Interim Management Statement

29 January 2014

Brewin Dolphin Holdings PLC

Interim Management Statement

Quarter ended 29 December 2013

This Interim Management Statement ("IMS") is issued by Brewin Dolphin Holdings PLC, one of the UK's leading providers of personalised discretionary wealth management services, as required by the UK Listing Authority's Disclosure and Transparency rules. It covers the period from 30 September 2013 to 29 January 2014 and includes trading results for the three months ended 29 December 2013.

Q1 Highlights

The Group has continued to make good progress against its strategic targets in this first quarter.

· Income growth driven by good investment performance, on-going new client inflows to our discretionary service and the benefits of a transparent pricing structure

· £0.3bn net inflows in our core discretionary service, in line with our 5% per annum target

· Pricing and service review of remaining advisory business progressing well:

− Increasing conversion rate to discretionary service

− Higher than expected client retention

· 77% of managed/advised funds now receive discretionary service

· Core income increased 15% to £63.8m (2013:£55.4m)

The Group's financial position remains strong.

Income

Total Income increased by 6.5% in the first quarter of the financial year to £69.6m from £65.4m for the equivalent period last year.

Core income from our Discretionary, Advisory and Execution Only services continued to grow strongly to £63.8m, up 15% from £55.4m in 2013.

Other non-core Income declined by 40.8% to £5.9m in the quarter from £9.9m in 2013 due to the planned on-going switch to non-trail paying fund units in line with guidance.

Funds under management

(figs. rounded to one decimal place)

Total managed/advised funds increased by 2.5% in the quarter to £28.9bn from £28.2bn in September 2013. The strategy of focusing on our discretionary service whilst completing the remaining reviews of advisory services is reflected in the on-going organic growth in discretionary funds and net outflows from advisory funds. Discretionary funds increased by 4.2% in the quarter, including £0.3bn of net new funds. Net outflows from our advisory service categories continued in the quarter, in line with expectations, whilst achieving an increasingly successful rate of conversion to a discretionary managed service.

Outlook

Our outlook remains positive as we continue to implement our transformation and growth strategy for the business. Continuing improvement in equity market conditions, allied to the increasingly encouraging outlook for the broader UK economy gives us growing confidence that successful implementation of our strategy will create long term value for both our customers and our shareholders.

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Notes for editors