Financial Results

Brewin Dolphin Logs Slight Fall In Total Income; Discretionary/Advised Assets Rise

Tom Burroughes, Group Editor, London, 23 July 2014

articleimage

The UK wealth manager reported a slight fall in total income in the three months to 29 June; assets run in advisory/discretionary portfolios rose a touch.

Brewin Dolphin reported today a slight fall in total income of £73.1 million ($124.7 million) in the three months to 29 June this year from £73.3 million in the same quarterly period a year ago.

The London-listed investment and wealth management firm said commissions fell 12 per cent year-on-year to £20.9 million, but fees rose 15 per cent to £46.1 million.

Other income declined by 40 per cent to £18.0 million year-to-date (30 June 2013: £30.0 million) due to the planned switch to non-trail paying fund units and the current low interest rate environment.  Other income also includes financial planning revenue which has increased 22 per cent to £9.5 million (30 June 2013: £7.8 million) as a result of the strategy to offer an integrated wealth management service, it said in a statement.

Net new managed/advised funds growth combined with positive investment performance in the quarter resulted in an overall increase of 2 per cent in total managed/advised funds to £29.3 billion. When all client assets are included, the total at 29 June stood at £36.1 million, down from £36.7 million a year ago.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes