Brewin Dolphin net discretionary flows fell by £600m in its latest full-year results for the period ended 30 September 2020 from £1.4bn to £0.9bn.
Its total assets under management increased over the period from £45bn to £47.6bn, although have recovered 15% from 31 March, when they had fallen to £41.4bn on the back of the coronavirus sell-off.
Total discretionary funds under management were £41.2bn compared to £40.1bn at the start of the financial year.
Brewin Dolphin chief executive Robin Beer (pictured) said the wealth manager would prioritise digital projects in the next financial year.
Beer said: “Our focus will also be to implement our new custody and settlement system, which will enable us to realise both operational and technology benefits. Our sector continues to have structural growth dynamics and we intend to benefit from these by enhancing our distribution capability both through our direct and indirect channels.”
Brewin Dolphin had quickly adapted to remote working, he added.
“Our objective is to help people build financially sustainable futures whilst achieving peace of mind. This could not have been more welcomed by our clients in a year which saw markets fall during the initial peak of the Covid-19 pandemic. Whilst markets have recovered from those levels, continued volatility remains a likelihood until the pandemic is under control.”
