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Brewin Dolphin CEO plots exit after strong quarter

David Nicol will be replaced by Robin Beer, who currently heads up the group’s intermediaries arm

Brewin Dolphin  -

Brewin Dolphin Holdings PLC (LON:BRW) chief executive David Nicol will step down this summer, the wealth management group announced alongside a pleasing first-quarter update.

Nicol, who will retire after eight years in the role, will be replaced by Robin Beer, who currently heads up the FTSE 250 group’s intermediaries, charity, professional services and digital businesses.

For the quarter ended 31 December, total funds increased by 7.8% to £48.5bn, or 1.8% if ignoring the £2.7bn of Republic of Ireland business acquired from Investec in November, which was said to be integrating well.

Discretionary funds increased 4.2% to £41.8bn, driven by a positive investment performance, organic net inflows of £0.1bn and the acquisition.

Discretionary income was up 15% and financial planning income rose 37%.

Said Nicol: “I am pleased with our performance in the quarter, particularly our positive organic net inflows in challenging market conditions.

“We have diversified our business mix through building more client choice and client-centric propositions, which is supporting our growth.”

Nicol, who will hand over the CEO role on 14 June and remain at the company until 29 July to complete the transition, has overseen funds under management almost doubling from £26.0bn to £48.5bn during his time in charge, while the shares have climbed around 80%.

House broker Liberum said it was nudging up its full-year forecasts and said of new CEO Beer, “we believe Mr Beer will be guiding a business which will continue to provide wider routes to market than other competitors”.

Brewin shares were little moved at 359.6p on Wednesday morning.

Quick facts: Brewin Dolphin

Price: 270 GBX

Market: LSE
Market Cap: £818.73 m

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