Brewin Dolphin reports strong third quarter

David Nicol

Despite troubled economic and market conditions, the firm, headed by Glasgow-born chief executive David Nicol, reported that total assest under manangement were up 4 per cent quarter-on-quarter to hit £44.1 billion as of 30 June.

The results also show that discretionary funds were up by 4.3 per cent to £39.1bn.

Discretionary net flows, including transfers, amounted to £300 million, in line with the prior quarter – while total income was £87.3m, up by 3.7 per cent.

The business said its acquisitions of Investec’s Irish wealth management arm and Epoch Wealth Management are on track to complete as planned.

The Investec deal marks Brewin Dolphin’s second transaction in Ireland in the past eight years. It bought fund manager Tilman in a £30m deal in 2011.

Meanwhile, the income generated by Brewin Dolphin for giving financial advice rose by 22 per cent to £7.2m in the three months to June 30.

That business unit generated income of £5.9m in the same quarter last year, according to the firm’s latest results, out today (July 25).

Advisers placed an additional £100m of client cash with Brewin Dolphin in the three months to the end of June 2019, with market movements providing growth of £300m for that segment of the Brewin Dolphin business. 

Chief executive David Nicol said: “We are pleased with the overall business performance, particularly the resilience of our net inflows in the quarter in challenging economic and market conditions.

“In this context, we are confident in our business model, strategy and long-term growth prospects, which are underpinned by our focused investment in the UK and Ireland, combined with continued operational discipline.”

Brewin Dolphin, which has offices in Edinburgh and Glasgow, will announce its results for the full year to 30 September on 27 November. Shares closed up 1.8p at 316.8p.