Brewin Dolphin's discretionary funds arm saw assets grow to £34.3bn in the half year to 31 March 2018, from £33.8bn at the end of September 2017, as it reported sustained net inflows of £1.3bn for the period.
In a interim management report, it said discretionary funds AUM grew by 1.5% to the £34.3bn figure, which included £200m of net transfers from other services, representing an annualised growth rate of net discretionary funds flow of 7.7%, above the 7.6% reported in the first half of 2017.
The wealth manager also reported net inflows of £400m into its direct discretionary service, while over 17% of direct private client funds now receiving wealth management services, combining Brewin Dolphin's financial planning and investment management services.
Its report said: "Once again we have seen strong net flows into our intermediaries services, across both our Managed Portfolio Service (MPS) and our bespoke discretionary service. The overall product mix has changed, with net flows into our bespoke discretionary service rising by 50% in comparison to the first half of last year to £600m. The combined net flows from our intermediaries services were £900m (H1 2017: £900m)."
The group also said it had seen an increase in average new case size of 22% in its discretionary services following the pensions freedoms.
In terms of adjusted profit before tax, the firm reported an increase of 19.8% on the first half of 2017 to £38.8m, as basic earnings per share increased by 18.9% to 11.3p.
Brewin Dolphin's report said "growth remains at the top of our agenda" and the firm was in the process of "hiring talented individuals, enhancing and developing our services and focusing on distribution, all of which will be supported by an improved use of technology".
Elsewhere, the firm saw total fee income increase by 10.4% over the period to £115.6m, following a recent restructuring of client charging.
Investors in the firm saw a reduction in their ongoing charges figure in the first quarter of 2018, following Brewin Dolphin's decision to reduce the costs of its managed portfolio services by £3m a year by moving the bulk of its investments to third-party managers from retail funds to segregated mandates.
Overall, the group said total assets fell to £39.7bn by the end of March, from £40.1bn at the end of September, but this has returned to circa £41bn by end of April.
Commenting on the results, CEO of Brewin Dolphin David Nicol (pictured) said: "I am pleased to report a robust first half of our financial year with strong net discretionary inflows, despite challenges in the wider market.
"We continue to deliver against our strategy and build on the positive momentum across the business. We remain positive in our outlook and confident in the strength and increasing relevance of our advice-led service."
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