British wealth manager Brewin Dolphin has reported that its total discretionary funds under management (FuM) increased to £25.6bn for the third quarter ended 30 June 2015, up 8% compared to £23.7bn in the year ago period.
In its interim report, the firm reported a total income of £73m compared to £73.1m a year earlier.
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Fee income grew by 3% to £47.4m from £46.1m a year ago, while commission income declined by 7% to £19.5m.
Core income for third quarter of 2015 stood at £66.9m compared to £67m in the same period last year. Discretionary service income grew by 2% to £56.1m and contributed 84% of core income.
The group reported net inflows of £0.2bn in the quarter, which represents an annualised growth rate of 3%. Year to date net inflows were £0.9bn, an annualised growth rate of 5%.
Brewin Dolphin CEO David Nicol said: "The ongoing development of the business ensures the Group is well positioned to benefit from the long term opportunities in the Wealth Management sector. The Group’s overall Q3 performance has been good, although weak global financial markets at the end of the quarter contributed to a decline in Funds under Management and impacted revenue progression."
