London-listed wealth and investment management firm, Brooks Macdonald, has reported that its funds under management for the quarter ended 31 March 2013 totalled £352 million (around $536 million), a decrease of 1.4 per cent on the previous quarter (31 December 2012: £357 million).

In contrast, Brook Macdonald’s property management business, Braemar Estates, had property assets under administration of £1.004 billion, an increase of 11.9 per cent (31 December 2012: £897 million).

The firm launched its new investment management administration service in April 2012, having successfully become an Application Service Provider (ASP).  Following this launch, third party assets under administration are now in excess of £120 million (31 December 2012: £100 million), the firm said.

Meanwhile, Brooks Macdonald reported £217 million of asset growth within its asset management business, with performance representing 6 per cent growth as a mean across all risk mandates, and £128 million of new business representing 3.6 per cent growth. Brooks Macdonald International, the firm's offshore subsidiary, was flat in terms of discretionary funds over the quarter.

The firm said that its onshore funds grew at around 10 per cent to £270 million, with an equal split between performance and new business, while offshore funds saw a decline of 15 per cent to £67 million, as a result of the final reconstruction of one of the former Spearpoint funds.

Earlier this month, Brooks Macdonald International appointed Mark O’Connor as an investment manager at its Guernsey office.