Brewin Dolphin highlights strong organic fund inflows

by | May 17, 2017

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Brown Shipley

Brewin Dolphin saw strong organic fund inflows in the six months to 31 March, 2017.

In the company’s half-year report, management reported that total funds stood at £37.8bn, an increase of 6.8% (2016: £35.4bn). Discretionary funds of £31.5bn increased by 9.4% (£28.8bn). Record net discretionary funds inflows, including transfers, were £1.1bn (£0.4bn) representing an annualised growth rate of 7.6% (H1 2016: 3.2%, FY 2016: 4.4%).

Total income for the period was £147.4m (£137.2m). Core income of £140.3m increased by 11.3% (£126.1m); fee income of £104.7m (£92.7m) was up by 12.9% and represented 71.0% of total income (67.6%); and, commission income was £33.0m (2016: £33.4m).

The adjusted profit before tax was £32.4m, an increase of 14.1% (£28.4m) and the adjusted profit before tax margin was 22.0% (20.7%).

Chief Executive David Nicol said: “The Group has had a successful first half of 2017 in a period with a favourable market environment. The delivery against our growth strategy has contributed to an excellent financial performance, with underlying earnings growth of 14.1%. We are exceeding the organic growth targets we set as net inflows into our core discretionary service were £1.1bn, in the period, a record and helping drive year-on-year growth of 22.1% in discretionary funds.

“In particular we are capturing the near-term growth opportunities in intermediary business as a direct result of current growth initiatives which are delivering tangible results. Whilst continuing to invest in other initiatives aimed at driving further longer term growth. The strength of our business and confidence in our strategy helped us in the successful acquisition of Duncan Lawrie Asset Management Limited during the period, which has been financed by surplus capital reserves and cements our position as a market leading discretionary wealth manager.”

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