Wealth manager and Financial Planner Brooks Macdonald has reported a dip in net flows to £0.1bn for the company's fourth quarter ended 30 June.

This compares with net flows of £0.4bn for the previous quarter.

Net flows for the latest quarter were boosted by the wealth manager’s platform MPS.

The platform MPS saw net new business of £285m over the quarter, taking funds under management for the platform to £4.45bn at 30 June.

Total funds under management for the group were £16.85bn (31 March: £16.79bn) at 30 June.

For the financial year which ended on 30 June, Brooks Macdonald saw positive net flows of £0.8bn. Investment performance contributed £0.4bn, leading to an overall growth of 7.5% in the firm’s closing funds under management.

The wealth manager said its pipeline for the coming financial year was healthy, but it expects to see investor sentiment remaining subdued and markets continuing to be uncertain.

Andrew Shepherd, CEO of Brooks Macdonald, said: "I am pleased to report another quarter of positive net flows, particularly within our Platform MPS offering, with annualised net flows of 38% in the quarter.  Against a backdrop of volatile markets and interest rate rises, our net flows remained positive throughout the year, with the organic FUM growth rate increasing to 5.2% (FY22: 4.8%), contributing to an overall growth in FUM of 7.5%.

"We continue to make steady and encouraging progress against our strategy, led by strong organic growth driven by the value clients place on high quality financial advice.  This growth exemplifies the resilience of our organisation and our collective drive to deliver long term sustainable results through the execution of our strategy, underpinned by the unrelenting commitment of our people to our clients and intermediaries."

The company has grown rapidly organically and through acquisition in recent years.

In September it added £350m in assets and 650 clients with the acquisition of Manchester specialist adviser firm Adroit Financial Planning.

Brooks Macdonald will issue its full year results for the year ended 30 June on Thursday 14 September.