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Brewin Dolphin Hldgs (BRW)

  Print          Annual reports

Wednesday 26 July, 2017

Brewin Dolphin Hldgs

Q3 Interim Management Statement

RNS Number : 0739M
Brewin Dolphin Holdings PLC
26 July 2017
 

26 July 2017

 

Brewin Dolphin Holdings PLC

Interim Management Statement

For the quarter ended 30 June 2017

 

Brewin Dolphin Holdings PLC (the "Company" or the "Group") today issues the following Interim Management Statement for the third quarter of the financial year ending 30 September 2017.

 

Q3 Highlights

 

·     Continued strong organic fund inflows further demonstrating the Group's continuing delivery against its strategic plan.

 

·     Total funds increased in the quarter by 3.7% to £39.2bn including acquired funds (H1 2017: £37.8bn, FY 2016: £35.4bn).

Discretionary funds increased by 4.4% in the quarter to £32.9bn including £0.7bn of acquired funds (H1 2017: £31.5bn, FY 2016: £28.8bn).

Net discretionary organic fund inflows, including transfers, of £0.6bn (Q3 2016: £0.3bn) representing an annualised growth rate of 7.6% (Q3 2016: 4.1%).

 

·     Record total income for the quarter of £77.3m (Q3 2016: £71.3m) an increase of 8.4%.

Core1 income growth of 11.0% in the quarter to £73.9m (Q3 2016: £66.6m).

Total fee income growth of 16.0% in the quarter to £55.0m (Q3 2016: £47.4m).

Total commission income of £16.7m (Q3 2016: £18.8m).

 

·     Completion of the acquisition of Duncan Lawrie Asset Management Limited ("DLAM") on 10 May 2017 with funds of £0.7bn acquired.

 

1 Core income is defined as income derived from discretionary investment management, financial planning, Brewin Portfolio Service ("BPS") and execution only services.

                                                                

 

David Nicol, Chief Executive said:

 

"The second half of the year has started well with record income and continued organic fund growth in our core discretionary business underlining the strength of the Group. The integration of DLAM is making good progress and we are delighted to have welcomed our new colleagues. We continue to make steady progress in delivering against our long-term growth strategy and our confidence in the future is underpinned by our robust financial position."

 

Funds

 

Total funds by service category






Change

£'bn

30 June 2016

30 Sept
2016

31 March
2017

30 June
2017

Last 12 months

Last 9 months

Last 3 months

Discretionary








Direct

19.8

21.1

22.4

23.2

17.2%

10.0%

3.6%

Intermediaries

5.9

6.5

7.3

7.7

30.5%

18.5%

5.5%

MPS

1.0

1.2

1.8

2.0

100.0%

66.7%

11.1%

Total discretionary

26.7

28.8

31.5

32.9

23.2%

14.2%

4.4%

BPS

0.1

0.1

0.1

0.1

0.0%

0.0%

0.0%

Execution only

3.6

3.5

3.4

3.5

(2.8)%

0.0%

2.9%

Core funds

30.4

32.4

35.0

36.5

20.1%

12.7%

4.3%

Advisory

3.1

3.0

2.8

2.7

(12.9)%

(10.0)%

(3.6)%

Total funds

33.5

35.4

37.8

39.2

17.0%

10.7%

3.7%









Indices








MSCI WMA Private Investor Balanced Index

1,382

1,457

1,536

1,533

10.9%

5.2%

(0.2)%

FTSE 100

6,504

6,899

7,323

7,313

12.4%

6.0%

(0.1)%

 

Funds flow by service category - detailed movement1 in the quarter

 

£'bn

31 March
2017

Inflows

Outflows

Internal transfers

Net flows

Growth rate*

Acquired

Investment performance

30 June
2017

Discretionary










Direct

 22.4

0.2

 (0.2)

-

 -

0.0%

 0.6

 0.2

 23.2

Intermediaries

 7.3

0.4

 (0.1)

-

 0.3

16.4%

 -

 -

 7.7

MPS

 1.8

0.3

-

-

 0.3

66.7%

 -

 -

 2.0

Total discretionary

 31.5

0.9

 (0.3)

-

 0.6

7.6%

 0.6

 0.2

 32.9

BPS

 0.1

-

-

-

 -

0.0%

 -

 -

 0.1

Execution only

 3.4

0.1

 (0.1)

-

 -

0.0%

 0.1

 -

 3.5

Core funds

 35.0

1.0

 (0.4)

-

 0.6

6.9%

 0.7

 0.2

 36.5

Advisory

 2.8

-

-

 (0.1)

