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Income, Client Assets Rise At UK's Brewin Dolphin

Tom Burroughes

5 December 2012

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 today.

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 year.

"Equity markets remain remarkably resilient and there is some sign of improved trading volumes since the summer,” Jamie Matheson, executive chairman, said.

Brewin Dolphin said Robin Bayford will retire as group finance 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.