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Brewin Dolphin Hldgs (BRW)

  Print          Annual reports

Thursday 25 January, 2018

Brewin Dolphin Hldgs

Quarterly Trading Update

RNS Number : 8499C
Brewin Dolphin Holdings PLC
25 January 2018
 

25 January 2018

 

Brewin Dolphin Holdings PLC

("Brewin Dolphin" or the "Company" or the "Group")

Quarterly Trading Update

For the quarter ended 31 December 2017

 

Brewin Dolphin announces a quarterly trading update for the first quarter of the financial year ending 30 September 2018.

 

Q1 Highlights

 

·     Total funds increased 3.5% to £41.5bn (FY 2017: £40.1bn).

·     Core1 funds increased 4.8% to £39.2bn (FY2017: £37.4bn).

·     Discretionary funds increased by 4.4% to £35.3bn (FY 2017: £33.8bn) as a result of continued strong organic inflows and positive investment returns.

·     Net discretionary funds inflows, including transfers, of £0.7bn representing an annualised growth rate of 8.3% (Q1 2017: 6.9%).

·     Total income of £79.0m (Q1 2017: £71.3m), an increase of 10.8%.

·     Core2 income of £76.2m up 12.2% on Q1 2017 (£67.9m) driven by strong year on year growth in core funds and financial planning income (up 33.3% to £6.0m).

·     Total fee income growth of 15.0% to £59.2m (Q1 2017: £51.5m).

·     Total commission income of £13.6m (Q1 2017: £15.2m), a decline of 10.5% in line with recent trends.

 

1 Core funds comprise discretionary funds, Brewin Portfolio Service ("BPS") and execution only funds.

2 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 business has continued to perform well in the first quarter, maintaining the positive momentum we saw at the end of our 2017 financial year. Growth in total funds was achieved from continued strong inflows into our core services and positive investment returns for our clients. This has led to good overall income growth with the particularly strong growth in fee income more than offsetting the decline in commission income. The business remains focused on delivery of our strategic initiatives and we believe that our positive momentum will continue into the second quarter."

 

 

Funds

Total funds by service category1




Change

£bn

31 December 2016

30 September
2017

31 December 2017

Last
12 months

Last
3 months

Direct discretionary

21.6

23.4

24.2

12.0%

3.4%

Intermediaries

6.8

8.1

8.6

26.5%

6.2%

MPS

1.6

2.3

2.5

56.3%

8.7%

Total discretionary

30.0

33.8

35.3

17.7%

4.4%

BPS

0.1

0.1

0.2

100.0%

100.0%

Execution only

3.4

3.5

3.7

8.8%

5.7%

Core funds

33.5

37.4

39.2

17.0%

4.8%

Advisory

2.9

2.7

2.3

(20.7%)

(14.8%)

Total funds

36.4

40.1

41.5

14.0%

3.5%







Indices






MSCI WMA Private Investor Balanced Index

1,492

1,545

1,599

7.2%

3.5%

FTSE 100

7,143

7,373

7,688

7.6%

4.3%

 

 

Funds flow by service category - detailed movement1 in the quarter

£bn

30 September
2017

Inflows

Outflows

Internal transfers

Net flows

Growth rate*

Investment performance

31 December 2017

Direct discretionary

23.4

0.2

(0.2)

0.2

0.2

3.4%

0.6

24.2

Intermediaries

8.1

0.4

-

(0.1)

0.3

14.8%

0.2

8.6

MPS

2.3

0.2

-

0.2

34.8%

0.1

2.5

Total discretionary

33.8

0.8

(0.2)

0.1

0.7

8.3%

0.9

35.3

BPS

0.1

-

-

-

-

n.a

-

0.2

Execution only

3.5

0.2

0.3

0.2

n.a

-

3.7

Core funds

37.4

1.0

(0.5)

0.4

0.9

9.6%

0.9

39.2

Advisory

2.7

-

-

(0.4)

(0.4)

n.a

-

2.3

Total funds

40.1

1.0

(0.5)

-

0.5

5.0%

0.9

41.5









 

 

Notes

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

 

 

Income

£m

Q1 2018

Q1  2017

Change

Direct discretionary

49.9

47.0

6.2%

Intermediaries

15.7

12.7

23.6%

MPS

1.7

1.1

54.5%

Total discretionary

67.3

60.8

10.7%

Financial planning

6.0

4.5

33.3%

BPS

0.3

0.2

50.0%

Execution only

2.6

2.4

8.3%

Core income

76.2

67.9

12.2%





Advisory investment management

2.6

3.3

(21.2%)

Interest

0.2

0.1

n.a

Non-core income

2.8

3.4

(17.6%)





Total income

79.0

71.3

10.8%

 

 

Fees and Commissions

£m

Q1 2018

Q1  2017

Change

Core fees

57.3

49.1

16.7%

Core commissions

12.9

14.3

(9.8%)

Advisory fees

1.9

2.4

(20.8%)

Advisory commissions

0.7

0.9

(22.2%)

Total fees

59.2

51.5

15.0%

Total commissions

13.6

15.2

(10.5%)





Financial planning

6.0

4.5

33.3%

Other income

0.2

0.1

n/a

Total income

79.0

71.3

10.8%

 

 

The Company's LEI number is 213800PS7FS5UYOWAC49

 

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 £35.3 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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