British investment manager Brewin Dolphin has posted an adjusted pre-tax profit of £23.8 million for the six months to 31 March 2013, up 26% from £18.9 million a year earlier.
Total managed funds were up 8.5% to £28.1 billion, from £25.7 billion a year earlier. Discretionary funds grew to £20.4 billion, from £17.3 billion the previous year.
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The group is paying an interim dividend of 3.55p per share, unchanged from the prior year.
In a separate announcement, Brewin Dolphin revealed plans to raise about £40 million through a share placing. The company said that two-thirds of the capital raised will be used to fund future capital investment in the business, with a view to hiring new teams or making other acquisitions.
The group especially wants to build its client base in strategic regions such as the South East, and sees opportunities to grow in this area.
Brewin Dolphin chief executive David Nicol said: "There is considerable change in the private client investment management market, in part due to the current economic and regulatory climate. Additional capital will enable us to take full advantage of the opportunities our leading market position presents."
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