26th Jan 2017 08:27
LONDON (Alliance News) - Mid-cap asset manager Brewin Dolphin Holdings PLC said Thursday that positive fund flows drove a rise in income in its first financial quarter.
FTSE 250-listed Brewin Dolphin reported its total income rose by 6.1% to GBP71.3 million from GBP67.2 million year-on-year for the quarter to the end of December.
Brewin Dolphin's total funds, including those which it advises rather than manages directly, rose by 2.8% in the quarter to GBP36.40 billion from GBP35.40 billion.
Funds over which Brewin Dolphin has discretionary control grew by 4.2% to GBP30.10 billion from GBP28.90 billion. The increase included net inflows of GBP500.0 million.
Brewin Dolphin also noted its acquisition of Duncan Lawrie Asset Management Ltd, announced in December, is expected to complete in the second half of its financial year.
"'Momentum behind our growth strategy has continued to build during the first quarter and it's been a pleasing start to the financial year. Continued net organic growth in funds, driven by increasing inflows into our core discretionary service and a reduction in discretionary outflows, underlines the strength of the business during uncertain market conditions," said David Nicol, chief executive of Brewin Dolphin.
Shares in Brewin Dolphin were up 0.6% at 309.60 pence Thursday morning.
By Adam Clark; [email protected]
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