Brewin Dolphin funds on track as Euroclear sale helps drive profits

 
Michael Bow
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WEALTH manager Brewin Dolphin lived up to expectations yesterday by revealing a £2.6bn rise in assets under management.

The company, which has been undergoing a drastic restructuring plan since 2012, said total discretionary funds under management rose to £26.2bn at the end of March compared to £24bn six months ago. Funds had net inflows of £700m for the period.

Total income rose from £146.3m last year to £148.4m while profit before tax was £37.9m, helped by the £7.9m sale of Euroclear in December.

Boss David Nicol said: “The growth in funds under management has been strong, helped by the overall upward trend in investment markets over the half year, although periods of volatility did impact transaction volumes and, therefore, impeded income growth.”

The company, which competes with rivals such as Rathbone Brothers and Brooks Macdonald, shut and merged a number of regional offices as part of the firm’s transformation plan.

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