DFM business powers growth at Brewin Dolphin

DFM business powers growth at Brewin Dolphin

The discretionary fund management (DFM) business at Brewin Dolphin was key to a 6.5 per cent growth in funds under management at Brewin Dolphin in the three months to the end of June.

The assets of the discretionary business grew 7.3 per cent per to £36.8bn, compared with £34.3bn in the previous quarter.

The company said the asset growth in this area was the result of investment performance and organic growth.

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The total funds under management of the business were £42.3bn. The managed portfolio service has grown by 40 per cent in three months, to total assets of £2.8bn.

Advisers accounted for £9.2bn of the fund manager's total assets at the end of June, representing growth of 13.2 per cent.

All of that translated into total income of £84.2m during the quarter, an increase of 8.9 per cent.

David Nichol, chief executive of Brewin Dolphin, said: "It has been another excellent quarter in which we have continued to deliver on our long-term organic growth strategy.

"We are particularly pleased to have achieved another period of strong discretionary funds inflows which, combined with positive investment returns, has driven total income to a record level for the quarter.

"The significant and evolving need for financial and investment advice in the UK continues to support our strategic direction and we remain confident in the outlook for the business."