Strategic Report
Governance Report
Financial Statements
Other Information
Table 4 – Revenue, average FUM and yields
Yield
Revenue
Average FUM
FY24 £m 54.4 12.2 10.2 76.8 5.8 7.1 1.2 14.1
FY24 £m 8,579
FY24 bps 63.5 14.2 11.9 89.6 59.2 18.2 11.9 29.0 67.6 47.7 65.3 70.4
FY23 £m
Change £m
FY23 £m 8,318
Change %
FY23 bps
Change bps
BPS fees
54.2 10.4
0.2 1.8 0.5 2.5 0.1 1.9 0.1 2.1
3.1
65.1 12.5 11.7 89.3 59.1 18.8
(1.6)
– –
BPS non-fees (transactional income and FX fees)
– –
– –
1.7
BPS non-fees (interest income)
9.7
0.2 0.3
Total BPS
8,579
74.3
8,318
3.1
972
MPS Custody MPS Platform
5.7 5.2
967
0.5
0.1
3,892
2,750
41.5
(0.6)
–
MPS non-fees (interest income)
1.1
–
–
11.7
0.2
Total MPS
4,864
12.0
3,717
30.9
32.3
(3.3)
UKIM discretionary
90.9
13,443 1,769 15,212
86.3
4.6
12,035
11.7
71.7 48.3 68.4 73.3
(4.1) (0.6) (3.1) (2.9)
8.4
Funds
9.6
(1.2)
1,997
(11.4)
Total UKIM
99.3 15.6
95.9
3.4
14,032
8.4 0.8
2,215
International fees
16.1 2.6
(0.5)
2,198
2.9 1.4
– –
13.2
International non-fees (transactional income and FX fees)
0.3
– –
– –
11.7
1.5
6.2
International non-fees (interest income)
1.6
(0.2) (0.4)
7.2
(1.0) (2.4) (3.2)
Total International
19.9 119.2
2,215 17,427
89.8 68.4
20.3 116.2
2,198
0.8 7.4
92.2 71.6
Total FUM-related revenue Financial planning income
3.0 1.6
16,230
8.2 0.9 9.1
6.6 1.0 7.6
Other income
(0.1)
Total non-FUM-related revenue
1.5 4.5
Total Group revenue
128.3
123.8
The Group’s overall yield decreased by 3.2bps or 4.5% compared to the prior year. This was driven by a number of factors across the products set out below. The yield on BPS fees for UKIM decreased by 1.6bps to 63.5bps during the year (FY23: 65.1bps), driven by the impact of flows, the underlying product mix and rates achieved on new business.
The BPS non-fee transactional and FX income yield increased by 1.7bps in the year, as a result of higher trading volumes. The yield on interest income was up 0.2bps, due to the increase of the Bank of England base rate in Q1, offset by higher amounts paid to clients. The MPS Custody yield of 59.2bps continued to remain stable on FY23, whereas the yield on MPS Platform fell slightly by 0.6bps to 18.2bps due to the impact of product mix as Platform MPS includes our BM Investment Solutions offering that attracts relatively larger mandates and benefits from discounted tiered rates.
Additionally, we saw growth in our passive Platform MPS offering during the year, which attract lower yields. This has resulted in the overall MPS yield decreasing from 32.3bps to 29.0bps in the year. The UK Funds fee yields reduced by 0.6bps to 47.7bps during the year, primarily driven by the impact and timing of flows during the year.
International fee income yield reduced by 2.9bps to 70.4bps during FY24, driven by a change in product mix and the impact of flows. International non-fees transactional and FX income increased by 1.5bps, whilst interest income yield reduced by 1.0bp due to the impact of cash balances denominated in foreign currencies. This has resulted in the overall International yield decreasing from 92.2bps to 89.8bps during the year.
Brooks Macdonald Group plc Annual Report and Accounts 2024
33
Made with FlippingBook - professional solution for displaying marketing and sales documents online