Brewin Dolphin reports £700m discretionary inflows

Brewin Dolphin reports £700m discretionary inflows

Brewin Dolphin’s chief executive has lauded the firm’s “record” performance as it hit £700m of net discretionary inflows in the three months to December 31, on gross flows of £1bn.

In a first quarter trading statement today, the wealth manager said total funds increased 3.7 per cent to £59bn in the quarter, maintaining the same quarterly flows achieved since the second quarter last year.

Direct discretionary net flows were £500m, of which 20 per cent was through the firm’s 1762 proposition.

Robin Beer, chief executive, said: “The consistently strong fund inflows momentum we have seen since the second quarter last year, is testimony that our advice-focused strategy and evolving investment solutions are supporting sustained growth in both our direct and indirect businesses.”

He added the firm’s priority remained to complete the final phased rollout of functionality for its new custody and settlement system and removing the parallel running of systems, which is due to complete in the summer.

“Our strategic ambition of becoming the leading advice-focused digitally enabled wealth manager continues to drive strong financial results and positions us well to capture further market growth."

Total income for the period rose 8.9 per cent to £104.4m, with total discretionary income rising 7.2 per cent to £86.8m.

Financial planning income grew 25.3 per cent to £11.9m, and around two thirds (64 per cent) of direct client inflows took the firm's integrated wealth management and advice services.

The firm’s MPS and Voyager income rose 25 per cent compared with the same period last year, attributed by the firm to “improved market performance” and growth in the Voyager fund range.