Brewin Dolphin posts rise in assets under management

26th Jan 2017 09:23

(ShareCast News) - Wealth manager Brewin Dolphin reported a rise in total funds for the first quarter as net inflows increased.Total assets under management jumped to £36.4bn from £33.2bn in the first quarter of 2016, as net discretionary funds inflows increased to £500m, up 6.9% on an annual basis.The company saw gross inflows of £700m driven by ongoing inflows from all channels, and £200m of outflows from direct discretionary clients in the three months to the end of December.Total income in the quarter was up 6% to £71.3m, while core income rose 12% to £67.9m.Chief executive David Nicol said: "Momentum behind our growth strategy has continued to build during the first quarter and it's been a pleasing start to the financial year. Continued net organic growth in funds, driven by increasing inflows into our core discretionary service and a reduction in discretionary outflows, underlines the strength of the business during uncertain market conditions."The solid performance is underpinned by a commitment to deliver on our clear strategy. The progress we are making combined with our financial strength gives us confidence in our long-term prospects."Brewin said the acquisition of Duncan Lawrie Asset Management, announced on 19 December, is expected to complete in the second half of the current financial year.At 0950 GMT, the shares were up 1.7% to 312.95p.