Asset manager Brewin Dolphin has posted a jump in full-year earnings thanks to record inflows today.

But it warned of market volatility ahead as government Covid-19 support measures unwind and consumer demand falls back into normal levels.

The company's statutory pre-tax profit rose 16.7% to £72.5m in the 12 months to September, with discretionary gross inflows coming in at a record £4 billion.

Total funds under management surged 19.5% to £56.9 billion.

Wealth managers have had a robust run over the past year, as massive stimulus measures from central banks and vaccinations uplifted investor sentiment after the initial months of the coronavirus pandemic in 2020, when fears of its impact led to clients pulling out their money in masses.

"After such a strong year, we anticipate markets to be more volatile in 2022, with governments reducing fiscal stimulus and consumer demand normalising," said the wealth manager, which was founded in 1762.

Brewin expects operating costs to grow by mid to high single digits in the fiscal year to September 2022, partly due to wage inflation.

It also expects to spend around £26m, the majority of which will go into integrating its custody and settlement system with its client management and trading systems.

The company raised final dividend per share by 12.1% to 11.1 pence, taking the total dividend to 15.7 pence per share.