Discretionary fund manager Brewin Dolphin has recorded another £38m in profits for the first half of the year, despite a drop in assets under management.
The DFM blames “lower investment returns” for a slight fall in total assets from £40.1bn to £39.7bn.
However, profits were up 20 per cent, as net inflows from advisers reached £900m in the half year ended 31 March.
Brewin puts this down to ” the continued focus of [its] business development team in engaging new intermediaries and deepening the existing relationships with intermediaries across the UK.”
It adds that bespoke discretionary services have increased in popularity on the back of pension freedoms advice, with average new case sizes increasing 22 per cent.
Brewin’s own financial planning services generated £12.2m of income, up from £9.5m from the previous year, and the firm plans to add another 12 entrants to its financial planning academy in the second half of 2018.
Chief executive David Nicol says: “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.”