29th Jul 2015 08:04
LONDON (Alliance News) - Wealth manager Brewin Dolphin Holdings PLC on Wednesday said its discretionary funds under management fell in the third quarter of its financial year, with total income also hurt by weaker financial markets.
Brewin said its total discretionary funds under management at the end of the third quarter in June were GBP25.6 billion, down from GBP26.2 million at the end of the second half of its financial year in March but up from GBP24 billion at the start of its financial year.
Total income for the company in the third quarter was GBP73.0 million, marginally down from GBP73.1 million, while fee income fell to GBP47.4 million from GBP46.1 million and commission income dropped to GBP19.5 million from GBP20.9 million.
"The ongoing development of the business ensures the group is well positioned to benefit from the long term opportunities in the wealth management sector. The group's overall third quarter performance has been good, although weak global financial markets at the end of the quarter contributed to a decline in funds under management and impacted revenue progression. Our financial position remains strong and we continue to be confident about the long term growth of the business," said Chief Executive David Nicol.
Brewin shares were up 0.9% to 310.00 pence on Wednesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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