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July 23, 2020updated 24 Jul 2020 8:20am

Brewin Dolphin withstands COVID-19 onslaught; reports rise in income

British wealth manager Brewin Dolphin has reported a rise in total income and total funds in Q3 2020 despite the turbulence caused by the COVID-19 crisis.

The firm’s total income was £92.7m ($118m) in Q3 2020, up 6% for Brewin Dolphin compared with £87.3m a year ago.

The growth was attributed to higher commissions due to elevated trading activity as well as acquisitions.

Higher commissions resulted in a growth in total discretionary income, which rose 4% to £79.1m from £76.2m over the period.

Financial planning income increased 15% year-on-year to £8.3m.

The firm’s total funds were £46.7bn in Q3, a rise of 13% from £41.4bn in Q2 2020.

Discretionary funds increased 14% over the period to £40.6bn from £35.7bn due to improved investment performance and strong inflows.

Discretionary net flows in Q3 were £400m.

Brewin Dolphin CEO Robin Beer said: “We continue to deliver resilient results despite the challenges the COVID-19 pandemic have imposed on our business in supporting our clients and colleagues. Overall funds increased by 12.8% in the quarter as markets recovered. We had another strong quarter of net inflows across both our direct and intermediaries’ channels, with an annualised growth rate in total discretionary net flows of 4.5%, demonstrating continued demand for our services and the effectiveness of our people and operations.

“We are delivering on multiple infrastructure projects despite the challenges of remote working. Next week we switch over to our new client management system following comprehensive testing and remote training of our employees.”

Brewin Dolphin has also expanded its sustainability team with the appointments of Tom Blathwayt and Kelly Eva.

Blathwayt has been named as the head of sustainability. Eva will serve as sustainability manager.

Blathwayt will spearhead the sustainability team, which is tasked with managing the implementation of the firm’s sustainability approach.

This involves heading the firm’s corporate responsibility initiatives, supporting ESG strategy and responsible investment propositions, and shaping stewardship activities.

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