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Brewin Dolphin Hldgs (BRW)

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Thursday 14 May, 2015

Brewin Dolphin Hldgs

Sale of Stocktrade

RNS Number : 1261N
Brewin Dolphin Holdings PLC
14 May 2015





14 May 2015


Brewin Dolphin Holdings PLC

("Brewin Dolphin" or the "Company")

Sale of Stocktrade

Brewin Dolphin is pleased to announce the sale of its Stocktrade business to Alliance Trust Savings ("ATS") for £14m in cash, payable in full upon completion.


Based in Edinburgh, Stocktrade is an execution-only division of Brewin Dolphin, and as at 28th September 2014, the business had Assets under Administration of £4.3bn1.  For the year ended 28th September 2014, Stocktrade had income of £9.6m and contributed approximately £1.3m of pre-tax profit.


After accounting for all related costs, the transaction is expected to result in a net gain of approximately £1.0m, subject to final separation costs.  The net sale proceeds will be used for general corporate purposes.  In addition Brewin Dolphin believes the sale will enable additional operational efficiencies that, over time, are anticipated to largely offset Stocktrade's contribution.


As part of the transaction the Divisional Directors responsible for Stocktrade, Graham Swan and Nicholas Pearson, will stay with the business in senior management roles.  The existing Stocktrade team in Edinburgh will be transferring across to ATS upon completion, thus ensuring continuity of service for clients.


Completion is conditional upon regulatory conditions customary for this type of transaction and is expected to occur in 2015.


David Nicol, Chief Executive, Brewin Dolphin commented:

"The sale of Stocktrade is a good result for shareholders, customers and colleagues.  It is consistent with our strategy of streamlining and simplifying the Group's operations and will help further enhance shareholder value by allowing us to continue to focus on growing our core wealth management business."   


"We believe Stocktrade customers and colleagues will benefit from being part of an organisation that will provide further investment and enhancement of Stocktrade's service."


Patrick Mill, Managing Director, Alliance Trust Savings, said:

"Stocktrade is a great strategic fit for ATS, giving us access to new customers, an increase in assets and the opportunity to build a strategic partnership capability.  It also gives us the ability to align a traditional stockbroking business with our innovative, scalable and cost-effective approach by offering customers online access alongside our in-house customer service team.  Our priority now is to focus on driving growth organically and profitably through the three channels, direct, intermediaries and strategic partnerships."



For further information please contact:

Brewin Dolphin Holdings PLC         

David Nicol, Chief Executive

Andrew Westenberger, Finance Director

Andrew Monkhouse, Head of Investor Relations

+44 (0) 20 7248 4400


RBC Capital Markets - Financial Adviser and Corporate Broker      
Oliver Hearsey

Martin Frowde

+44 (0) 20 7653 4000


Hudson Sandler      
Andrew Hayes
Wendy Baker

+44 (0) 20 7796 4133



Notes to Editors



About Brewin Dolphin

The Brewin Dolphin Group ("the Group") manages £29.6 billion of funds for over 100,000 private clients and of this £24.8 billion is on a discretionary basis.  The Group has 28 offices throughout the UK and the Channel Islands.


Brewin Dolphin Limited is the principal operating company of Brewin Dolphin Holdings PLC.  Brewin Dolphin Limited is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange.


Established in 1762, the Group is one of the UK's largest independently-owned private client wealth managers and provides a wide-ranging investment management and financial planning service for private investors, charities and pension funds.


Please see the Media Centre section on our website: for more details



About Alliance Trust Savings

Alliance Trust Savings is a leading provider of SIPPs, ISAs and Sharedealing Accounts. Shares magazine have awarded Alliance Trust Savings for having the 'Best Customer Service' in 2012, 2013 and 2014. Money Observer awarded them two best in category awards in 2014 for their SIPP proposition. Moneyfacts named them as Best Junior ISA Provider 2013 and highly commended in 2014.  More information on Alliance Trust Savings and their products is available at


As at 30 April 2015, Alliance Trust Savings administered over £7.2bn of assets.

Alliance Trust Savings is a subsidiary of Alliance Trust PLC. Alliance Trust PLC was founded in 1888 and has grown to become one of the UK's largest generalist investment trust by market value.


Alliance Trust Savings Limited is a subsidiary of Alliance Trust PLC and is registered in Scotland No. SC 98767, registered office, PO Box 164, 8 West Marketgait, Dundee DD1 9YP; is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, firm reference number 116115.  Alliance Trust Savings gives no financial or investment advice.




The content of this press release is intended for information only, and should not be relied upon for making investment decisions.  Whilst every effort is made to ensure that the content of this press release is accurate at the time of publication, Alliance Trust Savings Limited, Brewin Dolphin Holdings PLC and Brewin Dolphin Limited disclaim liability for losses, disputes or claims which may arise as a result of the use of this information.  This is not an indicator of the suitability or performance of any of the investments included.


Certain statements in this announcement are forward-looking statements which are based on Brewin Dolphin Holdings PLC and Brewin Dolphin Limited's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts.  These forward-looking statements, which may use words such as "aim", "anticipates", "believe", "intend", "estimate", "expect" and words of similar meaning, include all matters that are not historical facts.  These forward looking statements involve risks and uncertainties that could cause the actual results of operations, financial condition, liquidity, dividend policy and the development of the industry in which Brewin Dolphin Holdings PLC and Brewin Dolphin Limited's business operates to differ materially from the impression created by the forward-looking statements.  These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.  Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements.  Forward-looking statements speak only as of the date of such statements and, except as required by the FCA, the London Stock Exchange or applicable law, Brewin Dolphin Holdings PLC and Brewin Dolphin Limited undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.



Important notice relating to financial adviser

RBC  Europe  Limited  (trading  as  RBC  Capital  Markets),  which  is  authorised  by  the  Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting for Brewin Dolphin Holdings PLC and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than Brewin Dolphin Holdings PLC for providing the protections afforded to clients of RBC Capital Markets, or for providing advice in connection with the matters referred to in this announcement. 



1 Assets under Administration as at 31 March 2015 of £4.6bn

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