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Brewin Dolphin Boasts Broadly-Solid Q3 Results; Duncan Lawrie Integration Making Headway
27 July 2017
The UK-based wealth manager said total funds – including £700 million ($911.2 million) of acquired funds - swelled 3.7 per cent during the quarter to £39.2 billion, up from £37.8 billion reported in the first half of 2016. Discretionary funds were up 4.4 per cent.
The firm boasted record total income of £77.3 million, as this figure rose 8.4 per cent from £71.3 million in the third quarter of last year. Core income – defined as income derived from discretionary investment management - growth was 11 per cent; total fee income growth weighed in at 16 per cent; and total commission income slipped from £18.8 million in the third quarter of last year to £16.7 million.
"The second half of the year has started well with record income and continued organic fund growth in our core discretionary business underlining the strength of the group,” David Nicol, chief executive of Brewin Dolphin, said. “The integration of DLAM is making good progress and we are delighted to have welcomed our new colleagues. We continue to make steady progress in delivering against our long-term growth strategy and our confidence in the future is underpinned by our robust financial position."