Brewin Dolphin posts strong income growth of 7% for last quarter of 2020

Brewin Dolphin posts strong income growth of 7% for last quarter of 2020

Robin Beer

Brewin Dolphin has announced a trading update for the three months ended 31 December 2020 revealing strong income growth of 7% in the quarter.

The firm’s total funds increased by 8.0% to a record £51.4 billion (FY 2020: £47.6bn) in the quarter, with total discretionary funds up 8.3% to £44.6bn (FY 2020: £41.2bn), supported by strong investment performance.

Brewin Dolphin posted positive Q1 total discretionary net flows of £0.1bn (annualised growth rate of 1.0%), with gross inflows of £0.6bn, higher levels than Q4 2020 and similar levels to Q1 2020.



MPS funds also grew to £4.9bn (FY 2020: £4.4bn) with net flows of £0.1bn, an annualised growth rate of 9.1%. The recently launched Brewin Dolphin Voyager funds are contributing to the momentum.

At the same time, total quarterly income increased by 7.0% to £95.9 million (Q1 2020: £89.6m), driven by strong market performance in the quarter and continued high levels of commissions.

Total discretionary income increased by 5.9% to £81.0m (Q1 2020: £76.5m) due to growth in funds and higher commission income while financial planning income grew 11.8% to £9.5m (Q1 2020: £8.5m), driven by demand for our advice-led services and growth in 1762 by Brewin Dolphin.

MPS income grew 18.5% driven by improved market performance and income from our ‘Powered by Brewin Dolphin’ solution.

Robin Beer, chief executive, commented: “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 our ‘Powered 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.”

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