Strong investment performance boosted Brewin Dolphin’s total funds under management to more than £50bn in the final three months of 2020, surpassing its pre-Covid levels.
In a trading update, the wealth manager said total funds increased 8% during the period to reach £51.4bn, while assets in discretionary channel climbed 8.3% to hit £44.6bn after net inflows of £100m.
At the end of December 2019, total funds were £48.5bn while discretionary funds were £41.8bn.
Funds in its model portfolio service grew to £4.9bn after net flows of £100m, representing an annualised growth rate of 9.1%.
Total income over the quarter increased by 7% to £95.5m due to “strong investment performance and higher commission income”.
Total discretionary income was up 5.9% at £81m while financial planning income grew 11.8% to £9.5m and MPS income grew 18.5%.
The update singled out growth in the advice-led 1762 range and the Powered by Brewin Dolphin MPS range, as well as improved market performance.
Brewin Dolphin chief executive Robin Beer (pictured) said: “We had a strong start to our financial year and saw growth across both our direct and indirect business. We are consistently delivering positive inflows, even with the tightened social distancing restrictions imposed in November and December 2020.
“Broadening our distribution channels continues to add value, with momentum across both our ‘Powered by Brewin Dolphin’ solution and our recently launched Brewin Dolphin Voyager funds.”
The update also said the firm remained on-track with the implementation of its custody and settlement system to be completed in the autumn this year. Meanwhile, the delivery of Avaloq software and the integration with Brewin Dolphin’s internal systems is “in progress and the acceptance testing and readiness activities are underway”.
