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Brewin Dolphin funds hit £52.6bn after 10% growth

Brewin Dolphin funds hit £52.6bn after 10% growth

Brewin Dolphin has seen its funds under management increase by 10.5 per cent to £52.6bn in the six months to the end of March.

Total discretionary funds were up 10.9 per cent to £45.7bn, which the firm attributed to discretionary investment performance (up 9.5 per cent) and positive net inflows.

Chief executive officer Robin Beer said the firm’s broad range of products and distribution channels had enabled it to reach a wider demographic of people as well as supporting clients who have accumulated higher levels of savings as a result of the pandemic.

He said: “The consistency of our inflow performance throughout the pandemic demonstrates we have a resilient business model, a trusted brand and our advice-focused strategy is the right one."

The firm saw gross inflows nudge up £100m to £1.6bn in the period, contributing to income growth of 13.7 per cent.

The increased inflows led to total discretionary net flows increasing by 2.9 per cent to £600m.

The group’s custody and settlement system, developed by Avaloq as part of the £35m tech deal announced in 2019, is set to go live in the autumn.

Beer said: The implementation of our custody and settlement system in the autumn remains on track, which will enable greater efficiencies and support our growth ambitions.

"Our strong financial momentum and the good progress made on our strategic priorities in the first half of the year gives me confidence for the remainder of the year."

In January, the company reported that its assets had topped £50bn for the first time in the months before Christmas, with total FUM jumping 8 per cent in the three months to December, increasing from £48bn to £51bn. 

sally.hickey@ft.com