Investment management company Brewin Dolphin recorded a 10.6 per cent in total funds but warned of political and economic uncertainty in the market.
Adjusted pre-tax profit for the year ended September 30 fell from £62.2m in 2015 to £61m. While the company said total funds were up from £32bn last year to £35.4bn.
The firm reported discretionary funds of £28.9bn, up 16.5 per cent. It said fee income increased by 1.1 per cent to £190.5m, representing 67.4 per cent of total income. Commission income was £71m.
David Nicol, chief executive of Brewin Dolphin, said: “We have made encouraging progress in 2016. Financial performance has been resilient against the increasingly volatile and uncertain market backdrop.
“The strategic transition we have undergone over the last few years, focusing on our core services of discretionary investment management and financial advice, coupled with improving operational efficiency is further evident in 2016 in terms of the continued growth in the core business.
“Good progress has been made against the growth objectives we have set ourselves as part of this strategy, in particular in the development and innovation of existing and new services to meet different client needs.
“The near term market outlook is clearly marked by the heightened sense of political and economic uncertainty, both in the UK and elsewhere.
“Nonetheless, I believe our business, which is financially strong and willing to innovate and adopt new approaches alongside our traditional values, is well placed to withstand any near term downturns whilst remaining focused on implementing our growth plans.
“In doing this we are confident of capturing future long term growth opportunities.”