Wealth management

Beer steps up to replace Nicol at Brewin Dolphin

David Nicol and Robin Beer

Brewin Dolphin has announced that chief executive David Nicol will retire after eight years with the group and will be succeeded by Robin Beer, currently responsible for the firm’s intermediaries, charity, professional services and digital businesses.

Mr Nicol will step down on 14 June and will remain with the Group for a transitionary period until 29 July.

Mr Beer has more than 20 years of experience in the financial services industry, and broad knowledge of the wealth management sector, with prior roles at National Australia Bank, Gerrard and Barclays.

He joined Brewin Dolphin in 2008 to open and run the Nottingham office. He subsequently assumed the role of regional director across the Midlands, before taking charge of the intermediaries’ business in 2013, which has become sector-leading under his leadership, and grown funds under management to over £14bn.

He joined the Executive Committee in 2016, with further responsibilities for research, investment governance and the development of investment solutions, which has provided him with a deep understanding of Brewin Dolphin.

Simon Miller, chairman, said that under Mr Nicol Brewin Dolphin has seen funds under management almost double from £26bn to £48.5bn.

“Our client proposition has deepened, we have invested in our office network, and both client satisfaction and employee engagement are at record levels,” he said.

He added: “Robin understands both the broad landscape in which we operate and has a deep knowledge of our business and culture.”

Mr Nicol said: “It has been a great privilege to lead Brewin Dolphin. After seven years as Chief Executive, and with the business well positioned for the future, I feel that now is the time for me to hand over to my successor. I am very pleased with the selection of Robin and I have every confidence in his future leadership.”

Mr Beer said: “I look forward to continuing to build on David’s achievements to drive the business through its next phase of development.”

For the first quarter ended 31 December total funds increased by 7.8% to £48.5bn (FY 2019: £45.0bn) including £2.7bn of acquired funds from Investec Capital & Investments (Ireland). Excluding acquired funds, total funds increased by 1.8%.

Discretionary funds increased by 4.2% to £41.8bn (FY 2019: £40.1bn), including £1.0bn of acquired funds, driven by strong investment performance and positive organic net inflows. Excluding acquired funds, discretionary funds grew by 1.7%.

Discretionary net inflows, including transfers, were £0.1bn (annualised growth of 1.0%) and included a low-margin institutional account exit of £0.1bn. Excluding this, the annualised growth rate is 2.0%.

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