Total Income Rises At UK's Brewin Dolphin

Tom Burroughes, Group Editor, London, 31 July 2013


UK-listed wealth management house Brewin Dolphin reported a
total income in the three months to 30 June of £73.3 million ($111.5 million),
a 14 per cent gain from the same period a year ago, while commissions and fee
income rose over that period.

Core fee and commission income of £63.8 million rose by 27
per cent from the same period a year before. Other income fell primarily as a
result of the ongoing planned reduction in "trail income" caused by
regulatory changes associated with the Retail Distribution Review programme of
reforms to the financial advice industry.

The firm said it has made “further progress during the
quarter on the move to standard national pricing which ensures clients are
charged consistent and transparent rates for all services”.

“There has been an anticipated increase in the rate of
outflows from advisory services totalling £0.4 billion in the quarter. There will be
a limited impact on income from this attrition as average fees and commissions
for these accounts were low,” Brewin Dolphin said in a statement today.

Brewin Dolphin’s discretionary investment management service
continued to attract net inflows in the quarter (+£200 million), with net
inflows of £700 million for the nine months to 30 June 2013 representing an
annualised growth rate of 5 per cent. The rise is consistent with the firm's
strategy of concentrating future growth on discretionary investment management


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