Investments  

Brewin Dolphin looks to grow despite fall in profits

Brewin Dolphin looks to grow despite fall in profits

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.

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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.