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Wealth management company Brewin Dolphin reported an increase in total funds in the first quarter of the year, driven by strong market performance and continued 'high levels' of commissions.
For the three months ended 31 December 2020, quarterly income increased by 7.0% to £95.9 million year-on-year and discretionary net flows were £0.1 billion, representing an annualised growth rate of 1.0%.
Managed portfolio service, or MPS funds, grew to £4.9 billion, up from £4.4 billion year-on-year, with net flows of £0.1 billion, an annualised growth rate of 9.1%.
'We remain on-track with the implementation of our custody and settlement system to be completed in the Autumn this year,' the company said.
'With a Brexit trade deal behind us and the rollout of vaccinations in the UK, market sentiment is starting to improve, and we look forward to benefiting from this recovery over the coming year.'
The half year results for the year ending 31 March 2021 would be announced on 13 May 2021, the company said.