Brewin Dolphin reports £1bn discretionary inflows

Brewin Dolphin reports £1bn discretionary inflows

Brewin Dolphin has reported discretionary net flows of £1bn for the six months to March 31, up from £0.6bn during the same period last year.

In its half year results reported today (May 11), the wealth manager said total discretionary net flows saw an annualised growth rate of 4 per cent.

Gross discretionary inflows were £1.9bn, up from £1.6bn in H1 2021.

Robin Beer, chief executive officer, said: "We continued to see strong inflows across both our direct and indirect discretionary funds throughout the first half, with a record first quarter performance despite the volatility in the markets driven by macroeconomic and geopolitical challenges. 

“The resilience in our organic growth, demonstrates our strategy of being an advice-focused wealth manager, supported by our broad range of propositions and investment solutions, is the right one.

"The business is preparing for the final stage of dress rehearsals and training on our new custody and settlement system and the switch over of systems will be completed at the end of the summer this year.”

Meanwhile, funds under management remained “broadly flat” for the period at £56.3bn, due to volatile market performance driven by the conflict in Ukraine and the macroeconomic environment. 

Funds were largely in line with Brewin Dolphin’s full year results for 2021, when it hit £56.9bn.

Total income rose 4.8 per cent year-on-year to £209.5mn, up from £199.9mn during the same period last year.

The wealth manager said this was driven by higher fund levels year-on-year partly offset by normalised levels of commission, as expected.

Financial planning income also grew 24.6 per cent year-on-year to £23.8mn, up from £19.1mn.

In March, the Royal Bank of Canada announced it was to buy wealth manager Brewin Dolphin for approximately £1.6bn, subject to regulatory approval.

RBC Wealth Management (Jersey) said that it is buying Brewin Dolphin for 515 pence per share, implying an equity value of approximately £1.6bn (C$2.6bn). 

Beer added: “We believe that the proposed acquisition by RBC will bring new and exciting opportunities for our clients and people. Whilst the transaction is still to complete, we remain focused on delivering our strategic priorities for the year, which will enable us to become a leading advice-focused digitally enabled wealth manager." 

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