29th Jan 2020 09:03
(Alliance News) - Wealth manager Brewin Dolphin Holdings PLC on Wednesday announced the departure of Chief Executive David Nicol later this year.
Nicol has been head of Brewin Dolphin since 2012. He will step down on June 14, but will stay on until July 29 to help with the transition.
He is being replaced by Robin Beer, who currently serves as head of the company's intermediaries, charity, professional services, and digital businesses.
Beer originally joined Brewin Dolphin in 2008, having previously worked at National Australia Bank Ltd, Gerrards, and Barclays PLC.
Chair Simon Miller commented: "On behalf of the board, I would like to thank David for his outstanding contribution to Brewin Dolphin's success. He has demonstrated great professionalism, re-focused the group's strategy, improved the quality of the organisation and built a strong team.
"Under his leadership, Brewin Dolphin has seen funds under management almost double from GBP26.0 billion to GBP48.5 billion. Our client proposition has deepened, we have invested in our office network, and both client satisfaction and employee engagement are at record levels.
"At the same time, we are delighted to announce Robin's appointment as David's successor. Robin understands both the broad landscape in which we operate and has a deep knowledge of our business and culture," Miller continued.
"Since joining the executive committee in 2016, he has been a key member of the executive team and is the ideal person to continue the execution of our successful strategy, while sustaining and nurturing our well-established client-focused approach."
Brewin Dolphin, in another statement, reported total funds rose 7.8% over its first quarter ended September to GBP48.5 billion. Without acquisitions, funds rose 1.8%.
Discretionary funds increased by 4.2% in the quarter to GBP41.8 billion, and rose 1.7% organically.
London-based Brewin Dolphin's total quarterly income was 15% higher year-on-year at GBP89.6 million. Discretionary income also rose 15% from a year before to GBP76.5 million due to growth in funds and higher commission income, while financial planning income jumped 37% to GBP8.5 million, helped by acquisitions.
Outgoing CEO Nicol commented: "I am pleased with our performance in the quarter, particularly our positive organic net inflows in challenging market conditions. We have diversified our business mix through building more client choice and client-centric propositions, which is supporting our growth.
"We remain on-track with the implementation of both our new client management system and core custody and settlement system. The integration of our acquisition in Ireland is progressing well and we remain confident about the long-term growth opportunities. Market sentiment appears to be improving and we look forward to capitalising on this as the year progresses."
Shares were 0.1% lower on Wednesday morning in London at a price of 359.00 pence each.
By George Collard; [email protected]
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