhance the Group's corporate profile and extend the opportunity to own its ordinary shares to a broader group of investors."