(Reuters) – Brewin Dolphin on Wednesday posted a rise in income for the first quarter, helped by continued growth in inflows to record levels since last year, as the wealth manager weathered disruptions caused by the COVID-19 pandemic.
Stimulus measures from central banks and vaccinations lifted investor sentiment last year, helping asset managers such as Brewin after clients pulled out their money in masses during the initial stages of the pandemic when uncertainty loomed large.
The company’s total income rose 8.9% to 104.4 million pounds ($140.96 million) in the three months to Dec. 31, with total funds at 59 billion pounds at the end of the quarter.
Brewin Dolphin, which was founded in 1762, said discretionary inflows during the period hit a billion pounds, with about 65% of it coming from new clients.
Record inflows last year had helped the company to post a nearly 17% rise in profit for the 12 months to Sept. 30, and the London-listed shares jumped 21% in 2021 after having lost about 18% of their value in 2020.
“The consistently strong fund inflows momentum we have seen since the second quarter last year, is testimony that our advice-focused strategy … are supporting sustained growth,” Chief Executive Officer Robin Beer said in a statement.
Brewin Dolphin in November had said it anticipated markets to be more volatile this year.
($1 = 0.7406 pounds)
(Reporting by Pushkala Aripaka in Bengaluru; editing by Milla Nissi)
