26th Jan 2011 07:00
26 January 2011
Brewin Dolphin Holdings PLC
Interim Management Statement
Fourteen Week Period ended 31 December 2010
Brewin Dolphin Holdings PLC announces its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency rules.
Income for the first, 14 week, quarter to 31 December 2010 is £65.9 million, 15.9% higher than the 13 week period to 25 December 2009.
Investment Management commission at £25.3 million was only up £0.8 million on the period to 25 December 2009 reflecting low activity over the Christmas period, but encouragingly Investment Management management fees were up £6.4 million to £26.5 million, a 32% increase, a 22% increase if one adjusts for the extra week.
Corporate Advisory & Broking income was 12.9% down on 2009.
Total Income | ||||
Quarter to 31 December 2010 | Quarter to 25 December 2009 | |||
(14 weeks) | (13 weeks) | |||
£'000 | £'000 | % change | ||
Investment Management | ||||
Revenue | 59,481 | 50,299 | 18.3% | |
Other operating income | 4,260 | 4,078 | 4.5% | |
63,741 | 54,377 | 17.2% | ||
Corporate Advisory & Broking | ||||
Revenue | 2,188 | 2,513 | -12.9% | |
Total income | 65,929 | 56,890 | 15.9% | |
The value of clients' funds under the Group's management was as follows at 31 December 2010:
At 31 December 2010 | At 26 September 2010 | % Change | |
£ billion | £ billion | ||
Discretionary funds under management | 15.1 | 14.0 | 7.9% |
Advisory funds under management | 9.7 | 9.2 | 5.4% |
Total managed funds | 24.8 | 23.2 | 6.9% |
Indices | |||
FTSE APCIMS Private Investor Series Balanced Portfolio | 2,978 | 2,844 | 4.7% |
FTSE 100 | 5,900 | 5,598 | 5.4% |
Cumulative funds flow summary | |||
Advisory funds under management | Discretionary funds under management | Total managed funds | |
£ billion | £ billion | £ billion | |
Value of funds at 26 September 2010 | 9.2 | 14.0 | 23.2 |
Inflows | 0.1 | 0.4 | 0.5 |
Outflows | - | - | - |
Transfers | - | - | - |
Market movement | 0.4 | 0.7 | 1.1 |
Value of funds at 31 December 2010 | 9.7 | 15.1 | 24.8 |
% increase in funds since Sept 2010 | 5.4% | 7.9% | 6.9% |
Growth in discretionary funds over the first three months of the year is 7.9%, reflecting 3.2% growth above that recorded in the FTSE APCIMS Private Investor Series Balanced Portfolio index. This increase translates into an annualised increase of over 12%, above the APCIMS index, well above our KPI of 5% growth in discretionary funds in real terms.
The Group currently has a consolidated capital adequacy surplus of £15 million. The Group's cash balances excluding client balances as at 31 December 2010 were £41 million.
The Financial Services Compensation Scheme announced on 20 January 2011 that there would be an interim levy on the industry for the cost of major investment failures relating to Keydata Investment Services Limited, Wills & Co and other investment intermediary firms. It is expected that this will cost us £6m against a similar charge of £1m last year.
Favourable trading conditions in the first quarter continued into January. As ever, in the short term, the Group is dependant on market movement.
For further information please contact:
Jamie Matheson | Andrew Hayes/Wendy Baker |
Executive Chairman | Hudson Sandler |
Brewin Dolphin | |
020 7248 4400 | 020 7796 4133 |
Notes for editors
1. | The Group is made up of Brewin Dolphin Holdings PLC and it subsidiaries (the "Group").
|
2. | Brewin Dolphin Limited ("BD") is the principal operating company of Brewin Dolphin Holdings PLC. BD is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange.
|
3. | Brewin Dolphin Limited is one of the largest independent private client investment managers in the United Kingdom and manages £25 billion on behalf of private clients, charities and pension funds from its 41 regional offices.
|
4. | Brewin Dolphin Limited provides a complete investment management and financial planning service for private investors, charities and pension funds and has a Corporate Advisory and Broking division. Stocktrade is the Group's Execution-Only telephone and on-line dealing division. |
Related Shares:
BRW.L