Brewin Dolphin reported pre-tax profits for the half year to 31 March 2012 were up 3.3% on the same period last year to £12.3m, while income remained steady at £131.4m
Total funds under management rose by 7.1% from £24bn to £25.7bn, driven by a 10.9% lift in discretionary funds. During the period, the average level of both the FTSE 100 and the APCIMS Private Investor Series Balanced Portfolio index increased by 12.5% and 9.7% respectively.
Funds under management for the advisory side of the business (accounting for inflows, outflows and market movements) remained unchanged over the period at £8.4bn. However, FUM for the discretionary arm jumped from £15.6bn to £17.3bn.
The group said conditions were 'challenging' but it had benfited significantly from the absence of the large FSCS levy incurred last year and the impact of a strategic review of the business.
Its interim dividend has been maintained at 3.55p per share.
More than £167,000 raised
Beware ‘temporary’ vulnerability
Celtic WM and Active Wealth