Chief executive Robin Beer credits Brewin Dolphin’s ambition to become “the leading advice-focused digitally enabled wealth manager” as driving the firm’s healthy first quarter results.
In a trading update for the three months ending 31 December 2021, Beer (pictured) described the £1bn of discretionary inflows, which stemmed from its direct and indirect businesses, as a “record first quarter performance”.
It follows a strong end to the previous financial year, which saw assets leap 20%.
Among the financial highlights for Brewin’s Q1 was that around 65% of discretionary fund inflows, excluding its MPS and Voyager fund range, are from new clients.
Total funds increased by 3.7% to £59bn, after closing at £56.9bn at the end of October last year.
Discretionary funds were up 4.4% to £52bn, which Brewin said was “supported by continued strong net flows and investment performance of £1.5bn”.
Total income rose 8.9% to £104.4m.
Beer said: “The consistently strong fund inflows momentum we have seen since the second quarter last year is testimony that our advice-focused strategy and evolving investment solutions are supporting sustained growth in both our direct and indirect businesses.
“Our priority remains on completing the final phased rollout of functionality for our new custody and settlement system and removing the parallel running of systems, which will complete in summer of this year.”
