Financial services group Brewin Dolphin reported a 16 per cent rise in revenues from a year earlier as its investment management arm attracted new client money.
A 17 per cent increase in income from investment management offset a 13 per cent decline from its corporate advisory and broking business, the company said on Wednesday.
"Favourable trading conditions in the first quarter continued into January. As ever, in the short term, the group is dependent on market movement," the company said.
The total value of its managed funds grew seven per cent from the previous quarter to £24.8bn pounds, boosted by rising stock markets but also helped by £500m of new money.
Brewin Dolphin added it expects a levy on the financial industry to cover the burden of compensating major investment failures to cost it £6m, compared with a similar charge of £1m last year.
City A.M. Reporter