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November 25, 2021

Brewin Dolphin FuM grows 19.5% on strong inflows

By Verdict Staff

Funds under management (FuM) at British wealth manager Brewin Dolphin swelled to £56.9bn at the end of 30 September 2021, benefitting from positive net flows.

This is a 19.5% increase from the year-ago figure of £47.6bn.

Total discretionary funds grew 20.9% to £49.8bn from £41.2bn over this period.

Discretionary net flows increased to £1.9bn, of which £1.4bn was from indirect clients while £500m was from direct clients.

A year earlier, the firm registered discretionary net flows of £900m.

Discretionary gross inflows increased to £4bn from £2.8bn.

The firm’s total income for the year ended 30 September 2021 stood at £405.9m, up 12.3% from £361.4m in the previous year.

Financial planning income climbed 25.7% year-on-year to £41.6m. Brewin Dolphin attributed this growth to 1762 from Brewin Dolphin and the Wealth Core offerings.

Statutory pre-tax profit was £72.5m, a 16.2% rise from £62.1m in the prior year.

The final dividend per share of £11.1p was up from £9.9p a year ago. This takes the total for the year to £15.7p a share, versus £14.3p per share in the previous year.

Outlining the guidance for FY 2022, Brewin Dolphin said that is ‘well placed’ to cater to the evolving demand for financial advice by widening its distribution channels.

It also plans to invest around £26m on operating technology, as well as drive cost benefits of around £1m next year and £10m in FY 2023.

Brewin Dolphin CEO Robin Beer stated that the firm will now focus on completing the final phased rollout of functionality for its new custody and settlement system.

The rollout is set to conclude in summer 2022.

Beer said: “On completion, with our new technology capabilities coupled with the operational excellence programme, we expect to capture significant synergies and benefits across the business, supporting our vision to deliver double digit earnings per share growth by 2025.

“We remain focused on becoming the leading advice-focused digitally enabled wealth manager in the UK and Ireland, which we believe will allow us to benefit from sector growth and capture market share.”

In March this year, Brewin Dolphin unveiled plans to extend its contract with SEI until November 2023 for offering clients continued access to the SEI Wealth Platform (SWP).

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