The investment management firm said it had a “strong pipeline” going into the next financial year following five successive quarters of positive inflows.
But going into 2023, Shepherd said it’s taking longer to put clients’ money to work.
“We have a strong pipeline going into FY23, although market conditions are resulting in some clients taking longer to commit funds,” the chief executive explained.
“I understand why a client with ‘x’ amount of pounds to invest might decide not to invest all of it right now.
“We don't know what Putin is going to do next. We don't know which way it's going to go. We don't know how hard that is going to hit economic growth, and therefore the growth of companies and what that might do to market valuations.
“For someone taking a pound cost averaging approach, it would be totally understandable at this point in time.”
Brooks Macdonald stressed that the money will eventually be invested and put to work to meet outcomes, but that at the moment it is going to take a bit longer for the group to put that money to work.
Ukraine’s recent surprise counter-offensive recaptured some 3,800 sq km of territory in the north-east of the country, prompting Ukrainian officials to declare a flip in the battlefield dynamic in the Donbas region. Many are now waiting to see how Russia’s president Vladmir Putin will respond.
ruby.hinchliffe@ft.com
