INVESTMENT group Brewin Dolphin Holdings in York has seen a sharp upward leap in its total managed funds.

The amount entrusted in the York division, based at Apollo House in Eboracum Way, Heworth Green, has soared by about 7.8 per cent over the past six months.

That is in line with the national group figures just announced in an interim financial report, which shows total managed funds leaped from £23.2 billion in September last year to £25 billion at the end of March.

Income was £136 million, representing an increase of 12.5 per cent, while total income from investment management increased 14.2 per cent to £131.5 million.

But pre-tax profits plummeted by 21 per cent to £12 million in the six months, largely as a result of a £6.1 million levy to the Financial Services Compensation Scheme.

In a statement, Brewin Dolphin executive chairman Jamie Matheson said: “While there is little benefit from dwelling on matters in the past that were outside our control, we are pursuing an active role with the Regulator and HM Treasury regarding the need to put in place proper mechanisms to avoid in the future such substantial levies.”

But he stressed cash assets remained strong at £46.5 million, while net assets increased by £2.7 million in spite of the purchase of £5.5 million worth of shares in the group’s Employee Benefit Trust.

Meanwhile Paul Widdicombe, the divisional director of Brewin Dolphin in York, said since the regional division moved from its old base in York Business Park, Poppleton, to Heworth Green, merging with its Scarborough office, business had expanded.

He said: “We have done very well purely from the point of view that we are a large, independent–minded company whose objectivity is trusted by clients.”