23rd Jul 2014 07:50
LONDON (Alliance News) - Brewin Dolphin Holdings PLC Wednesday reported an increase in funds under management over the third-quarter, bolstered by net flows into its discretionary managed funds, as well as into execution only, more than offsetting advisory net outflows.
In a statement, the UK investment manager said that its funds under management increased to GBP36.7 billion on June 29 from GBP36.1 billion on March 30, aided by GBP300.0 million in net inflows.
Third-quarter total income fell slightly to GBP73.1 million from GBP73.3 million in the corresponding quarter last year. This was due to a fall in commissions, which were down 12% at GBP20.9 million, arising from lower transaction volumes due to lower market volatility.
Also behind the overall fall was declining 'other' income as a result of Brewin Dolphin's ongoing planned reduction in 'train income' in the wake of regulatory changes and declining margins on cash deposits. Fees increased to GBP46.1 million from GBP40.0 million.
"The outlook remains positive as the transformation and growth strategy for the business is implemented. Solid performance in the quarter, underpinned by a robust balance sheet, gives us confidence that continued delivery against this strategy will create long-term value for both clients and shareholders," Brewin Dolphin said in its statement.
Brewin Dolphin shares were Wednesday quoted up 0.4% at 301.50 pence.
By Samuel Agini; [email protected]; @samuelagini
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