Brewin Dolphin profits surge in H1 but advisory arm sees £1bn outflow

Wealth manager Brewin Dolphin reported a surge in profits in the half year to March, although it saw a large outflow from its advisory business.

The group reported a 215% rise in profit before tax to £21.4m, up from £6.8m in 2013. It also saw a 25.3% rise in adjusted pre-tax profits to £29.7m for the half year ended 30 March 2014, while total income was £146.3m, an increase of 5.3% Brewin reported growth in its discretionary funds under management from £21.3bn to £22.7bn over the reporting period. Brewin said it has seen growth in its discretionary funds and net outflows from its advisory funds, and has refocused the business to focus on discretionary. Discretionary funds increased by 7% in the period, including £600m of ne...