Brewin Dolphin total assets reach £33.2bn

david nicol brewin dolphinTotal funds at Brewin Dolphin remained steady in the past year, standing at £33.2bn at the end of 2015, compared to £33.1bn a year earlier.

While total assets remained stable, the discretionary arm of the business saw record first quarter inflows, for the three months to 31st December 2015.

The group saw discretionary inflows of £600m in the quarter, with net inflows of £300m, after outflows and transfers.

Brewin said the rate of outflows from the discretionary business has also stabilised at £300m.

The core funds business, which includes the discretionary funds and the company’s execution-only business, saw a 4.9 per cent rise in assets in the past 12 months, to reach £29.7bn at the end of last year.

The group’s advisory business saw a 27.1 per cent drop in assets over the past 12 months, to £3.5bn.

David Nicol, chief executive of Brewin Dolphin, says: “We have made an encouraging start to the financial year. Continued net organic growth in funds, driven by increasing inflows into our core discretionary service, underlines the quality of the business despite the volatility in financial markets.

“We remain focused on our clear strategy to grow the business. Turbulent market conditions may persist for some time but our continued progress, strategic focus and financial strength all give us confidence in pursuing our long-term growth agenda.”

Earlier this month Brewin Dolphin announced a restructure of its executive team in a bid to boost organic growth in funds under management.

As part of the move head of investment management Stephen Ford left the business. It was revealed yesterday that he is in line for a £895,000 payout.

In its latest results Brewin said the moves are “increasing the representation of client-facing leaders on the executive committee, to further support delivery of the growth strategy”.