INVESTMENT manager Brewin Dolphin has boosted its profits on the back of “resilient” equity markets.
The group, which has a major presence in Newcastle among its 40 offices nationwide, reported a 2.1% increase in its total income for the year to September 30 to £269.5m.
Pre-tax profits, before exceptional items including redundancy costs, additional FSCS levy, acquisition of subsidiary costs and amortisation of client relationships, rose by 8.3% to £42.9m.
Funds under management reached £25.9bn, a 7.9% year on year rise, with the “most significant” being the 16.7% growth of discretionary funds to £18.2bn.
Brewin pointed out that the FTSE 100 rose by 12% and the APCIMS Private Investor Series Balanced Portfolio rose by 10.2% in the same period.
Brewin Dolphin’s third largest branch is based in Newcastle, employing over 350 staff and looking after the wealth of around 7,000 private clients.
Charles May, head of office in Newcastle, said: “These are strong and pleasing results. Here in Newcastle, we have made significant strides in our strategy to enhance services to our clients while maximising efficiency in running the business for the long-term.
“Over the years, we have proved ourselves to be a stable, trustworthy advisor, whatever the financial climate. Many of our clients and their families have entrusted us to look after their wealth for generation after generation – a testament to the high quality of personal service that we continue to provide. As an organisation with strong roots in the North East, our progress is encouraging and mirrors the national picture.”
During the year, Brewin made a number of appointments to its Newcastle office, including assistant director Lucinda Beaumont from its Edinburgh branch, and business development manager John Illingworth, who joined the firm from Scottish Widows.
Barney Hawkins, formerly a senior director at UBS Wealth Management in Newcastle, also joined the Brewin Dolphin Newcastle team this year. He has more than 20 years’ experience in managing people’s money.