AuM Rises At UK's Brewin Dolphin

Tom Burroughes, Group Editor, London, 30 November 2016


The UK wealth manager reported a significant gain in assets under management, particularly on its discretionary side. Adjusted pre-tax profit dipped slightly in the year to end-September.

UK-listed Brewin Dolphin today reported that total funds under management rose 10.6 per cent year-on-year at 30 September, standing at £35.4 billion ($44.2 billion).

Discretionary funds under management rose 16.5 per cent in the 12 months to 30 September, standing at £28.9 billion, it said in a statement. The rises in these figures compares to an increase of 13.8 per cent in the FTSE 100 Index of blue-chip equities and a 14.4 per cent rise in the FTSE WMA Private Investor Series Portfolio Index, a measure of private portfolio performance.

Brewin Dolphin said it logged total net discretionary funds inflows, including transfers, of £1.1 billion, representing an annualised growth rate of 4.4 per cent, although slightly lower than the 4.6 per cent rise a year before.

Core income rose by 4.8 per cent to £263.3 million, up from £251.3 million a year earlier. Fee income increased by 1.1 per cent to £190.5 million, rising from the £188.5 million figure a year ago.

Adjusted profit before tax stood at £61.0 million, against £62.2 million a year before. The adjusted pre-tax margin for Brewin Dolphin was 21.6 per cent, down from 21.9 per cent.
On a statutory basis, pre-tax profit was £50.1 million, down from £61 million, which included a one-off gain of £9.7 million.  

Board change
Angela Knight will retire from the company's board following its forthcoming annual general meeting on 3 February, it said. She was appointed as a non-executive in 2007. In 2014, she became senior independent director. Knight, a former UK Treasury minister, is also a former chief executive of the British Bankers Association.


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