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Brewin Dolphin report strong set of results
A WEALTH management firm, employing hundreds of North-East staff, has posted a strong set of results, hailing the success of its long-term strategy to become the leading provider of personal discretionary wealth management in the UK.
Brewin Dolphin’s total managed funds stand at £28.2bn, up by 8.9 per cent from a year ago.
Strong growth was also seen in Brewin Dolphin’s discretionary funds under management, which rose by £3.1bn, or 17 per cent, over the last year from £18.2bn to £21.3bn, with a 5.3 per cent rise in the firm’s total income from £269.5m to £283.7m during the same period.
However, the most significant growth was seen in the firm’s adjusted profits before tax, which grew by 22 per cent from £42.9m to £52.3m in the year ending September 2013.
David Nicol, chief executive, said: "Our priorities are clear. They are to reinforce our high standard of service to clients and ensure an improved return to shareholders. Discretionary investment management is currently the core of our business model and our mission is to provide a compelling and consistent offering, relevant to all our clients.
“Over the past decade we have evolved from a stockbroker into a private client investment manager. Our evolution must continue as we strive to become the leading provider of personal Discretionary Wealth Management in the UK."
Brewin Dolphin employs about 350 people in Newcastle, which is one of its largest offices in the group and provides much of the firm’s administrative function.
William Baker Baker, who is head of office at Brewin Dolphin in Newcastle and regional director for the North, said:
“These are very strong results and we are proud of the part that Newcastle has played a part in what has been a challenging year for our industry.
“We are in a growth market with good long term prospects and are very much looking forward to the year ahead for both our clients and our business here in the North-East.”
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