Brewin Dolphin total funds grow despite 'challenging' conditions
Wealth manager Brewin Dolphin saw total funds increase in the third quarter, driven by good inflows and investment performance.
Brewin Dolphin Holdings
515.00p
16:34 26/09/22
Financial Services
14,164.95
17:14 18/04/24
FTSE 250
19,450.67
17:14 18/04/24
FTSE 350
4,334.00
17:14 18/04/24
FTSE All-Share
4,290.02
16:54 18/04/24
Total funds increased 4% to £44.1bn, while discretionary funds grew 4.3% to £39.1bn.
Discretionary net flows, including transfers, were £300,000m - in line with the prior quarter and representing an annualised growth rate of 3.2%.
Total income improved 4% to £87.3m, with discretionary income increasing 4% to £76.2m and financial planning income growing 22% to £7.2m.
Chief executive David Nicol said: "We are pleased with the overall business performance, particularly the resilience of our discretionary net inflows of £300,000m in the quarter in challenging economic and market conditions.
"In this context, we are confident in our business model, strategy and long-term growth prospects, which are underpinned by our focused investment in the UK and Ireland, combined with continued operational discipline."
Elsewhere, Brewin Dolphin said that its acquisitions of Investec Capital and Investments and the assets and staff of Epoch Wealth Management were on track to complete as planned.
At 0925 BST, Brewin Dolphin shares were up 0.13% to 315.40p.