Wealth management firm Brewin Dolphin boosted funds to £42.3bn and income rose by record levels in the third quarter of the year.

The firm, which has Financial Planning and investment management arms, increased its total funds from £39.7bn in the first half of this year.

Discretionary funds rose by 7.3% in the quarter, which ended 30 June, to £36.8bn and ‘core’ funds, which include discretionary funds, Brewin Portfolio Service and and execution only funds, increased by 7.3% in the quarter from £38.1bn in the first half of 2018 and £37.4bn for the full year 2017 to £40.9bn.

The company’s ‘core’ income, that which is derived from Financial Planning, discretionary investment management, Brewin Portfolio Service and
execution only services, soared 11.2% on the third quarter of 2017 from £73.9m to £82.2m.

Total income was a record £84.2m, boosted 8.9% from £77.3m in the third quarter of last year.

The firm, which has 29 offices across the UK, Channel Islands and in the Republic of Ireland, says its focus on discretionary investment management “has led to growth in client funds” and it now manages £36.8bn on a discretionary basis.

David Nicol, Brewin Dolphin chief executive, said: “It has been another excellent quarter in which we have continued to deliver on our long-term organic growth strategy.

“We are particularly pleased to have achieved another period of strong discretionary funds inflows which, combined with positive
investment returns, has driven total income to a record £84.2 million for the quarter.

“The significant and evolving need for financial and investment advice in the UK continues to support our strategic direction and we remain confident in the outlook for the business.”