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Trading statements

FLASH: Brewin Dolphin momentum continues to build

26 January 2017 07:34

Brewin Dolphin said momentum behind its growth strategy continued to build during the first quarter and total funds grew to £36.4bn (Q1 2016: £33.2bn, FY 2016: £35.4bn).

Other highlights:

- Q1 discretionary funds inflow of £0.7bn driven by ongoing inflows from all channels.

- Discretionary funds outflows fell to £0.2bn (Q1 2016: £0.3bn) in the quarter as a result of lower outflows from direct discretionary clients.

- Q1 net discretionary funds inflows increased to £0.5bn excluding transfers, representing 6.9% annualised growth (Q1 2016: £0.3bn, 4.8% p.a.). - Total core funds grew by 3.4% in the quarter to £33.5bn.

- Core income growth of 12.0% to £67.9m (Q1 2016: £60.6m) driven by organic fund flows and continued positive investment performance coupled with further growth in financial planning income.

- Continued decline in other income to £3.4m (Q1 2016: £6.6m), in line with expectations following the refocusing of the business on core services.

The group also said the acquisition of Duncan Lawrie Asset Management Ltd, announced on 19 December, was expected to complete in the second half of the current financial year.

Chief executive David Nicol said: "Momentum behind our growth strategy has continued to build during the first quarter and it's been a pleasing start to the financial year.

"Continued net organic growth in funds, driven by increasing inflows into our core discretionary service and a reduction in discretionary outflows, underlines the strength of the business during uncertain market conditions.

"The solid performance is underpinned by a commitment to deliver on our clear strategy. The progress we are making combined with our financial strength gives us confidence in our long-term prospects."

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