StockMarketWire.com - Wealth manager Brewin Dolphin said Wednesday total funds fell 7.7% in its fiscal first quarter driven lower by a decline in the broader market toward the end of the year.
For the three months to 31 December, total funds fell 7.7% to £39.5bn and discretionary funds reduced by 7.2% to £34.9bn.
The company blamed the reduction in funds on 'challenging market conditions' which eroded market market levels, with the MSCI Private Investor Balanced Index falling 7.9% and the FTSE 100 Index falling 10.4% for the quarter.
The wealth manager revealed net discretionary funds inflow were £0.5bn for the quarter, in line with the prior quarter, but below the £0.7bn seen in the same quarter last year.
Total income fell 1.6% to £77.7m, as core fee income slipped 0.8% to £75.6m and total discretionary income fell 1.2% to £66.5m.
'The first quarter has been characterised by lower market levels and ongoing macro-economic uncertainty. Against this backdrop, net discretionary inflows have remained strong and ahead of our 5% target, albeit intermediary client activity has slowed whilst intermediaries and their clients assess the current environment,' said David Nicol, Chief Executive.
At 8:56am: [LON:BRW] Brewin Dolphin Holdings PLC share price was -13.4p at 301.2p
Story provided by StockMarketWire.com
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