(Adds details from statement, rival’s latest update)
Jan 27 (Reuters) - Wealth manager Brewin Dolphin reported an 8% jump in total funds to a record 51.4 billion pounds on Wednesday and said that market sentiment was improving after the Brexit trade deal and the rollout of COVID-19 vaccines.
Wealth managers recorded higher outflows in early 2020, when world shares hit multi-year lows on fears over the economic damage resulting from the pandemic.
“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,” said Chief Executive Officer Robin Beer, who took over from long-term boss David Nicol last year.
The company said gross inflows were 600 million pounds in the first quarter ended Dec. 31, higher than the previous quarter and similar to levels seen a year earlier. Total income rose to 95.9 million pounds from 89.6 million pounds.
“We are consistently delivering positive inflows, even with the tightened social distancing restrictions imposed in November and December 2020,” said Beer.
The FTSE 250-listed company said it saw strong market performance and high levels of commissions in the quarter, echoing comments from rival Rathbone Brothers earlier this month.
Reporting by Muvija M in Bengaluru; Editing by Amy Caren Daniel