Brewin Dolphin hails move towards shares investment

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Jamie Matheson said: "It would be foolhardy to rule out further unforeseen market events.

"But it would appear that there is a growing realisation that prudent financial management and the merits of equity over debt finance are a fundamental key to economic growth.

"In particular we believe that this view is strongly held in the UK and this leads us to look to the future with optimism."

Funds under management rose 13% to £23.2 billion with the more profitable discretionary funds up 19% and advisory funds up 6%. Pre-tax profits rose 43% to £31.4 million.

Matheson said regulatory costs soared last year to 6% of revenues, which were £240 million, up from 4% of last year's revenues of £204 million.

He does not expect this to fall as the industry gears up for the retail distribution review, which is due to come into force in 2012.