28th Jan 2010 07:00
28 January 2010
Brewin Dolphin Holdings PLC
Interim Management Statement
Thirteen Week Period ended 25 December 2009
Brewin Dolphin Holdings PLC announces its Interim Management Statement (IMS) as required by the UK Listing Authority's Disclosure and Transparency rules.
Income for the first quarter to 25 December 2009 is £56.9 million, 11.5% higher than the same period last year (28 December 2008: £51.0 million).
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Total Income |
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Quarter to 25 December 2009 |
Quarter to 28 December 2008 |
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|
|
£'000 |
£'000 |
% change |
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Investment Management |
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|
Revenue |
50,299 |
41,883 |
20.1% |
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Other operating income |
4,078 |
7,083 |
-42.4% |
|
54,377 |
48,966 |
11.1% |
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Investment Banking |
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Revenue |
2,513 |
2,072 |
21.3% |
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Total income |
56,890 |
51,038 |
11.5% |
The value of clients funds under the Group's management were as follows at 25 December 2009:-
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Funds |
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|
At 25 December 2009 |
At 27 September 2009 |
% Change |
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|
£ Billion |
£ Billion |
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Discretionary funds under management |
12.6 |
11.8 |
6.8% |
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Advisory funds under management |
9.1 |
8.7 |
4.6% |
|
Total managed funds |
21.7 |
20.5 |
5.9% |
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Indices |
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FTSE APCIMS Private Investor Series Balanced Portfolio. |
2,728 |
2,640 |
3.3% |
|
FTSE 100 |
5,402 |
5,082 |
6.3% |
This result reflects improved market conditions and the full benefit of the teams which joined the Group in 2008. Investment Management fees increased by 30% compared to the first quarter of 2009 against a 17% increase in the FTSE APCIMS Private Investor Series Balanced Portfolio and a 28% improvement in the FTSE 100 Index respectively at the quarter ends, the main charging dates. Investment Management commissions increased by 13%.
Against this, other operating income, the Group's share of interest receivable on client deposits, decreased by 42%, in line with falling interest rates and expectations.
The Group strengthened its capital position by £13.8 million through a well supported placing of its shares in late December 2009. Following this, the Group currently has a consolidated capital adequacy surplus of £26 million. Under FSA rules this surplus will reduce by approximately £8m on the conclusion of the negotiations with the Brewin Dolphin pension trustees.
The improved trading conditions seen in the first quarter continue.
For further information please contact:
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Jamie Matheson |
Andrew Hayes/Wendy Baker |
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Executive Chairman |
Hudson Sandler |
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Brewin Dolphin |
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020 7248 4400 |
020 7796 4133 |
Notes for editors
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1. |
The Group is made up of Brewin Dolphin Holdings PLC and it subsidiaries (the "Group"). |
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2. |
Brewin Dolphin Limited ("BD") is the principal operating company of Brewin Dolphin Holdings PLC which is a FTSE 250 company. BD is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange. |
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3. |
Brewin Dolphin Limited is one of the largest independent private client investment managers in the United Kingdom and manages £22 billion on behalf of private clients, charities and pension funds from its 40 regional offices. |
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4. |
Brewin Dolphin Limited provides a complete investment management and financial planning service for private investors, charities and pension funds and has an Investment Banking division. Stocktrade is the Group's Execution-Only telephone and on-line dealing division. |
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5. |
Brewin Dolphin won the award for the Best Discretionary Broker in the Shares Awards 2009 and also received the top awards for its Market Newsletter and Exceptional Performance in the Back Office at The Daily Telegraph Wealth Management Awards 2009. |
Related Shares:
BRW.L