Shares in the wealth manager leapt 8% to 255p as investors welcomed the news, valuing the business at £725m.
That unit’s relatively strong performance was the main force behind 2.1% rise in total funds to £33.5bn.
Total core funds increased by 3.1% in the quarter to £30.4bn, while a total net discretionary funds inflow of £0.3bn; represents annualised growth of 4.1%.
Income was up 1% in the quarter to £71.3m, with core income growth of 5.4% in the quarter to £66.6m driven by organic discretionary funds growth and improved commission levels, Brewin said. Other income declined to £4.7m from £7.4m in the same period last year.
David Nicol, chief executive said: “It has been another quarter of steady progress towards our long-term growth goals. Our core discretionary business has continued to deliver organic funds flow and income growth, demonstrating its resilience in the face of uncertain market conditions. In times of market volatility our clients are increasingly looking to Brewin Dolphin to guide them through challenging investment markets.
“We remain committed to our growth initiatives and have made good progress during the quarter,” Nicol added. “Our confidence in the future is underpinned by our robust financial position and clear strategic focus.”
