The UK wealth manager reported a rise in assets under management and improved income performance overall, with a continued shift towards discretionary management of client money.

Brewin Dolphin, the UK-listed wealth management group, said its total income in the 12 months to 29 December last year rose 6.5 per cent year-on-year to £69.6 million ($115.4 million), while total assets under management stood at £36 billion, a gain from £34.9 billion three months earlier.

The firm, which provides discretionary wealth management, advisory and execution-only services, said its income growth was driven by solid investment performance and client inflows.

There were some £300 million of net inflows to its core discretionary service, in line with the firm’s 5 per cent per annum target; it said there has been an increasing conversion rate to its discretionary service.  

Total managed/advised funds increased by 2.5 per cent in the quarter to £28.9 billion from £28.2 billion in September 2013.

“The strategy of focusing on our discretionary service whilst completing the remaining reviews of advisory services is reflected in the on-going organic growth in discretionary funds and net outflows from advisory funds,” it said in a statement today.

Core income from the discretionary, advisory and execution-only services grew to £63.8 million, in the latest three month period to 29 December, up 15 per cent from a year ago.

Other non-core income fell sharply by 40.8 per cent to £5.9 million in the quarter due to the planned on-going switch to non-trail paying fund units as the firm adjusted to the new rules laid down by the Retail Distribution Review regulatory changes that took effect in 2013. The decline is in line with guidance that Brewin Dolphin has previously given, it said.