Brewin Dolphin delivers record Q1 discretionary inflows
By Iain Gilbert
Date: Wednesday 26 Jan 2022
(Sharecast News) - Investment advice company Brewin Dolphin saw total funds and income increase in the three months ended 31 December as the firm delivered a record first-quarter performance, with £1.0bn in discretionary inflows.
Brewin Dolphin said total funds increased 3.7% to £59.0bn, supported by continued strong net flows and investment performance of £1.5bn, and total income grew 8.9% to £104.4m, driven by higher funds and strong market performance.
The FTSE 250-listed firm also pointed to continued momentum in discretionary net flows of £700.0m, up 5.6% year-on-year and maintaining the same quarterly flows seen since the second quarter of 2021. Total discretionary inflows were £1.0bn, driven by both Brewin's direct and indirect businesses.
Separately, Brewin Dolphin said it was making "good progress" on the final phase of integrating its custody and settlement system with client management and trading systems, with its old system still scheduled to be switched off in the summer of 2022.
Chief executive Robin Beer said: "The consistently strong fund inflows momentum we have seen since the second quarter last year, is testimony that our advice-focused strategy and evolving investment solutions are supporting sustained growth in both our direct and indirect businesses.
"Our priority remains on completing the final phased rollout of functionality for our new custody and settlement system and removing the parallel running of systems, which will complete in summer of this year. Our strategic ambition of becoming the leading advice-focused digitally-enabled wealth manager continues to drive strong financial results and positions us well to capture further market growth."
As of 0830 GMT, Brewin Dolphin shares were up 1.54% at 330.0p.
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