Brooks Macdonald has posted a (modest) headline net inflow for the first time since July 2023. We think that this is doubly impressive given that it has come during a quarter with elevated risk aversion ahead of the Budget. The £50m net inflow is a product of reducing net outflows in the BPS service and sustained growth in MPS. This is a clear step in the right direction and we hope to see this trajectory maintained. The in line FuM outturn does not prompt any change to earnings estimates. We reiterate our BUY and 2500p 12m TP (17x Jun-27e).
