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Brewin Dolphin posts record quarterly income

Brewin Dolphin posts record quarterly income

Brewin Dolphin posted record total quarterly income for the third quarter of its financial year.

For the three months ending in June, the company posted total income of £77.3m compared to £71.3m for the same period last year – an increase of 8.4 per cent.

Total funds increased by 3.7 per cent to £39.2bn which includes £700m from the acquisition of Duncan Lawrie Asset Management (DLAM) in May.

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David Nicol, chief executive of Brewin Dolphin, said: “The second half of the year has started well with record income and continued organic fund growth in our core discretionary business underlining the strength of the group.

“The integration of DLAM is making good progress and we are delighted to have welcomed our new colleagues.

“We continue to make steady progress in delivering against our long-term growth strategy and our confidence in the future is underpinned by our robust financial position.”

Most of Brewin Dolphin’s income came from discretionary investment management, which posted income of £65.7m – up 10.6 per cent on last year.

But the biggest quarterly growth came from the company’s financial planning division, which increased its income by 17.8 per cent to £5.3m.

The funds on Brewin Dolphin’s model portfolio service grew by £700m, or 77.8 per cent while its direct discretionary funds grew by 1.3 per cent and its intermediary discretionary funds grew by 16.4 per cent.

The company now has £2bn on its model portfolio service, £23.2bn in direct discretionary funds and £7.7bn in intermediary discretionary funds.

damian.fantato@ft.com