Brewin Dolphin reports solid rise in core income in Q1

29th Jan 2014 08:02

- Income rises 6.5 per cent in Q1- Core income up 15 per cent- Outlook remains 'positive'Wealth management services firm Brewin Dolphin said it made 'good progress' in its first quarter with a decent increase in core income.Total income rose by 6.5% year-on-year in the three months ended December 29th 2013 to £69.6m.The company said growth was helped by a good investment performance, ongoing new client inflows to its discretionary service and the benefits of a transparent pricing structure.The discretionary service, which now covers 77% of its managed/advised funds, offers clients bespoke investment management and is suited for those who prefer not to be involved in the day-to-day running and administration of their portfolios.Brewin reported £0.3bn of net inflows to the core discretionary service, in line with the 5%-per-annum target. Core income from our Discretionary, Advisory and Execution Only services rose by 15% to £63.8m. Non-core income was weak as expected and sank by 40.8% to £5.9m due to the planned ongoing switch to non-trail paying fund units.Total funds under management rose to £36bn by the end of the period, up from £34.9bn three months earlier.The company said that the outlook remained "positive", owing to a "continuing improvement in equity market conditions, allied to the increasingly encouraging outlook for the broader UK economy".BC