Pre-tax income surged by more than a third and assets under management rose at Brewin Dolphin, the UK-listed wealth management firm, in the third quarter of this year from the same period in 2011.
Pre-tax income surged by more than a third and assets under
management rose at Brewin Dolphin, the UK-listed wealth management firm, in the
third quarter of this year from the same period in 2011.
Total managed funds stood at £25.9 billion (around $41.7
billion) at 30 September, up from £24.0 billion 12 months earlier; discretionary
funds were £18.2 billion, up from £15.6 billion, the firm said in a statement
Brewin Dolphin logged total income of £269.5 million, up
from £264.0 million, a 2.1 per cent rise; profit before tax rose 36.5 per cent to
£29.9 million. On an adjusted basis, taking into account amortisation of client
relationships, some redundancy costs and other charges, pre-tax profit was £42.9
million, an 8.3 per cent rise.
The firm’s board proposed a final dividend of 3.6 pence to
be approved at the 2013 annual general meeting; it is payable on 8 April next
"Equity markets remain remarkably resilient and there
is some sign of improved trading volumes since the summer,” Jamie Matheson, executive
Brewin Dolphin said Robin Bayford will retire as group
director at the end of the year, rounding out a career with the firm that has
lasted almost 25 years; he took up his current role in 1994, when the firm was
listed on the stock market. Andrew Westenberger, who joined Brewin Dolphin in September,
takes on the vacated role in January. As previously reported, Henry Algeo has
been appointed to the position of group managing director. He was previously chief operating officer,
with responsibility for business support, information communication and
technology, facilities and change management.