Advisory and investment management firm Brewin Dolphin recorded a 4.9% before tax profit increase for the half year ended 30 March, to £21.8m.
The firm says the positive result has been achieved against a market background “more challenging than at any time since the early 1970's”.
Brewin’s advisory business operating profit was virtually unchanged during the period at £6.6m, with total income up by 2.1% to £36m.
However, advisory funds under management plunged 12.8%, falling from £10.9m to £9.5m.
The firm’s discretionary fund management activities generated the largest earnings, with operating profit climbing 22.8% to £11m and total income up 17.8% to £60.5m.
Brewin says the tough market conditions impacted investment banking arm, with operating profits more than halving from £2.5m to £1.1m.
The firm’s total funds under management suffered during the period, dropping 8.4% to £23bn.
“Despite difficult conditions we expect a creditable outcome from your group for the year,” Brewin Dolphin executive chairman Jamie Matheson says.
“As always our principal risk in the short term is the threat of adverse market movement.
“Clearly, the next few months will continue to be affected by unsettled financial markets across the globe.”IFAonline
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