We are encouraged to note that Brooks Macdonald has delivered another successive quarter of net inflows, a product of accelerating net inflows in MPS and stable BPS net outflows (although yoy improvement). This a solid performance given the recent macro backdrop and demonstrates evidence of building client engagement. We note that the performance remains “in line with current expectations” and incorporate a small Q3 FuM variance which drives a c.5% reduction to estimates. We reiterate BUY with a 2400p 12m TP (17x PER, from 2500p).