Scottish funds and staffing levels increase at wealth firm

Marc Wilkinson, the firm's regional director for Scotland and Northern England. Picture: Contributed
Marc Wilkinson, the firm's regional director for Scotland and Northern England. Picture: Contributed
0
Have your say

Investment firm Brewin Dolphin has increased its funds under management and first-half profits, while growing its headcount north of the Border.

Total funds at the wealth manager stood at £39.7 billion at the end of March, figures yesterday revealed. This was up on the £37.8bn recorded a year earlier, though slightly down on the £40.1bn at the close of the last financial year.

Since the end of March, total funds have increased and stood at about £41bn at the end of last month.

Although the firm does not break out its Scottish-only numbers, the funds were also said to be up in Scotland, where Brewin Dolphin’s headcount grew to 209 in Edinburgh, 38 in Glasgow, 23 in Aberdeen, and 13 in Dundee.

The FTSE 250 company grew its overall pre-tax profits by 20.1 per cent from the same period last year, to £34.1 million. It posted an adjusted profit before tax of £38.8m, up 19.8 per cent year-on-year.

An interim dividend of 4.4p per share was declared, an increase of 3.5 per cent on a year earlier.

David Nicol, chief executive, said: “I am pleased to report a robust first half of our financial year with strong net discretionary inflows, despite challenges in the wider market. We continue to deliver against our strategy and build on the positive momentum across the business. We remain positive in our outlook and confident in the strength and increasing relevance of our advice-led service.”

Marc Wilkinson, the firm’s regional director for Scotland and Northern England, said: “It has been a very positive story for Scotland – Glasgow has grown particularly well and Edinburgh has been among our top-performing offices in the past six months.

“It’s testament to the strength of our presence and service offering in Scotland that we have two of our best-performing operations across the UK group.

“Our intermediary business has been particularly robust – led by Glasgow – and we’ve seen notable progress in our advice-led integrated services. We’re attracting a diverse set of clients with different interests, ranging from entrepreneurs to wealthy families, whom are looking to safeguard their wealth through informed financial planning.”

The latest results, for the six months to 31 March, showed that total income rose to £161.8m, up from £147.4m a year earlier.

The firm noted: “Once again we have seen strong net flows into our intermediaries services, across both our managed portfolio service and our bespoke discretionary service.

“The overall product mix has changed, with net flows into our bespoke discretionary service rising by 50 per cent. The combined net flows from our intermediaries services were £900m.”