British wealth manager Brewin Dolphin has reported funds under management (FUM) of £41.4bn for H1 2020, ended 31 March 2020.
The figure represents a nearly 2.4% drop from £42.4bn registered in the same six month period a year ago.
The company’s pre-tax profit also declined by 5.1% from £29.7m to £28.7m on a year-on-year basis.
However, Brewin Dolphin’s income in the first six months to March 2020 increased to £175.8m, from £162.3m registered in the corresponding period a year before.
Discretionary funds totalled £35.7bn at the end of March 2020, a fall of 4.8% from £37.5bn a year ago.
Net discretionary funds inflows dropped to £500m from £800m.
Brewin Dolphin CEO David Nicol said: “In the first half of 2020, we delivered a resilient set of results, notwithstanding the negative impact of Covid-19 on global markets towards the end of the second quarter.
“We saw a greater level of direct inflows in the first half, with strong demand for integrated wealth management service.
“We have a strong balance sheet and good cash generation although we need to be mindful of the high level of uncertainty for the remainder of the financial year. We continue to monitor the impacts on the business and maintain strong cost discipline.”
The company added that 99% of its employees starting working from home within two weeks of lockdown. It further noted that it will continue to revise its business and operating models based on the impact of Covid-19.