Brewin Dolphin reported an increase in total funds in the first quarter of the year, driven by strong market performance and 'continued high levels' of commissions.
For the three months ended 31 December 2020, total funds increased by 8% to a record £51.4bn in the quarter, with total discretionary funds up 8.3% to £44.6bn.
Quarterly income increased by 7% to £95.9m year-on-year and discretionary net flows were £0.1bn, representing an annualised growth rate of 1%.
MPS funds grew to £4.9bn with net flows of £0.1bn, an annualised growth rate of 9.1%, as the wealth manager stated that its recently launched Brewin Dolphin Voyager funds are contributing to the momentum.
Robin Beer, chief executive (pictured) said: "We had a strong start to our financial year and saw growth across both our direct and indirect business. We are consistently delivering positive inflows, even with the tightened social distancing restrictions imposed in November and December 2020.
"Broadening our distribution channels continues to add value, with momentum across both ourPowered by Brewin Dolphin solution and our recently launched Brewin Dolphin Voyager funds. We remain on-track with the implementation of our custody and settlement system to be completed in the Autumn this year.
"With a Brexit trade deal behind us and the rollout of vaccinations in the UK, market sentiment is starting to improve, and we look forward to benefiting from this recovery over the coming year."
Financial planning income grew 11.8% to £9.5m, driven by demand for its advice-led services and growth in 1762 by Brewin Dolphin. The company said it is also benefiting from some cost savings across the business as social distancing continues.
The half year results for the year ending 31 March 2021 will be announced on 13 May 2021.
This article was first published by our sister title Investment Week
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