6th Oct 2011 07:00
6 October 2011
Brewin Dolphin Holdings PLC (the "Group")
Pre closing statement for the 53 week period to 30 September 2011
The fourth quarter has seen difficult market conditions.
Funds under management at 30 September 2011 were as follows:-
At 30 Sept 2011 | At 26 Sept 2010 | % change over Sept 2010
| |
£ billion | £ billion | % | |
Funds | |||
Discretionary funds under management | 15.6 | 14.0 | 11.4% |
Advisory funds under management | 8.4 | 9.2 | -8.7% |
Total managed funds | 24.0 | 23.2 | 3.4% |
Indices | |||
FTSE APCIMS Private Investor Series Balanced Portfolio ("APCIMS index") |
2,735 |
2,844 |
-3.8% |
FTSE 100 | 5,128 | 5,598 | -8.4% |
Funds flow | |||
Advisory funds | Discretionary funds | Total managed funds | |
£ billion | £ billion | £ billion | |
Value of funds at 26 September 2010 | 9.2 | 14.0 | 23.2 |
Inflows | 0.3 | 1.6 | 1.9 |
Acquired funds* | 0.2 | 0.6 | 0.8 |
Outflows | (0.6) | (0.3) | (0.9) |
Transfers | - | - | - |
Market movement | (0.7) | (0.3) | (1.0) |
Value of funds at 30 September 2011 | 8.4 | 15.6 | 24.0 |
\* Tilman Brewin Dolphin Limited
Excluding the acquisition of Tilman Brewin Dolphin Limited (formerly Tilman Asset Management Limited) the Dublin based fund manager, discretionary funds under management have grown by 10.9% above the APCIMS index and the growth in value of total funds under management has exceeded the APCIMS index by 3.8%.
Against this growth in funds under management, the Group has invested £3m in the previously announced major business review. The results of this review are scheduled to roll out over the next three years to improve margins and provide enhanced services to our clients. Stage one of this review was to introduce a national rate card from 1st October 2011 for new clients. These new rates will be brought in for existing clients during 2012, when trail commission will be phased out, improving transparency for our clients.
This major initiative will help to underpin the Group's income in what could well be continuing difficult market conditions.
Progress has been made in relation to the disposal of the Group's Corporate Advisory and Broking Division announced on 11 May. It is now anticipated that completion will take place at the end of 2011. Encouragingly the division has continued to trade profitably before costs relating to the disposal.
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. | Tilman Brewin Dolphin Limited is a subsidiary of the Group, operating in Ireland and regulated by the Central Bank of Ireland. |
4. | The Group is one of the largest independent private client investment managers in the United Kingdom and Ireland and manages £24 billion on behalf of private clients, charities and pension funds from its 41 offices. |
5. | Brewin Dolphin provides a complete investment management and financial planning service for private investors, charities and pension funds. Stocktrade is the Group's Execution-Only telephone and on-line dealing division. |
Related Shares:
BRW.L