Brewin Dolphin has revealed it aims to increase discretionary funds by more than a third over the next five years, despite a drop-off in profits.
The investment manager and financial planning firm’s results for the six months to the end of March showed total funds of £32.8bn, up 2.5 per cent on 2015’s £32bn figure.
Discretionary funds stood at £25.9bn, up 4.4 per cent on the same period last year.
Total net discretionary funds inflows, excluding transfers, were £400,000 - representing an annualised growth rate of 3.2 per cent.
But Brewin Dolphin’s adjusted profit before tax was £28.4m, 12.3 per cent down on last year, while profit before tax was £21.5m, 42.2 per cent less than it was at the same point in 2015.
Chief executive David Nicol said despite challenging market conditions, his business maintained recent growth rates in discretionary business, while also moving firmly to execution stage on many of the growth initiatives outlined in 2015.
“In the current market context, and given the short-term outflows resulting from business restructuring, the first half reflects a creditable performance.
“The underlying ability of the business to sustain organic growth, despite the poor market environment, is a reminder of the sound footings on which we are building our growth ambitions.
He added: “The group is in hiring mode and focused on a balance of direct and intermediary-led growth to increase discretionary funds by a third over the next five years.”