City giant Brewin Dolphin posts £1.9bn fund inflows amid market volatility
City giant Brewin Dolphin notched up £1.9bn inflows in the first half of the year as it bucked the investor jitters sparked by soaring inflation and war in Ukraine.
In the six months to 31 March, the asset manager saw total income jump 4.8 per cent year-on-year to £209.5m, as profits were boosted to £48.1m, up 2.1 per cent compared to last year.
Bosses said funds under management remained “broadly flat” at £56.3bn, however, as war-induced market volatility and inflationary headwinds took their toll.
“We continued to see strong inflows across both our direct and indirect discretionary funds throughout the first half, with a record first quarter performance despite the volatility in the markets driven by macroeconomic and geopolitical challenges,” chief executive Robin Beer said.
“The resilience in our organic growth, demonstrates our strategy of being an advice-focused wealth manager, supported by our broad range of propositions and investment solutions, is the right one.”
The firm made the headlines in early April when it announced it was being acquired by the Royal Bank of Canada (RBC) in a £1.6bn deal.
“We believe that the proposed acquisition by RBC will bring new and exciting opportunities for our clients and people,” Beer added.
The firm is now gearing up for a switch of systems which is due to go through at the end of the summer this year.