Brewin hit by negative markets as assets fall

Brewin Dolphin’s total assets fell in the past quarter as negative market movements drowned out discretionary inflows.

The wealth manager’s total funds under management fell 2.1 per cent in the three months to June 30, from £28.1bn to £27.5bn.

The decline was down to a loss of £0.4bn from market movements and a £0.4bn outflow from its advisory business as it continues to concentrate on its discretionary side.

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The discretionary business saw net inflows of £0.2bn during the period, and the board confirmed the firm’s focus on “concentrating future growth on discretionary investment management services” in the future.

The firm’s total income rose by 14 per cent in the year to the end of June, primarily due to a 31 per cent increase in fee income, which outstripped the loss of trail commission in the wake of the RDR.