Funds boost for Brewin as banks are shunned

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Chairman Jamie Matheson said this reflected Brewin's clients' belief that investing in shares was a much better bet than leaving cash in the bank. The clients typically have portfolios worth between £300,000 and £400,000.

"They are experienced and knowledgeable and keen on equities and dividends," he said.

Brewin's headline profits dropped 13% to £32.1 million. Funds under management rose from £18.7 billion to £20.5 billion, making it the largest independent wealth manager. The dividend for the year stays at 7.1p a share.