Brewin Dolphin, the UK's largest independent private client investment manager, said that income for the third quarter is down 13 per cent over the same period last year. Income for the nine months to 27 June 2008 is £155.4 million, 1 per cent lower than the same period last year (29 June 2007: £156.9 million).

Investment management income for the quarter was, however, up 4,5 per cent at £49.1 million, compared with last year. Investment banking was down 81 per cent at £2.2 million.

Discretionary funds were down 3.7 per cent during the first half at £10.3 billion and advisory funds were down 16.5 per cent, finishing the period at £9.1 billion.

“These figures show the resilience of the business in difficult market conditions,” David McCorkell, head of the private client business at Brewin told WealthBriefing. “Our clients are long term investors who have been here before. We are confident in the long term prospects,” he said.

The company points out that the FTSE APCIMS Balanced Index has fallen by 10.5 per cent over the nine month period and by contrast Brewin Dolphin's discretionary funds have fallen by only 3.7 per cent. This steady performance in challenging market conditions arises from the group's strategy of pursuing growth through the addition of new teams, as well as organic growth from its existing offices, said the company in its interim management statement.