Brewin Dolphin delivers growth in face of market volatility

In the first quarter of its financial year, the FTSE 250 discretionary fund manager's net discretionary fund inflow of £0.3bn represented 4.8% annualised growth, just shy of its 5% target.

This helped total funds grow to £33.2bn, a 3.8% increase on the £32bn recorded at September's financial year end but only a smidgen ahead of the £33.1bn a year before.

Chief executive David Nicol said it was "an encouraging start" and highlighted the continued net organic growth in funds was driven by increasing inflows into the core services of discretionary and execution only funds.

This, he said, "underlines the quality of the business despite the volatility in financial markets".

Brewing enjoyed record first-quarter discretionary fund inflow of £0.6bn, which was driven by ongoing inflows from all channels, while the rate of outflows from discretionary funds stabilised at £0.3bn in the quarter.

Core income grew 3.1% to £60.6m thanks to organic fund flow, improved transaction volumes and associated commissions coupled with strong growth in financial planning income.

Other income continued to fall, declining 26% to £6.6m year-on-year, though this was in line with management expectations following refocusing of the business on core services.

Nicol has since the period end announced a reorganisation of the executive committee to increase the representation of client-facing leaders there, which he believes will support delivery of his growth strategy.

"We remain focused on our clear strategy to grow the business. Turbulent market conditions may persist for some time but our continued progress, strategic focus and financial strength all give us confidence in pursuing our long-term growth agenda," he said.