Brewin Dolphin (LON:BRW) have told the market about two updates to operations on Wednesday.
The first update comes in the form of a trading statement, and has reported progress for the wealth and asset manager.
Brewin Dolphin said that they have seen their total funds rise 7.8% over its first quarter period, which ended in September.
Total funds rose to £48.5 billion, and without new acquisitions funds rose 1.8%. Notably, discretionary funds rose 4.2% in the quarterly period to £41.8 billion.
The wealth and asset manager said that total quarterly income was 15% higher year-on-year at £89.6 million.
Discretionary income also rose 15% from a year before to £76.5 million due to growth in funds and higher commission income, while financial planning income jumped 37% to £8.5 million, helped by acquisitions.
The firm said that total quarterly income amounted to £89.6m seeing an increase of 15.3%, including £4.0m as a result of recent acquisitions.
Another statistic to take was that financial planning income grew 37.1% to £8.5m assisted by recent acquisitions and growth in 1762 from Brewin Dolphin.
David Nicol, Chief Executive said:
“I am pleased with our performance in the quarter, particularly our positive organic net inflows in challenging market conditions. We have diversified our business mix through building more client choice and client-centric propositions, which is supporting our growth. We remain on-track with the implementation of both our new client management system and core custody and settlement system. The integration of our acquisition in Ireland is progressing well and we remain confident about the long-term growth opportunities. Market sentiment appears to be improving and we look forward to capitalising on this as the year progresses.”
Brewin Dolphin announce Chief Executive retirement
The second update on Wednesday told shareholders that Chief Executive, David Nicol would be retiring later this year.
Nicol has been head of Brewin Dolphin since 2012. He will step down on June 14, but will stay on until July 29 to help with the transition.
The firm have said that Robert Beer will step in his place, as Beer currently serves as head of the company’s intermediaries, charity, professional services, and digital businesses.
Beer originally joined Brewin Dolphin in 2008, having previously worked at National Australia Bank Ltd, Gerrards, and Barclays PLC.
Simon Miller, Chairman, said: “On behalf of the Board, I would like to thank David for his outstanding contribution to Brewin Dolphin’s success. He has demonstrated great professionalism, re-focused the Group’s strategy, improved the quality of the organisation and built a strong team. Under his leadership, Brewin Dolphin has seen funds under management almost double from £26.0bn to £48.5bn. Our client proposition has deepened, we have invested in our office network, and both client satisfaction and employee engagement are at record levels.
“At the same time, we are delighted to announce Robin’s appointment as David’s successor. Robin understands both the broad landscape in which we operate and has a deep knowledge of our business and culture. Since joining the Executive Committee in 2016, he has been a key member of the executive team and is the ideal person to continue the execution of our successful strategy, while sustaining and nurturing our well-established client-focused approach.”
David Nicol said: “It has been a great privilege to lead Brewin Dolphin. After seven years as Chief Executive, and with the business well positioned for the future, I feel that now is the time for me to hand over to my successor. I am very pleased with the selection of Robin and I have every confidence in his future leadership.”
Robin Beer said: “I am delighted to be chosen to lead the business at this juncture and I look forward to continuing to build on David’s achievements to drive the business through its next phase of development.”
Shares in Brewin Dolphin trade at 360p (+0.24%). 29/1/20 11:58BST.
