UK-based wealth management firm Brewin Dolphin has reported a total income of £73.3 million (US$111.5 million) for the quarter ended 30 June 2013, an increase 14% compared to £64.5 million (US$98.2 million) for the same period last year.

Core fee and commission income was increased by 27% to £63.8 million, compared to £50.3 million for the same period a year before. Other income fell primarily as a result of the on-going planned reduction in "trail income" post Retail Distribution Review (RDR).

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The company stated that the group has made further progress during the quarter on the move to standard national pricing which ensures clients are charged consistent and transparent rates for all services. As previously indicated, this initiative will be substantially complete by the end of the financial year.

"There has been an anticipated increase in the rate of outflows from advisory services totalling £0.4 billion in the quarter. There will be a limited impact on income from this attrition as average fees and commissions for these accounts were low," said by the company in a statement.

The group’s discretionary investment management service continued to attract net inflows in the quarter (+£0.2bn) with net inflows of £0.7bn for the nine months to 30 June 2013 representing an annualised growth rate of 5%. The increase is in line with the group’s strategy of concentrating future growth on discretionary investment management services.

Overall, funds under management (FUM) declined by 2.1% in the quarter to 30 June 2013, in part due to the first quarterly decline in equity markets since the quarter ended 30 June 2012.

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