Brewin funds hit £45bn despite drop in discretionary flows

Results for year to 30 September

Brewin Dolphin has reported a drop in discretionary net funds inflows over the year to the end of September, though total net funds grew 5% to £45bn.

Discretionary net inflows fell to £1.4bn from £2.3bn in 2018, representing a 3.7% annualised growth rate. However, gross outflows reduced to £1.2bn from £1.3bn last year. Profit before tax and adjusted items also came in 3.2% lower than last year, though total income for the period increased by 3.1% to £339m. The drop in profit was partly due to the 5.3% increase in total costs for the year, which stood at £266m. This was the result of planned spending on growth initiatives and infrastructure projects. These have included two key investments in technology - a new client management ...