 (0.1)

(14.3)%

 -

 -

 2.7

Total funds

 37.8

1.0

 (0.4)

 (0.1)

 0.5

5.3%

 0.7

0.2

 39.2











* annualised










 

Notes

 

1 The above funds figures are rounded to one decimal place and therefore may not always cast.

 

Funds flow by service category - detailed movement1 year to date

 

£'bn

30 Sept
2016

Inflows

Outflows

Internal transfers

Net flows

Growth rate*

Acquired

Investment performance

30 June
2017

Discretionary










Direct

 21.1

0.7

 (0.6)

0.1

 0.2

1.3%

 0.6

 1.3

 23.2

Intermediaries

 6.5

1.0

 (0.2)

-

 0.8

16.4%

 -

 0.4

 7.7

MPS

 1.2

0.7

-

-

 0.7

77.8%

 -

 0.1

 2.0

Total discretionary

 28.8

2.4

 (0.8)

0.1

 1.7

7.9%

 0.6

 1.8

 32.9

BPS

 0.1

-

-

-

 -

0.0%

 -

 -

 0.1

Execution only

 3.5

0.3

 (0.7)

0.2

 (0.2)

(7.6)%

 0.1

 0.1

 3.5

Core funds

 32.4

2.7

 (1.5)

0.3

 1.5

6.2%

 0.7

 1.9

 36.5

Advisory

 3.0

-

 (0.1)

 (0.3)

 (0.4)

(17.8)%

-

 0.1

 2.7

Total funds

 35.4

2.7

 (1.6)

-

 1.1

4.1%

 0.7

2.0

 39.2











* annualised









 

Notes

 

1 The above funds figures are rounded to one decimal place and therefore may not always cast.

 

Income 


Third Quarter Ended


Nine Months Ended

£'m

30 June 2017

 30 June 2016

Change


30 June 2017

 30 June 2016

Change









Discretionary investment management

65.7

59.4

10.6%


190.9

 171.7

11.2%

Financial planning

5.3

4.5

17.8%


14.8

12.6

17.5%

BPS

0.2

0.2

0.0%


0.7

0.6

16.7%

Execution only

2.7

2.5

8.0%


7.8

7.8

0.0%

Core income

73.9

66.6

11.0%


214.2

 192.7

11.2%









Advisory investment management

3.1

4.1

(24.4)%


10.0

12.2

(18.0)%

Trail income

-

0.1

(100.0)%


-

1.9

(100.0)%

Interest

0.3

0.5

(40.0)%


0.5

1.7

(70.6)%

Non-core income

3.4

4.7

(27.7)%


10.5

15.8

(33.5)%









Total income

77.3

71.3

8.4%


224.7

 208.5

7.8%

 

Fees and Commissions


Third Quarter Ended


Nine Months Ended

£'m

30 June 2017

 30 June 2016

Change


30 June 2017

 30 June 2016

Change

Core fees

52.8

44.6

18.4%


152.7

 131.6

16.0%

Core commissions

15.7

17.5

(10.3)%


46.6

48.5

(3.9)%

Advisory fees

2.2

2.8

(21.4)%


7.0

8.4

(16.7)%

Advisory commissions

1.0

1.3

(23.1)%


3.1

3.8

(18.4)%

Total fees

55.0

47.4

16.0%


159.7

 140.0

14.1%

Total commissions

16.7

18.8

(11.2)%


49.7

52.3

(5.0)%









Financial planning

5.3

4.5

17.8%


14.8

12.6

17.5%

Other income

0.3

0.6

(50.0)%


0.5

3.6

(86.1)%

Total income

77.3

71.3

8.4%


224.7

 208.5

7.8%









 

For further information:

Brewin Dolphin Holdings PLC

 

David Nicol, Chief Executive

Tel: +44 (0)20 7248 4400

Andrew Westenberger, Finance Director

Tel: +44 (0)20 7248 4400



FTI Consulting

 

Edward Berry

Tel: +44 (0)20 3727 1046

Notes to Editors:

About Brewin Dolphin

Brewin Dolphin is one of the UK's leading independent providers of discretionary wealth management.

 

Our focus on discretionary investment management has led to growth in client funds and we now manage £32.9 billion on a discretionary basis. In line with the premium we place on personal relationships, we have built a network of offices across the UK, Channel Islands and the Republic of Ireland, staffed by qualified investment managers and financial planners. We are committed to the most exacting standards of client service, with long-term thinking and absolute focus on our clients' needs at the core.


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