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Brewin Dolphin funds rise 20% to £56.9bn

Brewin Dolphin funds rise 20% to £56.9bn

Brewin Dolphin has reported funds under management of £56.9bn, an increase of 19.5 per cent on last year.

In its full year results for the year ended September 30, the wealth manager said total funds were up from £47.6bn in 2020.

Financial planning income grew 25.7 per cent to £41.6m, driven by 1762 from Brewin Dolphin and the Wealth Core propositions.

The firm reported discretionary net flows of £1.9bn, compared to £0.9bn for 2020, representing an annualised growth rate of 4.6 per cent.

Of this £0.5bn was from direct clients and £1.4bn from indirect clients, of which £1bn flowed into its model portfolio service and Voyager fund range. 

Total discretionary funds increased 20.9 per cent to £49.8bn, up from £41.2bn last year.

Robin Beer, chief executive, said: “We have had an exceptional year achieving record discretionary inflows and are delivering on our growth ambitions. None of this would have been possible without our people, who have adapted so effectively to remote working and continue to focus on putting our clients at the centre of all their decision making. 

“We have remained relevant by continuing to innovate our propositions whilst also developing our digital capabilities. We have started to drive operational efficiencies through our client management system and our new custody and settlement system is now live.”

Profits before tax grew 16 per cent to £72.5m, up from £62.1m in the same period last year.

Brewin Dolphin said total income for the period increased by 12.3 per cent to £405.9m, reporting an increase from £361.4m last year, which the wealth manager said was driven by strong market performance and record discretionary gross inflows.

Beer said looking ahead to 2022, the wealth manager’s priority was to complete the final phased rollout of its new custody and settlement system, which it expects to complete in summer 2022. 

“On completion, with our new technology capabilities coupled with the operational excellence programme, we expect to capture significant synergies and benefits across the business, supporting our vision to deliver double digit earnings per share growth by 2025,” he added. 

“We remain focused on becoming the leading advice-focused digitally enabled wealth manager in the UK and Ireland, which we believe will allow us to benefit from sector growth and capture market share.” 

 sonia.rach@ft.com

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