Brewin Dolphin increases profits

Wealth manager Brewin Dolphin has reported a successful 2017, with an increase in turnover and profits.

The finance firm, which has an office in Dundee, saw its turnover increase from £277.2 million to £295.1m for the year ending September 30.

Profits from continuing operations rose from £41.1m to £45.1m for the period.

In 2016 the firm also booked a £11.4m profit from discontinued operations.

The strategic report within the company’s accounts states: “2017 was a successful year for the business, during which we continued to look after our clients’ investment and advice needs in increasingly uncertain and complex times.

“As well as generating further investment returns for clients in line with their objectives, we also continued to attract net new client funds.”

The firm said it was keeping a “close oversight” on Brexit’s likely effects.

It added: “The world we face contains many geopolitical uncertainties, but we will continue to address and mitigate these by planning for the long term, as we have done for more than 250 years.

“When it comes to Brexit our view is somewhat clearer than it was in 2016.

“As a UK-based entity, we will maintain close oversight on Brexit’s likely effects on our wider operating environment to ensure that we are prepared and positioned to take appropriate measures to address and eventualities that emerge.

“Meanwhile we believe that momentum remains with us as we pursue our ambitious growth strategy.”

Brewing Dolphin is also undertaking a risk review at all its offices.

The company’s Dundee office can trace its roots back to 1841 when it traded as Bell Lawrie.

Bell Lawrie joined the Brewin Dolphin group in the 1990s.

During the financial year the firm acquired Duncan Lawrie Asset Management Limited in a £28m deal.