Brewin Dolphin, the UK-listed wealth manager, logged a 6.3 per cent year-on-year fall in income in the first 13 weeks to 31 December last year, to £59.7 million (around $94 million). However, on a like-for-like basis, Brewin Dolphin said income had increased by 0.8 per cent.
Funds under management increased by 3.8 per cent since 30 September 2011. Discretionary funds increased by 5.1 per cent.
“Market activity was generally subdued in the first quarter and this is reflected in the group's results by a 24.4 per cent drop in commission income (on a 13-week basis). This trend has continued into January 2012, but other income has held up well benefiting from the scale of the business and our focus on the individual requirements of our clients,” the firm said.