Brewin Dolphin total funds exceed pre-pandemic levels
Fund manager Brewin Dolphin reported record total funds as market sentiment rebounded off the back of the Brexit deal and vaccine rollout.
Total funds increased eight per cent to a record £54.1bn in the first quarter with total inflows of £0.6bn Net inflows stood at £0.1bn in the three months to December.
It represents an impressive recovery for the firm which was forced to launch an £8m cost-cutting programme when the pandemic hit to protect its business.
“With a Brexit trade deal behind us and the rollout of vaccinations in the UK, market sentiment is starting to improve, and we look forward to benefiting from this recovery over the coming year,” chief executive Robin Beer said.
After a volatile year, investors flocked to the wealth manager with shares rising 0.8 per cent before 9am.
Brewin Dolphin’s quarterly income rose seven per cent to £95.9m helped by a 5.9 per cent rise in discretionary income to £81m in the period. MPS income jumped 18.5 per cent in large part due to an improvement in market performance.
Appetite for the wealth manager’s financial planning services remained healthy, growing 11.8 per cent to £9.5m.
“We had a strong start to our financial year and saw growth across both our direct and indirect business. We are consistently delivering positive inflows, even with the tightened social distancing restrictions imposed in November and December 2020,” Beer added.