Brewin Dolphin reported that its assets under management increased in the 13 weeks to 31 December 2011, and hailed a ‘resilient’ performance despite a decline in revenues and commission.

The investment management firm revealed that income in the first quarter was £59.7 million, 6.3 per cent lower than the 14-week period to the end of December 2010.

On a like-for-like basis, income rose 0.8 per cent, a performance that Brewin Dolphin said was resilient in the current environment.

According to its latest trading report, funds under management jumped by 3.8 per cent to £24.9 billion since 30 September last year, with discretionary funds up 5.1 per cent to £16.4 billion.

However, the group reported a 24.4 per cent drop in commission income in the period, blaming ‘subdued’ market activity.

In a statement, Brewin Dolphin said, ‘This trend has continued into January 2012, but other income has held up well benefiting from the scale of the business and our focus on the individual requirements of our clients.’

As at 31 December 2011, its cash balances, excluding client balances, were £36.2 million.

Brewin Dolphin confirmed that the disposal of its corporate and advisory broking division completed yesterday and today is its first day of independent trading as N+1Brewin LLP.

Brewin has retained a 14 per cent stake in the new N+1Brewin partnership.