Brewin Dolphin advisory assets fall 26% in ‘uncertain’ markets

david nicol brewin dolphinBrewin Dolphin has seen a 26.2 per cent fall in advisory assets over the past year, amid uncertain market conditions.

The group’s advisory assets dropped over the past 12 months from £4.2bn to £3.1bn at the end of June. Over the quarter, assets in the division dropped 6.1 per cent.

However, year to date of the £600m of assets that left the division, £500m were due to internal transfers, while £100m was due to outflows.

David Nicol, chief executive at Brewin Dolphin, says: “Given our continued focus on higher quality discretionary wealth management services and the withdrawal of advisory services to new clients in 2015, the business mix change and reduction in advisory FUM was anticipated and is in line with our business strategy.”

In an interim management statement for the third quarter, issued today, the wealth manager saw discretionary funds rise by 3.5 per cent to £26.8bn, from £25.9bn at the end of the second quarter.

Execution-only assets remained flat over the quarter, but have fallen 2.7 per cent over the past 12 months, to £3.6bn.

Nicol says: “It has been another quarter of steady progress towards our long-term growth goals. Our core discretionary business has continued to deliver organic funds flow and income growth, demonstrating its resilience in the face of uncertain market conditions.

“In times of market volatility our clients are increasingly looking to Brewin Dolphin to guide them through challenging investment markets. We remain committed to our growth initiatives and have made good progress during the quarter.”