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Brewin Dolphin on target for 5 year growth plans

Brewin Dolphin on target for 5 year growth plans

Brewin Dolphin saw its discretionary funds under management increase by 3.5 per cent in a quarter, as the company looks to boost its funds by a third in the space of five years.

According to Brewin’s interim results for the quarter covering April to June, the company saw its discretionary funds under management hit £26.8bn.

This is up from the £25.9bn reported for the previous quarter, and a rise from £24.8bn at the end of its 2015 financial year in September.

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Its total funds increased by 2.1 per cent in the quarter to £33.5bn, from the previous quarter’s figure of £32.8bn.

However, the group’s advice arm suffered a 26 per cent fall in funds under management over the year, dropping to £3.1bn from £4.2bn.

Total income was up 1 per cent in the three months to June to £71.3m, against the £70.6m reported at the same point last year.

In May, the group revealed it was planning to push up funds under management by a third in five years, despite seeing profits decline over a six-month period.

David Nicol, chief executive of Brewin Dolphin, said: “It has been another quarter of steady progress towards our long-term growth goals.”

He said the core discretionary business has continued to see flows and income growth, adding clients are increasingly looking to the company to help them through challenging investment markets.

Mr Nicol also said the firm is staying committed to its growth plans.

katherine.denham@ft.com