Given most wealth managers’ funds under management took a hit during the first quarter from Februarys’ mini-market correction, it’s unsurprising that a return to form for Brewin Dolphin (BRW) prompted a bounce back in the shares. The wealth manager reported an 8 per cent annual rise in funds under management to £42.3bn during the three months to June.
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Encouragingly, both inflows and market movements were positive, at £500m and £2.1bn, respectively. Discretionary net inflows were £700m, with business via intermediaries the biggest contributor. That helped push core income 11 per cent higher than the prior year to £82m.
