UK-based wealth manager Brewin Dolphin has reported growth in profit, aided by record total discretionary fund inflows of £1bn in Q2.

The firm’s total funds were £52.6bn at the end of March 2021, up 10.5% from £47.6bn at the end of September 2020. Total discretionary funds grew 11% to £45.7bn from £41.2bn during this period.

Client retention increased to 98% in the first half from 97% at the firm’s 2020 financial year-end.

Pre-tax profit before adjusted items stood at £47m in the six months to 31 March 2021, a 29% surge from the previous year figure of £36.5m.

Statutory profit before tax increased 44% to £40.7m from £28.2m over the period.

Strong market performance along with elevated commission levels led to a 14% growth in total income to £199.9m from £175.8m.

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By GlobalData

Financial planning income climbed 16.5% to £19.1m from £16.4m, benefitting from higher market levels and demand for advice-focused services. Discretionary commission income increased 15% year-on-year to £38.7m.

The wealth manager unveiled that it has increased confidence in full year outlook.

However, it also expects commission income to decrease and operating costs to rise in H2.

The firm also announced an interim dividend per share up 5% year-on-year to 4.6 pence.

Brewin Dolphin CEO Robin Beer said: “In the first half of 2021 we delivered an excellent set of results driven by record fund inflows in Q2 and the outperformance of our clients’ investments during a strong market recovery.

“Our broad range of propositions and distribution channels has enabled us to reach a wider demographic of people and support those clients who have been able to accumulate higher levels of savings over the last year.

“The consistency of our inflow performance throughout the pandemic demonstrates we have a resilient business model, a trusted brand and our advice-focused strategy is the right one.”