27th Jan 2021 08:24
(Alliance News) - Brewin Dolphin Holdings PLC on Wednesday said its funds hit a record at the end of 2020, with growth from both its direct and indirect business.
The London-headquartered wealth manager ended 2020 with GBP51.4 billion total funds, which is up from GBP47.6 billion at September 30 and GBP48.5 billion at the same point the year before.
Total Discretionary funds improved to GBP44.6 billion at December 31, up 8.3% from GBP41.2 billion three months earlier and also up from GBP41.8 billion at the end of 2019.
Brewin said the growth in funds was supported by a strong investment performance.
In the first quarter of Brewin's financial 2021, it recorded net inflows of GBP300 million, but more importantly saw a GBP3.5 billion positive investment performance.
The best performing asset class was Brewin's Direct Discretionary funds, which saw a GBP2.1 billion added from a positive investment performance.
Chief Executive Robin Beer said: "We had a strong start to our financial year and saw growth across both our direct and indirect business. We are consistently delivering positive inflows, even with the tightened social distancing restrictions imposed in November and December 2020.
"Broadening our distribution channels continues to add value, with momentum across both our 'Powered by Brewin Dolphin' solution and our recently launched Brewin Dolphin Voyager funds. We remain on-track with the implementation of our custody and settlement system to be completed in the Autumn this year. With a Brexit trade deal behind us and the rollout of vaccinations in the UK, market sentiment is starting to improve, and we look forward to benefiting from this recovery over the coming year."
Brewin's total income improved 7% year on year in the first quarter to GBP95.9 million from GBP89.6 million, as Fees income rose 4.6% and Commission income increased 13%.
Shares in Brewin Dolphin were 0.7% higher in London on Wednesday morning at 298.00 pence each.
By Paul McGowan; [email protected]
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