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Brewin Dolphin Hldgs (BRW)

  Print          Annual reports

Wednesday 29 January, 2014

Brewin Dolphin Hldgs

Interim Management Statement

RNS Number : 7366Y
Brewin Dolphin Holdings PLC
29 January 2014
 



 

29 January 2014

Brewin Dolphin Holdings PLC

 

Interim Management Statement

Quarter ended 29 December 2013

 

This Interim Management Statement ("IMS") is issued by Brewin Dolphin Holdings PLC, one of the UK's leading providers of personalised discretionary wealth management services, as required by the UK Listing Authority's Disclosure and Transparency rules. It covers the period from 30 September 2013 to 29 January 2014 and includes trading results for the three months ended 29 December 2013.

 

Q1 Highlights

 

The Group has continued to make good progress against its strategic targets in this first quarter.

 

·    Income growth driven by good investment performance, on-going new client inflows to our discretionary service and the benefits of a transparent pricing structure

·     £0.3bn net inflows in our core discretionary service, in line with our 5% per annum target

·     Pricing and service review of remaining advisory business progressing well:

−    Increasing conversion rate to discretionary service

−    Higher than expected client retention

·     77% of managed/advised funds now receive discretionary service

·     Core income increased 15% to £63.8m (2013:£55.4m)

 

The Group's financial position remains strong.

 

Income

 

Total Income increased by 6.5% in the first quarter of the financial year to £69.6m from £65.4m for the equivalent period last year.

 

Core income from our Discretionary, Advisory and Execution Only services continued to grow strongly to £63.8m, up 15% from £55.4m in 2013.

 

Other non-core Income declined by 40.8% to £5.9m in the quarter from £9.9m in 2013 due to the planned on-going switch to non-trail paying fund units in line with guidance.

 


Quarter to
29 December 2013

Quarter to
31 December

2012

 

%

change


£'m

£'m


Commissions

22.2

20.6

7.9%

Fees

41.5

34.9

19.2%

Core Income

63.8

55.4

15.0%

Other

5.9

9.9

-40.8%

Total Income

69.6

65.4

6.5%

(figs. rounded to one decimal place)

 

Funds under management

 


£'bn


 

 

29 September

2013

 

 

 

 

Inflows

 

 

 

 

Outflows

 

Transfer

within Managed/

Advisory

 

 

 

Other Transfers

 

 

 

Net Flows

 

 

Market Move-ment

 

 

29 December 2013

Discretionary Managed

21.3

0.5

(0.3)

0.2

(0.1)

0.3

0.7

22.2

Advisory Managed

4.8

0.0

(0.1)

(0.1)

(0.1)

(0.2)

0.1

4.7

Advisory Dealing

2.1

0.0

(0.1)

(0.1)

(0.0)

(0.2)

0.1

1.9

Total Advisory

6.9

0.0

(0.2)

(0.2)

(0.1)

(0.4)

0.1

6.6

Total Managed/Advised

28.2

0.5

(0.5)

(0.0)

(0.2)

(0.2)

0.8

28.9

Execution Only

6.7

0.2

(0.1)


0.2

0.3

0.1

7.1

Total Funds

34.9

0.7

(0.6)

0.0

(0.0)

0.1

0.9

36.0

(figs. rounded to one decimal place)

 

 

 

Indices

At

29 December

2013

At

29 September

2013

 

%

change





FTSE WMA Private Investor Series Balanced Portfolio

3,392

3,315

2.3%

FTSE 100

6,751

6,513

3.7%

 

 

Total managed/advised funds increased by 2.5% in the quarter to £28.9bn from £28.2bn in September 2013. The strategy of focusing on our discretionary service whilst completing the remaining reviews of advisory services is reflected in the on-going organic growth in discretionary funds and net outflows from advisory funds. Discretionary funds increased by 4.2% in the quarter, including £0.3bn of net new funds. Net outflows from our advisory service categories continued in the quarter, in line with expectations, whilst achieving an increasingly successful rate of conversion to a discretionary managed service.

 

Outlook

 

Our outlook remains positive as we continue to implement our transformation and growth strategy for the business. Continuing improvement in equity market conditions, allied to the increasingly encouraging outlook for the broader UK economy gives us growing confidence that successful implementation of our strategy will create long term value for both our customers and our shareholders.

 

For further information please contact:

 

David Nicol

Andrew Hayes/Wendy Baker

Chief Executive

Hudson Sandler

0207 248 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 is the principal operating company of Brewin Dolphin Holdings PLC, it is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Tilman Brewin Dolphin Limited is the Group's Irish subsidiary.

 


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