Brewin Dolphin total funds boosted by market recovery, organic growth

23rd Jul 2020 09:05

(Sharecast News) - Wealth manager Brewin Dolphin saw total funds increase in the three months ended 30 June as the group was supported by a market recovery and organic growth.
Brewin Dolphin said on Thursday that total funds increased 12.8% to £46.7bn in the quarter, with discretionary funds up 13.7% at £40.6bn.

The FTSE 250-listed firm said the strong total funds figure, which included £2.7bn-worth of funds added following the acquisition of Investec in the first quarter, was a result of an improved investment performance and some robust inflows.

Total income was up 6.2% year-on-year to £92.7m for the quarter, partly stemming from higher commissions as a result of "elevated trading activity and income from recent acquisitions", while third-quarter discretionary net flows rose 4.5% to £400m.

Chief executive Robin Beer said: "We continue to deliver resilient results despite the challenges the Covid-19 pandemic have imposed on our business in supporting our clients and colleagues."

As of 0915 BST, Brewin shares were up 1.64% at 278.50p.