Assets under management at the end of quarter increased 4% to £44.1bn, driven by flows from intermediaries plus £1.4bn in positive market movements. MPS inflows increased 25% to £200m.
“We are pleased with the overall business performance, particularly the resilience of our discretionary net inflows of £0.3bn in the quarter in challenging economic and market conditions,” said chief executive David Nicol (pictured).
The net flows contrast with Rathbones, where the investment management division suffered £100m outflows, and Brooks Macdonald, where net new business was £2m for the quarter.
Brewin said its acquisitions of Investec Capital and Investments and the assets and staff of Epoch Wealth Management are on track to complete as planned.
Brewin reportedly pipped out Rathbones to acquire Investec’s wealth business in Ireland for €44m. The deal is due to complete in the second half.
The Epoch Wealth Management acquisition was announced in May and involves the transfer of 37 staff.