Wealth manager Brewin boosted by market gains

Brewin said funds invested on behalf of clients rose 9.4 per cent in the six months to the end of March to £31.5bn, helping by record net inflows of £1.1bn.

That helped total income rise to £147.4m from £137.2m in the year-earlier period, it said in a statement.

Pre-tax profit in the period was £28.4m, up 32.1 per cent on the year, underpinning an interim dividend of 4.25p a share.

David Nicol, chief executive of Brewin, said: “The Group has had a successful first half of 2017 in a period with a favourable market environment. The delivery against our growth strategy has contributed to an excellent financial performance, with underlying earnings growth of 14.1 per cent.

“We are exceeding the organic growth targets we set as net inflows into our core discretionary service were £1.1bn, in the period, a record and helping drive year-on-year growth of 22.1 per cent in discretionary funds.

“In particular we are capturing the near-term growth opportunities in intermediary business as a direct result of current growth initiatives which are delivering tangible results.

“Whilst continuing to invest in other initiatives aimed at driving further longer term growth. The strength of our business and confidence in our strategy helped us in the successful acquisition of Duncan Lawrie Asset Management Limited during the period, which has been financed by surplus capital reserves and cements our position as a market leading discretionary wealth manager.”