“We understand the challenge advisors face in both analysing and dealing with their legacy assets as they gear up for the regulatory changes the sunset clause will bring to the industry in 2016. Partnering with Veracity will help our advisor partners to position their businesses to benefit from the sunset clause, rather than a negative impact,” Gareth Johnson, head of managed investment services at Brewin Dolphin, said.

“We have had very strong inflows from advisors for our managed funds service. However, we understand the difficulty that they face when moving legacy business to their new outsourced investment partner. Utilising Veracity not only creates fantastic outcomes for advisor firms but crucially, very positive outcomes for their clients,” he said.

manages £29.4 billion ($44.4 billion) of funds for over 100,000 private clients and of this £24 billion is on a discretionary basis.

Last year, Brewin Dolphin incurred an impairment cost of around £32 million to terminate roll-out of new IT systems for its discretionary wealth business. In May, Brewin decided to terminate the roll out of its new technology system, Figaro, across its discretionary wealth business after hitting snags in its execution-only arm.

Brewin concluded contractual obligations regarding potential future payments of £15 million over the next 10 years with JHC Systems - the maker of Figaro. Brewin Dolphin incurred a one off £2 million exceptional charge in the second half of 2014, saving itself £13 million.