London wealth management firm increases income by more than £10m in Q1

A wealth management company based in London has announced a multi-million pound increase in income for the first quarter of the trading year.

Brewin Dolphin, which provided its trading update today, saw a total quarterly income of £89.6m, compared to £77.7m in the first quarter of last year – an increase of 15.3 per cent.

Of that increase, 4 per cent was as a result of recent acquisitions, including Ireland-based Investec Wealth in November 2019.

The company focuses on providing financial advice to clients, which includes drawing up financial plans and investment portfolios.

David Nicol, chief executive of Brewin Dolphin, said: “I am pleased with our performance in the quarter, particularly our positive organic net inflows in challenging market conditions.

“We have diversified our business mix through building more client choice and client-centric propositions, which is supporting our growth.

“We remain on-track with the implementation of both our new client management system and core custody and settlement system.

“The integration of our acquisition in Ireland is progressing well and we remain confident about the long-term growth opportunities.

“Market sentiment appears to be improving and we look forward to capitalising on this as the year progresses.”