Total income up 14 per cent in Q1 at Brewin Dolphin

31st Jan 2013 09:30

Total income increased by 13.7 per cent to 67.8m pounds in the first quarter of the financial year at Brewin Dolphin, an interim management statement from the company disclosed on Thursday morning.The rise in income in the three months ending January 30th stood in marked contrast to the 5.0% decline recorded in the preceding quarter ending September 30th. At the time, the preceding quarter's income decline was put down to an ongoing reduction of trail income in preparation from the Retail Distribution Review implementation.In Thursday's interim statement, the group said that the trend towards an increasing proportion of recurring fee income was continuing, albeit at a marginally slower pace than during 2012. Funds under management were stable at £26bn in the first quarter while advisory funds under management saw net outflows. The group said that this was as a result of ongoing service reviews as part of the move to new pricing. Underlying inflows into discretionary continued at the strong levels achieved during the preceding 12 months, whilst outflows in the quarter were higher than in recent quarters due to exceptional outflows relating to the departure of an associate managed team.Going forwards, the group reported that it is in a period of consolidation after expansion-led growth of recent years. It stated that the priority remained on the continued improvement in the quality of service to clients, increasing shareholder returns through improved operational efficiency and ensuring that the highest standards of compliance with regulatory requirements continue to be met.Brewin Dolphin is an independently-owned private client investment manager. It has 39 offices located in the UK and Channel Islands.MF