Brewin Dolphin grows total funds, CEO to stand down
By Iain Gilbert
Date: Wednesday 29 Jan 2020
(Sharecast News) - British investment manager Brewin Dolphin recorded an increase in total funds during the first quarter of 2020 as the group continued to diversify its business mix.
Brewin reported a 7.8% increase in total funds to £48.5bn on Wednesday, including £2.7bn of acquired funds from Investec.
Discretionary funds increased by 4.2% to £41.8bn, driven by a strong investment performance and positive organic net inflows. Total quarterly income came to £89.6m, an increase of 15.3%.
Chief executive David Nichol said: "I am pleased with our performance in the quarter, particularly our positive organic net inflows in challenging market conditions.
"Market sentiment appears to be improving and we look forward to capitalising on this as the year progresses."
Separately, Brewin Dolphin revealed that Nicol would be retiring from the group after eight years. Brewin said Robin Beer had been chosen to succeed Nicol on 14 June following an extensive internal and external search process.
As of 0855 GMT, Brewin Dolphin shares were up 0.17% at 360p.
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