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Brewin Dolphin Hldgs (BRW)

  Print          Annual reports

Wednesday 27 July, 2011

Brewin Dolphin Hldgs

Interim Management Statement

RNS Number : 1238L
Brewin Dolphin Holdings PLC
27 July 2011
 



                                              

27 July 2011

Brewin Dolphin Holdings PLC

 

Interim Management Statement

Thirteen Week Period ended 26 June 2011

 

This Interim Management Statement ("IMS") is issued by Brewin Dolphin Holdings PLC as required by the UK Listing Authority's Disclosure and Transparency rules. The IMS relates to the third quarter to 26 June 2011.

 

Income

Income for the third quarter was £68.1 million, 10.7% higher than the same period last year (27 June 2010: £61.5 million). Recurring income from investment management is now 60% of total revenue.

 


Quarter to

26 June 2011

Quarter to

27 June 2010

% change


£'000

£'000


Investment Management




  Revenue

60,129

55,324

8.7%

  Other operating income

3,843

4,109

-6.5%


63,972

59,433

7.6%

Corporate Advisory & Broking (see note a)




  Revenue

4,088

2,024

102.0%

Total income

68,060

61,457

10.7%

 

           

 


39 weeks to 26 June 2011

39 weeks to 27 June 2010

% change


£'000

£'000


Investment Management




  Revenue

183,735

162,438

13.1%

  Other operating income

11,702

12,056

-2.9%


195,437

174,494

12.0%

Corporate and Advisory & Broking




  Revenue

8,652

7,909

9.4%

Total income

204,089

182,403

11.9%



Funds under Management

The value of clients' funds under the Group's management was as follows:

 


 At

26 June 2011

 At

26 Sept 2010

 % Change


 £ billion

 £ billion


Discretionary funds under  management

 15.8

 14.0

12.9%

Advisory funds under management

 9.1

 9.2

-1.1%

Total managed funds

 24.9

 23.2

7.3%





Indices




FTSE APCIMS Private Investor Series Balanced Portfolio

2,937

2,844

3.3%

FTSE 100

5,698

5,598

1.8%

 

Real growth in discretionary funds (the increase above the movement in the APCIMS Index) to 26 June 2011 was 9.6%. There has been a net inflow of £1 billion of discretionary funds for the nine months to 26 June 2011.

 

     

Cumulative funds flow summary




 

 

 

Advisory funds under management

Discretionary funds under       management

Total managed funds


£ billion

£ billion

£ billion

Value of funds at 26 September 2010

 9.20

 14.00

 23.20

Inflows

 0.31

 1.27

 1.58

Outflows

(0.43)

(0.22)

(0.65)

Transfers

 0.03

(0.03)

 -

Market movement

 (0.01)

 0.78

0.77

Value of funds at 26 June 2011

9.10

 15.80

 24.90

% increase in funds since 26 September 2010

-1.1%

12.9%

7.3%

 

Cash and Capital Adequacy

The Group currently has a consolidated capital adequacy surplus of £18.9 million. Group cash balances excluding client balances as at 26 June 2011 were £59.3 million.

 

Completion of Acquisition

The conditions precedent, including regulatory approval, for the acquisition of Tilman Asset Management announced on 31 May 2011 have been satisfied. Completion is expected to take place on 1 August 2011. An application for the listing of the shares which are being issued as the consideration for the acquisition will be made.

 

 



Note a

The Group's operating subsidiary, Brewin Dolphin Limited, signed an agreement on 11 May 2011 for the disposal of its Corporate Advisory and Broking Division to a new partnership called N+1 Brewin. Completion of the disposal is subject, inter alia, to receipt of certain regulatory authorisations for the new entity.

 

 

 

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 its 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 £25 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.

 

 

 

 


This information is provided by RNS
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