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Brewin Dolphin Hldgs (BRW)

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Wednesday 28 July, 2010

Brewin Dolphin Hldgs

Interim Management Statement

RNS Number : 0287Q
Brewin Dolphin Holdings PLC
28 July 2010
 



 

 

 

28 July 2010

Brewin Dolphin Holdings PLC

 

Interim Management Statement

Thirteen Week Period ended 27 June 2010

 

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 third quarter to 27 June 2010 is £61.5 million, 19.5% higher than the same period last year (28 June 2009: £51.4 million).

 

Total income





Quarter to 27 June 2010

Quarter to 28 June 2009



£'000

£'000

% change

Investment Management




Revenue *

55,324

43,381

27.5%

Other operating income

4,109

5,736

-28.4%


59,433

49,117

21.0%

Corporate Advisory & Broking




Revenue

2,024

2,328

-13.1%

Total income

61,457

51,445

19.5%





* The fee income for the quarter has been adjusted to reflect the indices on 5 July 2010, the charging date. On this date the FTSE APCIMS Private Investor Series Balanced Portfolio index was 2,609, 2.9% down on the level at 27 June 2010.






39 weeks to 27 June 2010

39 weeks to 28 June 2009



£'000

£'000

% change

Investment Management




Revenue

162,438

129,484

25.5%

Other operating income

12,056

20,837

-42.1%


174,494

150,321

16.1%

Corporate Advisory & Broking




Revenue

7,909

5,842

35.4%

Total income

182,403

156,163

16.8%





The value of clients' funds under the Group's management was as follows at 27 June 2010:

 

Funds





 At 27 June

2010

 At 27 September 2009

 % Change


 £ Billion

 £ Billion


Discretionary funds under management

 13.0

 11.8

10.2%

Advisory funds under management

 8.6

 8.7

-1.1%

Total managed funds

 21.6

 20.5

5.4%





Indices




FTSE APCIMS Private Investor Series Balanced Portfolio

 2,686

 2,640

1.7%

FTSE 100

 5,046

 5,082

-0.7%

 

Investment Management revenue rose by an encouraging 27.5% compared to the same quarter last year, outstripping a 22% rise in the APCIMS index.

 

Against this, other operating income (the Group's share of interest receivable on client deposits) decreased by 28.4%, in line with falling interest rates.  This restricted the overall increase in investment management revenue to 21%.

 

Real growth in discretionary funds (the increase above the movement in the APCIMS index) over the first nine months of the year is 8.5%, reflecting 1.8% real growth in the quarter.  In absolute terms discretionary funds were up 29% on a year's view.

 

Corporate Advisory & Broking (formerly Investment Banking) income was slightly down on the 2009 June quarter, but 35% up on a nine month view. 

 

The Group currently has a consolidated capital adequacy surplus of £18 million. Group's cash balances excluding client balances as at 27 June 2010 were £56 million.

 

In the short term the Group's trading performance is very dependant on markets but we are maintaining our long term target of growing discretionary funds by at least 5% above market movement.

 

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. 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 41 regional offices.

 

4.

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

 

 

 


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