The firm said inflows into its discretionary portfolios held up well in the face of weaker markets and uncertain conditions.

Brewin Dolphin, the UK-listed wealth manager, said its funds under management fell by 7.7 per cent in the final three months of 2018 from a year earlier, standing at £39.5 billion. 

Total discretionary funds stood at £34.9 billion ($45.6 billion) at the end of December last year, falling by 1.1 per cent from a year ago.

Total income fell to £77.7 million, falling by 1.6 per cent from a year earlier.

“The first quarter has been characterised by lower market levels and ongoing macro-economic uncertainty. Against this backdrop, net discretionary inflows have remained strong and ahead of our 5 per cent target, albeit intermediary client activity has slowed whilst intermediaries and their clients assess the current environment,” David Nicol, chief executive, said.