Brewin Dolphin, a UK-based investment manager, has reported a growth of 8% in total funds and also named a new chief.

The firm said that its total funds at the end of the first quarter ended 31 December 2019 stood at £48.5bn ($63.1bn).

At the end of last year, the firm’s total funds were £45bn. It includes £2.7bn of funds from Investec’s Irish wealth management unit, which was purchased by Brewin Dolphin last year.

Total funds rose 2% excluding the acquired funds from Investec.

Discretionary funds grew 4% to £41.8bn, which includes £1bn in acquired funds. The firm attributed the growth to “strong investment performance and positive organic net inflows”.

Discretionary funds increased by 2% excluding the acquired funds.

Total income of £89.6m in Q1 2020 was 15% higher than the previous year’s income of £77.7m.

Brewin Dolphin CEO David Nicol said: “I am pleased with our performance in the quarter, particularly our positive organic net inflows in challenging market conditions.

“We have diversified our business mix through building more client choice and client-centric propositions, which is supporting our growth.”

Meanwhile, the bank appointed Robin Beer as its new CEO, replacing Nicol.

The appointment awaits regulatory approval. Nicol, who has been serving Brewin Dolphin for eight years, will retire on 14 June 2020.

Under Nicol’s leadership, Brewin Dolphin’s funds under management increased by two-fold to £48.5bn from £26bn, its chairman Simon Miller said.

Beer has been working at Brewin Dolphin since 2008 and presently oversees its intermediaries, charity, professional services and digital operations.

His two-decade-long financial career includes stints at NAB, Gerrard and Barclays.

“Robin understands both the broad landscape in which we operate and has a deep knowledge of our business and culture,” Miller stated.