British wealth manager Brewin Dolphin has reported that its total discretionary funds under management (FuM) increased to £26.2bn for the half year ended 31 March 2015, a 15.4% rise from £22.7bn a year earlier.
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In its interim report, the firm reported an adjusted pre-tax profit of £33m, up 9% from £30.4m a year ago.
The company’s adjusted operating profit rose 9% to £32.7m from £30.1m in the first half of 2014. The total income stood at £148.4m, a marginal rise of 1% compared to £146.3m in the same period the prior year.
Core income rose by £1.6m, driven by a 12% increase in fee income to £95.9m, offset by a 17% drop in commission to £40.1m. Fee income increased to £39.1bn in the first half ended 31 March 2015 from £36.1bn a year ago.
Brewin Dolphin CEO David Nicol said: "Against the backdrop of the ongoing transformation of the Group, financial performance in the first half was good.
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By GlobalData"The growth in Funds under Management has been strong, helped by the overall upward trend in investment markets over the half year, although periods of volatility did impact transaction volumes and, therefore, impeded income growth.
"Nonetheless, the benefits of the more focused and efficient business emerging from the business transformation helped maintain profit growth, with the adjusted PBT margin increasing further to 22.3%."
