Brewin Dolphin, the UK-based wealth management and investment house, is set to launch a new office in Bristol as it continues to build out its regional network.
Establishing a presence in Bristol, in the southwest of England, has been a long-held objective of the firm’s board, chairman Jamie Matheson said in a statement on Brewin’s quarterly results yesterday.
The Bristol office, which will open in the next financial year with an internally-transferred team, will be Brewin’s forty-second in the UK and Channel Islands. Several firms have been busily expanding their regional networks in the UK in recent years, not only due to the growth of hubs of wealth outside of London, but also in a bid to snap up assets from advisors exiting the industry ahead of the Retail Distribution Review’s implementation.
In its quarterly results, Brewin recorded total managed funds of £25 billion ($40.5 billion) as of 27 March, up from £23.2 billion at 26 September last year. The firm’s adjusted profit before tax rose to £22.9 million from £20.9 million on 28 March last year, a 9.6 per cent rise.
The 7.8 per cent rise in managed funds outpaced a 4.7 per cent rise in the FTSE APCIMS Private Investor Series Balanced Portfolio benchmark, the UK-listed firm said in a statement on interim results.
Discretionary funds stood at £15.5 billion at 27 March this year, up from £14.0 billion in September 2010.
Total income was £136.0 million, up from £120.9 million in the equivalent period to 28 March last year, a rise of 12.5 per cent. On an adjusted basis, basic earnings per share were 7.2 pence, a rise of 9.1 per cent compared with the level on 28 March last year.