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Assets Rise At UK's Brewin Dolphin

Tom Burroughes

29 May 2012

Total managed funds at UK-listed Brewin Dolphin increased to £25.7 billion ($40.1 billion) at the end of March from £24 billion at the end of September last year, while pre-tax profit rose 3.3 per cent over the six-month period to £12.3 million.

Discretionary funds under management stood at £17.3 billion at 31 March, up from £15.6 billion at the end of September last year, the firm said today in a statement.

The 250-year-old firm, which has recently announced a new office in Ipswich in the east of the UK, having appointed six people, has also recruited 10 new people for its offices in Bristol and Birmingham. It is also consolidating some of its operations in Scotland: merging its Dumfries operations with its Penrith office and doing the same with the Elgin office and its business in Inverness.

The company is “on plan” with its strategic review, announced last year, to cut overheads, improve services and upgrade systems, Jamie Matheson, chairman of Brewin Dolphin, said.

Adjusted pre-tax profits were £18.9 million, a 17.1 per cent fall on the previous six months, affected by redundancy costs, an additional FSCS levy and amortisation of client relationships, the firm said.

Basic earnings per share, at 3.7 pence per share, were unchanged from 27 March last year. On an adjusted basis, basic earnings per share were 5.8p, from 7.2p in March last year, a fall of 19.4 per cent.

A maintained interim dividend of 3.55p per share will be paid on 21 September 2012 to shareholders on the register on 24 August 2012.