This FTSE 250-listed firm said the cash, which will be raised through placing 19,001,738 shares representing 7.5% of its existing issued share capital, would also enable it to continue with its group-wide efficiency drive and build up its stock of equity capital and solvency levels.
Its growth strategy was announced in 2011 and two years on chief executive David Nicol, said good progress had been made.
The firm’s interim management statement released at the same time revealed discretionary funds under management had topped £20bn by the end of March, compared with £18.2bn at the end of September 2012 and £17.3bn in March last year.
Meanwhile total funds under management were up at £28.1bn by the end of the first quarter versus £25.7bn back in March 2012.
Pre-tax profit was down year-on-year at £6.8m from £12.3m despite total income rising 5.8% from £131.4m to £139m.
Redundancy costs, an additional FSCS levy and amortisation of client relationships were blamed for the fall in pre-tax profit, and the figure excluding these showed underlying profit up 26% to £23.8m, Brewin Dolphin said.
David Nicol was promoted to chief executive following the departure of Jamie Matheson at the end of March.
