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Brewin Dolphin funds rise in H1 on record inflows, strong market recovery
StockMarketWire.com
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Wealth management services provider Brewin Dolphin reported a rise in total funds in the first half of the year, driven by record fund inflows in Q2 and jump in client investments amid a strong market recovery.
For the half year ended 31 March 2021, funds increased by 10.5% to £52.6 billion year-on-year, with discretionary funds ere up 10.9% to £45.7 billion.
The rise in funds were supported by 'positive net flows and strong discretionary investment performance of 9.5% (MSCI PIMFA Private Investor Balanced Index: 8.7%), ' the company said.
Discretionary net flows were up 2.9% to £0.6 billion, with gross inflows of £1.6 billion.
Total income increased by 13.7% to £199.9 million, driven by strong market performance and elevated levels of commissions.
The interim dividend per share was up 5% to 4.6 pence, up from 4.4 pence last year.
Looking ahead, the company said the 'strong first half year performance' gave increased confidence in its full year outlook, but estimate a rise in operating costs in H2.
'Operating costs expected to increase in H2 due to the holiday accrual reversal more than offset by reduced cost savings associated to COVID-19 restrictions and the FSCS levy which was £4.8m in FY 2020,' the company said.
At 8:29am: (LON:BRW) Brewin Dolphin Holdings PLC share price was 0p at 296p
Story provided by StockMarketWire.com
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