British wealth manager Brewin Dolphin has posted a pre-tax profit of £29.7m for the half year ended 31 March 2019.
This is a fall of 13% from last year’s figure of £34.1m.
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Total income for the six-month period ended March 2019 was £162.3m, compared to £161.8m in the previous year.
The firm’s total funds increased 7% to £42.4bn from £39.7bn.
Discretionary funds totalled £37.5bn at the end of March 2019, up 9% from £34.3bn a year ago.
Net discretionary funds inflows, including transfers, dropped to £800m from £1.3bn.
Brewin Dolphin CEO David Nicol said: “In the first half of 2019, the Group has continued to deliver strong and resilient organic growth, even with the backdrop of volatile market conditions.
“This is demonstrated by the strength of our discretionary funds flows.
“Our strategy of focusing on our advice-led wealth management service in the direct market continues to deliver results.”
Meanwhile, Brewing Dolphin raised £60m through a share placing.
“We are pleased to report the successful completion of the equity placing, which enables us to maintain a strong regulatory capital level and have continued financial flexibility for further development opportunities,” Nicol stated.
The wealth manager placed 19.7 million shares, with each share priced at 305 pence.
The placing was announced following the firm’s acquisition of Investec’s Irish wealth management business.
