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Brewin reports 9% rise in income driven by discretionary funds

Brewin Dolphin saw an increase of 8.9% in total income to £84.2 million over the quarter to 30 June.

Brewin reports 9% rise in income driven by discretionary funds

Brewin Dolphin saw an increase of 8.9% in total income to £84.2 million over the quarter to 30 June.

The rise was driven mainly by an increase in core fees and core commissions. However, advisory fees and commissions were down over the quarter by 59.1% and 66.7% respectively, year-on-year.

This was in line with the £1.2 billion in outflows the advisory business saw, with assets decreasing to £1.4 billion from £2.7 billion in September 2017. This has been a continuing trend for Brewin Dolphin as it continues its withdrawal from its advisory dealing service following regulatory changes. 

Elsewhere, total funds increased by 6.5% to £42.3 billion over the quarter to 30 June.

It saw net discretionary inflows of £700 million, according to a trading update, which represents an annualised growth rate of 8.2%, the company said. 

Of the assets, £36.8 billion was in discretionary funds, which saw an increase of 7.3%. The MPS service recorded £500 million in inflows, helping drive assets up to £2.8 billion over the period. 

Total income was also up, by 8.9%, to £84.2 million from £77.3 million in the same quarter in 2017. This was driven mainly by an increase in core fees and core commissions. However, advisory fees and commissions were down over the quarter by 59.1% and 66.7% respectively, year-on-year.

David Nicol (pictured), chief executive, said: ‘It has been another excellent quarter in which we have continued to deliver on our long-term organic growth strategy. We are particularly pleased to have achieved another period of strong discretionary funds inflows which, combined with positive investment returns, has driven total income to a record £84.2 million for the quarter.

'The significant and evolving need for financial and investment advice in the UK continues to support our strategic direction and we remain confident in the outlook for the business.’

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