Wealth manager Brewin Dolphin saw total funds under management tick back above 25 billion pounds driven by a lift in discretionary funds.
Total managed funds reached £25.7bn at the end of March, compared with £24bn in September 2011 and £25bn a year before.
The 7.1% rise in total funds was driven by a 10.9% lift in discretionary funds to £17.3bn, the firm said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Pre-tax profit from continuing operations was up 3.3% to £12.3m, although the firm benefitted significantly from the absence of the large Financial Services Compensation Scheme levy that hit it the previous year.
When adjusted for costs including redundancies, the FSCS levy and clients closing their accounts, profits were down 17% to £18.9m.
The company maintained its interim dividend of 3.55p per share.
Executive Chairman Jamie Matheson said he viewed the future with cautious optimism.
"While it would be easy to become distracted by the impact of the economic and political difficulties in Europe, there remains a growing demand for our services and an increasing appreciation of the place of equity within the savings industry," he said.
"While our ability to influence the short term outlook is clearly limited, a very significant amount of work is being undertaken to ensure that Brewin Dolphin is ready to meet efficiently future conditions and the requirements of our clients."
The firm added that the implementation of a strategic review of its operations was going to plan and was on budget.
-
Six out of 10 retirees who accessed a pension didn’t use Pension Wise - how does the guidance service work?Many pension savers don’t bother using the free government-backed service Pension Wise. So, how does it work, and could it be useful for you?
-
UK-EU trade deal: Britain to get a £9bn boost to the economy by 2040The government’s agreement with the EU follows on from separate deals with India and the United States. Will it breathe life into the UK economy?
