The firm said it was “on track” for putting its custody and settlement system in place during this autumn, as previously set out. Delivery of Avaloq's software and the integration with its internal systems is in progress.

Brewin Dolphin yesterday reported that its total funds rose to £51.4 billion at the end of 2020 from £47.6 billion a year earlier, while discretionary funds rose to £44.6 billion ($70.4 billion) from £41.2 billion.

Total quarterly income increased by 7.0 per cent to £95.9 million, driven by “strong market performance” in the quarter and continued high levels of commissions, the UK-listed wealth management group said in a statement yesterday. 

Total discretionary income increased by 5.9 per cent to £81.0 million from a year ago, helped by higher commission income. Financial planning income grew by 11.8 per cent to £9.5 million.

The firm said it was “on track” for putting its custody and settlement system in place during this autumn, as previously set out. Delivery of Avaloq's software and the integration with its internal systems is in progress.

"Brewin Dolphin noted the improvement in market sentiment but investors will be looking to see if they can capitalise on this with stronger overall discretionary net inflows in order to sustain the momentum from the market recovery," Robert Murphy, managing director, financials, at analyst firm Edison Group, said in a note about the results.