23rd Jul 2021 10:01
(Alliance News) - Brewin Dolphin Holdings PLC on Friday said it was "pleased" as inflows, income and funds all increased in the third quarter.
The FTSE 250-listed wealth manager noted its "second consecutive quarter of record gross discretionary fund inflows", which totalled GBP1.3 billion in the third quarter that ended June 30, up around 30% from GBP1.0 billion in the previous quarter.
Shares were trading up 1.3% at 357.55 pence each in London on Friday morning.
London-based Brewin Dolphin said that its Voyager funds grew by just over GBP100 million, bringing its total funds to around GBP250 million by the quarter's end.
Previously, the Voyager funds - a range of products offered to independent financial advisers - grew by GBP140 million between its launch in October 2020 and the firm's half-year point on March 31.
The company noted that, excluding its managed portfolio service and Voyager funds, over 70% of third quarter gross discretionary fund inflows were from new clients.
Business in Ireland was "exceptional" in the third quarter, the company said, contributing around 25% of the firm's gross direct inflows, not including transfers relating to Brexit.
Meanwhile, discretionary net flows reached GBP700 million in the third quarter with an annualised growth rate of 6.1% - the company said - compared to GBP500 million at 4.5% in the second quarter and GBP100 million at 1.0% in the first quarter.
Brewin Dolphin said total income rose 12%, reaching GBP103.8 million in the recent quarter from GBP92.7 million in that period a year prior.
By June 30, the wealth manager said its total funds had reached GBP56.0 billion, up 6.5% from GBP52.6 billion on March 31 and up 20% year-on-year from GBP46.7 billion.
In the trading update, the firm maintained its GBP24 million capex guidance for its custody and settlement system Avaloq, which is due to go live in Autumn.
Chief Executive Robin Beer said: "Strong fund inflows were seen across both our direct and indirect businesses, with Ireland having an exceptional quarter and our Voyager fund range continuing to scale at pace...These results are testimony that we are delivering on our strategic priorities of innovating our propositions, expanding our distribution channels and accelerating our digital agenda, and we are well positioned to capture future growth."
Brewin Dolphin said preliminary results for the year ending September 30 will be released on November 24.
By Scarlett Butler; [email protected]
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