British wealth manager Brewin Dolphin’s total funds stood at £39.5bn at the end of the first quarter of fiscal 2019.
The figure marks a decrease of 5% from the previous year, when total funds were £41.5bn.
Funds under management totalled £42.8bn at the end of September 2018, a rise of 7% from £40.1bn a year earlier.
The firm managed £34.9bn of funds on a discretionary basis as of 31 December 2018, down 1% from £35.3bn last year.
Core funds were £38.6bn, as against £39.2bn a year earlier.
Total income stood at £77.7m in the first quarter of fiscal 2019, versus £79m a year ago.
Core income during the period dropped 1% to £75.6m from £76.2m.
Brewin Dolphin CEO David Nicol said: “The first quarter has been characterised by lower market levels and ongoing macro-economic uncertainty. Against this backdrop, net discretionary inflows have remained strong and ahead of our 5% target, albeit intermediary client activity has slowed whilst intermediaries and their clients assess the current environment.
“Challenging market conditions reinforce the value Brewin Dolphin offers clients and we remain confident in our business model, strategy and long-term growth prospects. We will continue to invest selectively to build the business and retain a disciplined focus on operating expenses.“