Brewin Dolphin’s chief executive David Nicol is to retire after eight years at the firm.
The discretionary fund manager announced today (January 29) Mr Nicol would step down in June, with the firm’s intermediary boss Robin Beer lined up as his successor.
Mr Beer is currently responsible for Brewin Dolphin’s intermediaries, charity, professional services and digital business.
He has more than 20 years of experience in the financial services industry with prior roles at National Australia Bank, Gerrard, and Barclays before joining Brewin Dolphin in 2008 to open and run its Nottingham office.
Simon Miller, chairman, said: “On behalf of the board, I would like to thank David for his outstanding contribution to Brewin Dolphin's success.
“He has demonstrated great professionalism, re-focused the group's strategy, improved the quality of the organisation and built a strong team.
“Under his leadership, Brewin Dolphin has seen funds under management almost double from £26bn to £48.5bn.”
Mr Miller said he was delighted to announce Mr Beer’s appointment, adding he had been a “key member” of the executive team since joining the committee in 2016.
Mr Nicol said it had been a “great privilege” to lead Brewin Dolphin and that the business was well positioned for the future, while Mr Beer said he was looking forward to building on Mr Nicol’s achievements.
The news comes as the DFM published its quarterly trading update for the three months to December 31.
Brewin Dolphin’s total funds under management increased by 7.8 per cent to £48.5bn in the quarter, including £2.7bn of acquired funds from Investec’s Irish business.
The acquisition, which completed in November 2019, was agreed earlier that year for the price of £37.3m. At the time Mr Nicol said Brewin Dolphin would create a “top three wealth management business” in the Republic of Ireland.
Discretionary net inflows, including transfers, were £100m while its model portfolio service grew to £4.1bn, up from £3.8bn three months prior.
The group’s total quarterly income increased by 15 per cent to £89.6m, helped substantially by a 37 per cent growth in financial planning income.
Mr Nicol said: "I am pleased with our performance in the quarter, particularly our positive organic net inflows in challenging market conditions.
“Market sentiment appears to be improving and we look forward to capitalising on this as the year progresses."
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