Brewin Dolphin has reported strong performance in a market upended by the Covid-19 crisis, with total funds at the end of Q1 2021 higher than pre-pandemic levels.

Key metrics

The London-based wealth manager’s total income in the quarter ending December 2020 also grew, rising to £95.9m from £89.6m. This was driven by a 5% rise in fees income and a 13% rise in commission income.

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The firm’s fee income for the quarter to December 2020 was £67.6m, versus £64.6 in the previous year. Commission income increased to £18.1m from £16m over the period.

Total funds at the end of 2020 grew to a £51.4bn, supported by net inflows of £300m and a £3.5bn positive investment performance.

Total funds were £48.5bn a year earlier and £47.6bn at the end of September 2020.

Discretionary funds totalled £44.6bn at last year-end, compared with £41.8bn in the prior year and up 8% from £41.2bn three months before.

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Demand for advice-led services along with growth in wealth advisory service 1762 by Brewin Dolphin resulted in a 12% year-on-year rise in financial planning income to £9.5m. MPS income increased 19%.

Total discretionary income was £81m in Q1 2021, up 6% from £76.5m in Q1 2020.

The firm also said that it is benefitting from some cost savings efforts.

Brewin Dolphin CEO Robin Beer said: “We had a strong start to our financial year and saw growth across both our direct and indirect business. We are consistently delivering positive inflows, even with the tightened social distancing restrictions imposed in November and December 2020.

“Broadening our distribution channels continues to add value, with momentum across both our ‘Powered by Brewin Dolphin’ solution and our recently launched Brewin Dolphin Voyager funds.”

Beer presented an optimistic outlook about the year ahead.

He stated: “With a Brexit trade deal behind us and the rollout of vaccinations in the UK, market sentiment is starting to improve, and we look forward to benefiting from this recovery over the coming year.”