Wealth manager and Financial Planner Brewin Dolphin has reported total funds under management down 14.6% to £41.4bn in the last six months but says demand for financial advice is up.

In a half year trading statement today the company said income overall was up 8% to £175.8m although this includes £9.3m from new acquisitions.

Financial Planning income for the period rose from £12.6m to £16.4m – up 30%.

The company said that Coronavirus hit the company but it had seen “growing demand” for financial advice.

David Nicol, chief executive, said the firm had seen good performance in the first quarter before the virus hit.

He added: “Not surprisingly, the rapid spread of COVID-19 and the unprecedented reaction of the global markets, has negatively impacted the value of our clients' funds and consequently our second quarter total income.

“ In these volatile markets, it has never been more important to stay connected with our clients, and we continue to see increased demand for client engagement and financial advice, which we have been able to offer remotely through video, telephone and conference calls.”

He said most staff were now working from home but  the company has no intention of participating in any Government schemes.

The company has introduced initiatives to help staff balance caring for family and working remotely, it said.

Total discretionary net flows were  £0.4bn, representing an annualised growth rate of 3.8%. Total funds decreased by 14.6% to £41.4bn (Q1 2020: £48.5bn), with discretionary funds down 14.6% to £35.7bn (Q1 2020: £41.8bn).