Shares at one of the largest UK wealth managers Brewin Dolphin have surged 7% in morning trading as the group revealed FUM grew by 2.1% in the three months to the end of June, driven by discretionary inflows.
In a statement for the quarter ended 30 June 2016, which was a volatile period for the sector in the lead-up to the EU referendum, the group said total FUM increased to £33.5bn, compared to £32bn at the end of 2015. Shares responded positively to the update during morning trading rising 7% before giving up some gains to trade around 250p, up 5.5%. Discretionary FUM grew by 3.5% for the quarter to £26.8bn, up from £24.8bn at the end of 2015, and a rise from £25.9bn at the end of March 2016. Net inflows for discretionary funds for the three months to end of June were £600m, offset b...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
