Brewin Dolphin saw funds fall 7.7 per cent to £39.5 per cent in the first quarter of the financial year driven by market uncertainty, the wealth manager announced today.
In a trading update the firm said discretionary funds also fell 7.2 per cent from £37.6bn to £34.9bn due to lower market levels in the three months to the end of December last year.
Inflows to Brewin Dolphin's discretionary business were £500m, down from £700m the previous year, but hit an annualised growth rate of 5.3 per cent – ahead of the company's five per cent a year target.
Net flows were up 3.7 per cent to £400m but total income fell 1.6 per cent to £77.7m from £79m the previous year.
Chief executive David Nicol said: “The first quarter has been characterised by lower market levels and ongoing macro-economic uncertainty.
“Against this backdrop, net discretionary inflows have remained strong and ahead of our five per cent target, albeit intermediary client activity has slowed whilst intermediaries and their clients assess the current environment.
“Challenging market conditions reinforce the value Brewin Dolphin offers clients and we remain confident in our business model, strategy and long-term growth prospects.
“We will continue to invest selectively to build the business and retain a disciplined focus on operating expenses.”