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Brewin Dolphin funds top £50bn in 'strong start' to year

Brewin Dolphin funds top £50bn in 'strong start' to year

Funds at Brewin Dolphin topped £50bn for the first time in the months before Christmas as the discretionary fund manager and financial adviser reported a "strong start" to its financial year. 

In a quarterly trading update published today (January 27) the company reported its total funds had jumped by 8 per cent in the three months to December, increasing from £48bn to a record £51bn. 

Total discretionary funds grew by 8.3 per cent to £44.6bn, up from £41.2bn, which Brewin Dolphin said had been supported by strong investment performance.

Robin Beer, chief executive of Brewin Dolphin, said the company had enjoyed a "strong start" to its financial year and saw growth across its direct and indirect businesses.

Mr Beer added: "We are consistently delivering positive inflows, even with the tightened social distancing restrictions imposed in November and December 2020.

"We remain on-track with the implementation of our custody and settlement system to be completed in the autumn this year.

"With a Brexit trade deal behind us and the rollout of vaccinations in the UK, market sentiment is starting to improve, and we look forward to benefiting from this recovery over the coming year."

Brewin Dolphin said strong market performance and high levels of commissions had seen its quarterly income increase by 7 per cent to reach £96m. 

Last year the company revealed it would welcome former Aviva boss and insurance stalwart Toby Strauss as its new chairman next month. 

The change will see Simon Miller step down as chairman after eight years. 

rachel.mortimer@ft.com