Brewin Dolphin funds slide to £51.7bn as market volatility hits
Brewin Dolphin reported a slide in income and assets under management in the three months to June today as volatile markets took their toll on the wealth manager’s investments.
The London-listed firm, which agreed to a £1.6bn takeover by the Royal Bank of Canada in May, said total funds decreased by 8.2 per cent in the quarter to £51.7bn due to a negative investment performance of £4.7bn, while income was down 5.7 per cent to £97.9m.
Bosses said that a worsening macroeconomic environment and turbulent markets had hit the firm..
“While the recent market weakness has impacted our results in the third quarter, I am pleased that year to date we have achieved £2.5bn of gross discretionary inflows,” chief executive Robin Beer said in a statement today.
“The strength of our gross inflows demonstrates continuing demand for advice and our ability to capture new clients, especially during market uncertainty.”
Beer added that Brewin continues to see “increased demand for our propositions and investment solutions” and is “well placed to capture the secular growth trends in the market.”
The firm said today it expects the acquisition by RBC to go through at the end of Q3 of the calendar year this year.