Brewin Dolphin boosts funds under management in 'resilient' year

Wealth manager Brewin Dolphin has seen an annual rise in its funds under management, pointing to a "resilient" year.

Glasgow-born David Nicol said Brewin Dolphin is laying the foundations for long-term growth. Picture: Bill Prentice

The investment house, headed by Glasgow-born chief executive David Nicol, said total funds stood at £45 billion as of 30 September, marking a 5.1 per cent year-on-year increase, while discretionary funds had risen to £40.1bn, up from £37.6bn one year earlier.

Profit before tax and adjusted items dropped to £75 million, 3.2 per cent lower than in 2018 and in-line with expectations. Total income increased by 3.1 per cent to £339.1m.

Discretionary net flows amounted to £1.4bn, down from £2.3bn in the previous year and representing an annualised growth rate of 3.7 per cent.

Brewin Dolphin, which employs more than 200 staff at its offices in Scotland, completed three acquisitions during the year, including that of Bath-based Epoch Wealth Management in August for an undisclosed fee.

Last month the firm also completed a takeover of Investec’s Irish wealth management arm.

Regional director for Scotland Marc Wilkinson said: “It has been a resilient year for Brewin Dolphin in Scotland. Our Scottish offices’ growth has largely been organic, winning new business directly, offering more services to our existing clients, and working with our partners in the independent financial advisor sector.

“We continue to build our financial planning capabilities and our range of clients – in particular, we’re working with more entrepreneurs to help them diversify their assets and navigate corporate exits.

“Looking ahead, our pipeline of new business remains strong and, while there may be more uncertainty ahead, we remain confident for the year to come."

Nicol added: "We continue to invest in our business to support future long-term growth. We have completed and integrated a number of strategic acquisitions and the replacement of our core custody and settlement system is on track.

"These initiatives are laying the foundations for long-term growth and will ensure that we are well placed to capture future market opportunities."