23rd Jul 2020 11:24
(Alliance News) - Brewin Dolphin Holdings PLC on Thursday reported a rise in funds under management over the third quarter, with a "resilient" performance boosted by a market recovery and organic growth.
At June 30, the investment manager's total funds under management stood at GBP46.7 billion, up 13% from GBP41.4 billion at March 31 and up 5.9% from GBP44.1 billion at the same point the year before.
Total discretionary funds advanced 14% over the last three months to GBP40.6 billion, and grew 3.8% over the past year.
Direct discretionary rose 14% over the past quarter and 2.7% over the past year. Indirect discretionary grew 14% over the quarter and 6.0% over the year.
Chief Executive Robin Beer said: "We continue to deliver resilient results despite the challenges the Covid-19 pandemic have imposed on our business in supporting our clients and colleagues.
"We had another strong quarter of net inflows across both our direct and intermediaries' channels, with an annualised growth rate in total discretionary net flows of 4.5%, demonstrating continued demand for our services and the effectiveness of our people and operations."
Brewin Dolphin recorded discretionary net inflows of GBP400 million in the third quarter. The investment manager's investment performance added a further GBP4.9 billion in funds.
Shares in Brewin Dolphin were 2.0% higher in London on Thursday morning at 280.00 pence each.
By Paul McGowan; [email protected]
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