BRW.L Share News (BRW)

LONDON (Alliance News) - Wealth manager Brewin Dolphin Holdings PLC said its core fund inflows remained robust in the first quarter, as it continues to focus on its discretionary fund management business.

The FTSE 250-listed group said its total funds under management increased to GBP33.2 billion at the end of the quarter, from GBP32.0 million at the end of September.

The group said its total core funds under management, which only includes its discretionary and execution-only funds, rose 4.2% in the quarter to GBP29.7 billion, as it continues to focus on this business. Other income fell in the quarter, in line with this strategy shift.

Total discretionary net inflows for the group totalled GBP300.0 million in the quarter, with good inflows recorded across business lines.

"We have made an encouraging start to the financial year. Continued net organic growth in funds, driven by increasing inflows into our core discretionary service, underlines the quality of the business despite the volatility in financial markets," said David Nicol, Brewin's chief executive.

"Turbulent market conditions may persist for some time but our continued progress, strategic focus and financial strength all give us confidence in pursuing our long-term growth agenda," he added.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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