Brewin Dolphin enjoyed £1.1bn of net inflows into its discretionary management business and saw its funds under management rise £800m to £24.8bn in the year to September 30.
Its preliminary results showed the firm’s overall funds under management fell £500m to £32bn after a decrease in its advisory arm. Negative market movements also offset some inflows.
However, revenue from its discretionary business rose 4 per cent to £225.5m leaving total revenue for the firm at £283.7m, up 1 per cent.
Overall, the firm reported strong revenue and cash figures, as chief executive David Nicol said “expansion was firmly on [the firm’s] agenda”.
While revenue and costs stayed relatively stable, leaving an operating profit of £61.7m, the firm’s overall retained earnings rose substantially from £5.4m to £48.3m after a £38m exceptional cost in previous year.
The firm also said it held a net cash position of £149.8m on its balance sheet. Mr Nicol said it had “been a good year for Brewin Dolphin”.
He added: “Initiatives to enhance key aspects of our business have culminated this year with the renewal of our client advice process and are now substantially complete.
“Expansion is now firmly on our agenda and we are in a strong position to take advantage of opportunities. Our people operate in a business with financial strength and genuine scalability and have a genuine commitment to help clients achieve their goals.
“The business is in great shape, with the foundations and resources to pursue our growth ambitions.”
