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
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% change
|
|
|
£'000
|
£'000
|
|
|
Investment Management
|
|
|
|
|
Revenue
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60,129
|
55,324
|
8.7%
|
|
Other operating income
|
3,843
|
4,109
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-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
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% 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:
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Jamie Matheson
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Andrew Hayes/Wendy Baker
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Executive Chairman
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Hudson Sandler
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Brewin Dolphin
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020 7248 4400
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020 7796 4133
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Notes for editors
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1.
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The Group is made up of Brewin Dolphin Holdings PLC and its subsidiaries (the "Group").
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|
2.
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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.
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3.
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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.
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4.
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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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This information is provided by RNS
The company news service from the London Stock Exchange
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