British wealth manager Brewin Dolphin has reported that its total funds under management (FuM) increased to £37.9bn for the first quarter ended 31 December 2014, 5% higher than the £36bn recorded at 29 December 2013.
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The firm reported a total income of £70.2m, an increase of 1% compared to £69.6m for the same period last year ended 29 December 2013.
The wealth manager posted strong growth in discretionary funds to £24.8bn at 31 December 2014, up 12% from £22.2bn at 29 December 2013 driven by good investment performance and net organic inflows.
Fee income grew by 14% to £47.4m from £41.5m a year ago while commission income declined by 23% to £17m, in line with reduced transaction volumes.
In addition, core income for first quarter 2015 rose 1% to £64.4m from £63.8m in the same time last year ended 29 December 2013.
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By GlobalDataBrewin Dolphin CEO David Nicol said: "Despite tough market conditions in the first quarter the Group has made good progress growing overall funds under management, in particular in our discretionary service, whilst continuing to invest in the business to drive future growth.
"Strong growth in fee income was driven by organic fund inflows and positive investment performance. However total income growth in the quarter was impacted by a material decline in commission income as a result of lower transaction volumes due to volatile market conditions," he added.
