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Brewin Dolphin Hldgs (BRW)

  Print          Annual reports

Wednesday 25 July, 2018

Brewin Dolphin Hldgs

Quarterly Trading Update

RNS Number : 6471V
Brewin Dolphin Holdings PLC
25 July 2018
 

25 July 2018

 

Brewin Dolphin Holdings PLC

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

Quarterly Trading Update

For the quarter ended 30 June 2018

 

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

 

Q3 Highlights

 

·     A quarter of record total income and continued strong organic growth in discretionary funds.

·     Total funds in the quarter increased by 6.5% to £42.3bn (H1 2018: £39.7bn, FY 2017: £40.1bn).

Core1 funds increased by 7.3% in the quarter to £40.9bn (H1 2018: £38.1bn, FY 2017: £37.4bn).

Discretionary funds increased by 7.3% to £36.8bn (H1 2018: £34.3bn, 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 8.2% (Q3 2017: 7.6%).

·     Total income of £84.2m (Q3 2017: £77.3m), an increase of 8.9%.

Core2 income of £82.2m up 11.2% on Q3 2017 (£73.9m) driven by strong year on year growth in core funds.

Total fee income growth of 7.6% to £59.2m (Q3 2017: £55.0m).

Total commission income of £18.3m (Q3 2017: £16.7m) following increases in transaction levels.

 

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:

 

"It has been another excellent quarter in which we have continued to deliver on our long-term organic growth strategy. We are particularly pleased to have achieved another period of strong discretionary funds inflows which, combined with positive investment returns, has driven total income to a record £84.2 million for the quarter. The significant and evolving need for financial and investment advice in the UK continues to support our strategic direction and we remain confident in the outlook for the business."

 

 

Funds

 

Total funds by service category1






Change

£bn

30 June

2017

30 September

2017

31 March

2018

30 June

2018

Last

12 months

Last

3 months

Direct discretionary

 23.2

 23.4

 23.2

 24.8

6.9%

6.9%

Intermediaries

 7.7

 8.1

 8.5

 9.2

19.5%

8.2%

MPS

 2.0

 2.3

 2.6

 2.8

40.0%

7.7%

Total discretionary

 32.9

 33.8

 34.3

 36.8

11.9%

7.3%

BPS

 0.1

 0.1

 0.1

 0.2

n.a

n.a

Execution only

 3.5

 3.5

 3.7

 3.9

11.4%

5.4%

Core funds

 36.5

 37.4

 38.1

 40.9

12.1%

7.3%

Advisory

 2.7

 2.7

 1.6

 1.4

(48.1)%

(12.5)%

Total funds

 39.2

 40.1

 39.7

 42.3

7.9%

6.5%








Indices







MSCI WMA Private Investor Balanced Index

1,533

1,545

1,527

1,597

4.2%

4.6%

FTSE 100

7,313

7,373

7,057

7,637

4.4%

8.2%

 

 

Funds flow by service category - detailed movement1 in the quarter

 

£bn

31 March

2018

Inflows

Outflows

Internal transfers

Net flows

Growth rate2

Investment performance

30 June

2018

Direct discretionary

23.2

0.3

(0.3)

0.2

0.2

3.4%

1.4

24.8

Intermediaries

8.5

0.4

(0.1)

-

0.3

14.1%

0.4

9.2

MPS

2.6

0.2

-

-

0.2

30.8%

-

2.8

Total discretionary

34.3

0.9

(0.4)

0.2

0.7

8.2%

1.8

36.8

BPS

0.1

0.1

-

-

0.1

n.a

-

0.2

Execution only

3.7

-

(0.1)

0.1

-

n.a

0.2

3.9

Core funds

38.1

1.0

(0.5)

0.3

0.8

8.4%

2.0

40.9

Advisory

1.6

-

-

(0.3)

(0.3)

n.a

0.1

1.4

Total funds

39.7

1.0

(0.5)

-

0.5

5.0%

2.1

42.3










Notes

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

2 Annualised.

 

Funds flow by service category - detailed movement1 year to date

 

£bn

30 September

2017

Inflows

Outflows

Internal transfers

Net flows

Growth rate2

Investment performance

30 June

2018

Direct discretionary

23.4

0.8

(0.7)

0.4

0.5

2.8%

0.9

24.8

Intermediaries

8.1

1.2

(0.3)

(0.1)

0.8

13.2%

0.3

9.2

MPS

2.3

0.5

-

-

0.5

29.0%

-

2.8

Total discretionary

33.8

2.5

(1.0)

0.3

1.8

7.1%

1.2

36.8

BPS

0.1

0.1

-

-

0.1

n.a

-

0.2

Execution only

3.5

0.3

(0.5)

0.8

0.6

22.9%

(0.2)

3.9

Core funds

37.4

2.9

(1.5)

1.1

2.5

8.9%

1.0

40.9

Advisory

2.7

-

(0.1)

(1.1)

(1.2)

(59.3)%

(0.1)

1.4

Total funds

40.1

2.9

(1.6)

-

1.3

4.3%

0.9

42.3










Notes

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

2 Annualised.

 

 

Income


Third Quarter Ended


Nine Months Ended

£m

30 June

2018

30 June 2017

Change


30 June

2018

30 June

2017

Change

Direct discretionary

54.9

50.1

9.6%


158.5

146.8

8.0%

Intermediaries

16.5

16.2%


40.4

17.8%

MPS

1.9

1.4

35.7%


5.4

3.7

45.9%

Total discretionary

73.3

11.6%


190.9

10.8%

Financial planning

5.9

11.3%


14.8

22.3%

BPS

0.3

50.0%


0.7

14.3%

Execution only

2.7

0.0%


7.8

3.8%

Core income

82.2

73.9

11.2%


238.5

214.2

11.3%







Advisory investment management

1.2

(61.3)%


10.0

(44.0)%

Interest

0.8

n.a


0.5

n.a

Non-core income

2.0

3.4

(41.2)%


7.5

10.5

(28.6)%









Total income

84.2

77.3

8.9%


246.0

224.7

9.5%

 

 

Fees and Commissions


Third Quarter Ended


Nine Months Ended

£m

30 June

2018

30 June

2017

Change


30 June

2018

30 June

2017

Change

Core fees

10.4%


170.8

152.7

11.9%

Core commissions

13.9%


49.6

46.7

6.2%

Advisory fees

(59.1)%


4.1

7.0

(41.4)%

Advisory commissions

(66.7)%


1.5

3.0

(50.0)%

Total fees

59.2

55.0

7.6%


174.9

159.7

9.5%

Total commissions

18.3

16.7

9.6%


51.1

49.7

2.8%

Financial planning

11.3%


18.1

14.8

22.3%

Other income

n/a


1.9

0.5

n/a

Total income

84.2

77.3

8.9%


246.0

224.7

9.5%

 

The Company's LEI number is 213800PS7FS5UYOWAC49.

 

For further information:

Brewin Dolphin Holdings PLC


David Nicol, Chief Executive

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 £36.8 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.


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