Brewin Dolphin total funds fall in third quarter

The wealth manager - which is in the process of being bought by Royal Bank of Canada - said total funds fell 8.2% in the quarter to £51.7bn, with discretionary funds down 8.5% to £45.2bn.

The drop in funds was attributed to a negative investment performance of £4.7bn, "due to the ongoing volatile and weak market performance and macroeconomic environment".

Total income declined 5.7% on the year to £97.9m, driven by lower market performance.

Chief executive Robin Beer said: "While the recent market weakness has impacted our results in the third quarter, I am pleased that year to date we have achieved £2.5bn of gross discretionary inflows.

"The strength of our gross inflows demonstrates continuing demand for advice and our ability to capture new clients, especially during market uncertainty. We are in the final stage of switching over to our new custody and settlement system, which is to take place at the end of summer. We continue to see increased demand for our propositions and investment solutions, and we are well placed to capture the secular growth trends in the market."