Brewin Dolphin profits rise but funds shrink

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Adjusted pre-tax profits at Brewin Dolphin have risen 7 per cent, the wealth manager’s preliminary results show.

Excluding items such as the impact of a £33.7m loss in 2014 resulting from a cancelled software launch and a £1.1m FSCS levy rebate, profits rose from £58.4m to £62.2m.

However, total funds under management shrunk by £500m from £32.5bn last year to £32bn. Discretionary funds under management increased by 3 per cent, from £24bn to £24.8bn.

Total income rose marginally year-on-year, from £280.8m to £283.7m. Total fee income increased 7 per cent, from £179.5m to £188.5m, while commission income dropped 12 per cent, from £81.3m to £71.5m.

Brewin Dolphin chief executive David Nicol says: “This has been a good year for Brewin Dolphin, as we continued to provide a transparent, convenient service that delivers real value to our clients. This underpinned growth in our core business, our profitability and returns to shareholders.

“Initiatives to enhance key aspects of our business have culminated this year with the renewal of our client advice process and are now substantially complete. Expansion is now firmly on our agenda and we are in a strong position to take advantage of opportunities.”