Thursday 13 May 2021 8:02 am

Investment manager Brewin Dolphin posts record quarterly inflows of £1bn

UK investment manager Brewin Dolphin toasted record fund inflows of £1bn in the first three months of 2021.

The firm said it beat its own record for total discretionary fund inflows in the second quarter, which helped to boost its total funds by 10.5 per cent to £52.6bn in the six months ended 31 March.

Brewin Dolphin reported net flows of £600m during the period.

Total income was up 13.7 per cent to £199.9m, driven by strong market performance and elevated levels of commissions.

Its adjusted profit before tax margin increased to 23.5 per cent from 20.8 per cent in the first half of the previous year due to strong income growth and £4.1m of cost savings during the Covid pandemic.

Brewin Dolphin said it will increase its interim dividend per share to 4.6p from 4.4p.

Robin Beer, chief executive, said: “In the first half of 2021 we delivered an excellent set of results driven by record fund inflows in Q2 and the outperformance of our clients’ investments during a strong market recovery. 

“Our broad range of propositions and distribution channels has enabled us to reach a wider demographic of people and support those clients who have been able to accumulate higher levels of savings over the last year. 

“The consistency of our inflow performance throughout the pandemic demonstrates we have a resilient business model, a trusted brand and our advice-focused strategy is the right one. 

“The implementation of our custody and settlement system in the Autumn remains on track, which will enable greater efficiencies and support our growth ambitions. Our strong financial momentum and the good progress made on our strategic priorities in the first half of the year gives me confidence for the remainder of the year.”