Brewin Dolphin has reported its assets under management fell 7.7 percent in the first quarter of its financial year due to stressed market conditions and slowed activity from advised clients.
Assets at the end of December stood at £39.5bn, down on £42.8bn at the end of September.
David Nicol, chief executive of Brewin Dolphin, said the company’s first quarter had been characterised by lower market levels and ongoing macro-economic uncertainty.
Mr Nicol said: "Against this backdrop, net discretionary inflows have remained strong and ahead of our 5 per cent target, albeit intermediary client activity has slowed whilst intermediaries and their clients assess the current environment."
In the three months to the end of December, net inflows to its intermediary business were just £100m.
Along with performance, this meant assets for this category of clients slipped from £9.5bn to £8.8bn across the quarter.
Brewin Dolphin’s assets across all major client categories dropped over the three months, with direct discretionary funds also down 7.6 per cent to £23.2bn, down from £25.1bn, due to market movements.
Its net inflows from this sector were £200m over the three months.
Its total discretionary fund flows were £500m, due to indirect flows of £300m.
