Investments  

Brewin Dolphin advice fees up 22%

Brewin Dolphin advice fees up 22%

The income generated by Brewin Dolphin for giving financial advice rose by 22 per cent to £7.2m in the three months to June 30.

That business unit generated income of £5.9m in the same quarter last year, according to the firm's latest results, out today (July 25).

Advisers placed an additional £100m of client cash with Brewin Dolphin in the three months to the end of June 2019, with market movements providing growth of £300m for that segment of the Brewin Dolphin business. 

The total assets under management at Brewin Dolphin were £44.1bn at the end of June, an increase of 4 per cent, with advisers contributing £9.9bn of the assets, and the remainder coming from private clients.

In the quarter the assets under management for the adviser business rose by 4.2 per cent, while the private client business assets rose by 3.6 per cent.

The assets of the model portfolio service rose by 25 per cent to £3.5bn.

The company reported earnings for the quarter of £87.3m, up from £84.2m in the same quarter of 2018. 

During 2019 the company acquired Investec’s Irish wealth management business and the assets of Epoch Wealth Management, with the company statement saying the integration of those businesses is proceeding as planned. 

David Nichol, chief executive of the business, said: "Our total funds grew by 4 per cent during the quarter to £44.1bn.

"We are pleased with the overall business performance, particularly the resilience of our discretionary net inflows of £0.3bn in the quarter in challenging economic and market conditions.

"In this context, we are confident in our business model, strategy and long-term growth prospects, which are underpinned by our focused investment in the UK and Ireland, combined with continued operational discipline."

david.thorpe@ft.com