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Brewin Dolphin Hldgs (BRW)

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Thursday 28 January, 2010

Brewin Dolphin Hldgs

Interim Management Statement

RNS Number : 2369G
Brewin Dolphin Holdings PLC
28 January 2010
 





28 January 2010

Brewin Dolphin Holdings PLC


Interim Management Statement

Thirteen Week Period ended 25 December 2009


Brewin Dolphin Holdings PLC announces its Interim Management Statement (IMS) as required by the UK Listing Authority's Disclosure and Transparency rules.


Income for the first quarter to 25 December 2009 is £56.9 million, 11.5% higher than the same period last year (28 December 2008: £51.0 million).


Total Income









Quarter to 

25 December 2009

Quarter to 

28 December 2008

 


£'000

£'000

% change

Investment Management




  Revenue

50,299

41,883

20.1%

  Other operating income

4,078

7,083

-42.4%


54,377

48,966

11.1%

Investment Banking




  Revenue

2,513

2,072

21.3%

Total income

56,890

51,038

11.5%



The value of clients funds under the Group's management were as follows at 25 December 2009:-


Funds





 At 25 December 2009 

 At 27 September 2009 

 % Change 


 £ Billion 

 £ Billion 


Discretionary funds under management

12.6 

11.8 

6.8%

Advisory funds under management

9.1 

8.7 

4.6%

Total managed funds

21.7 

20.5 

5.9%





Indices




FTSE APCIMS Private Investor Series Balanced Portfolio.

2,728 

2,640

3.3%

FTSE 100

5,402 

5,082 

6.3%


This result reflects improved market conditions and the full benefit of the teams which joined the Group in 2008. Investment Management fees increased by 30% compared to the first quarter of 2009 against a 17% increase in the FTSE APCIMS Private Investor Series Balanced Portfolio and a 28% improvement in the FTSE 100 Index respectively at the quarter ends, the main charging dates. Investment Management commissions increased by 13%. 


Against this, other operating income, the Group's share of interest receivable on client deposits, decreased by 42%, in line with falling interest rates and expectations.


The Group strengthened its capital position by £13.8 million through a well supported placing of its shares in late December 2009. Following this, the Group currently has a consolidated capital adequacy surplus of £26 million. Under FSA rules this surplus will reduce by approximately £8m on the conclusion of the negotiations with the Brewin Dolphin pension trustees.

 

The improved trading conditions seen in the first quarter continue.


For further information please contact:


Jamie Matheson

Andrew Hayes/Wendy Baker

Executive Chairman

Hudson Sandler

Brewin Dolphin


020 7248 4400

020 7796 4133



Notes for editors


1.

The Group is made up of Brewin Dolphin Holdings PLC and it subsidiaries (the "Group"). 


2.

Brewin Dolphin Limited ("BD") is the principal operating company of Brewin Dolphin Holdings PLC which is a FTSE 250 company. BD is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange.


3.

Brewin Dolphin Limited is one of the largest independent private client investment managers in the United Kingdom and manages £22 billion on behalf of private clients, charities and pension funds from its 40 regional offices.


4.

Brewin Dolphin Limited provides a complete investment management and financial planning service for private investors, charities and pension funds and has an Investment Banking division. Stocktrade is the Group's Execution-Only telephone and on-line dealing division.


5.

Brewin Dolphin won the award for the Best Discretionary Broker in the Shares Awards 2009 and also received the top awards for its Market Newsletter and Exceptional Performance in the Back Office at The Daily Telegraph Wealth Management Awards 2009.






This information is provided by RNS
The company news service from the London Stock Exchange
 
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