Brewin Dolphin today said its core income stood at £64.4 million ($97.7 million) in the three months ending on 31 December last year, a 1 per cent rise on the same period a year ago.
The UK-listed wealth management house Brewin Dolphin today said its core income stood at £64.4 million ($97.7 million) in the three months ending on 31 December last year, a 1 per cent rise on the same period a year ago.
Total income rose 1 per cent to £70.2 million, it said in an interim statement today.
Funds under management rose 5 per cent to £37.9 billion at the end of last year from a year earlier, and also rose 3 per cent from £36.8 billion as at 28 September 2014.
The rate of organic growth in discretionary funds under management reached Brewin Dolphin’s 5 per cent annualised target, with £300 million of net inflows in the three months to end-December last year.
“Strong growth in fee income was driven by organic fund inflows and positive investment performance. However, total income growth in the quarter was impacted by a material decline in commission income as a result of lower transaction volumes due to volatile market conditions,” David Nicol, the firm's chief executive, said in a statement.
“Continued market volatility from global economic concerns
coupled with political uncertainty in the UK and Europe is likely
to persist in the short term. This may lead to a
continuation of the trend for lower transaction volumes and
associated commission income. Our outlook remains positive
as we continue to implement our transformation and growth
strategy. Our financial position remains strong and the
business continues to benefit from the initiatives being pursued
to deliver improved efficiency and organic growth in funds under
management,” he added.