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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Brewin Dolphin Holdings Plc | LSE:BRW | London | Ordinary Share | GB0001765816 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 515.00 | 514.00 | 515.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMBRW
RNS Number : 0739M
Brewin Dolphin Holdings PLC
26 July 2017
26 July 2017
Brewin Dolphin Holdings PLC
Interim Management Statement
For the quarter ended 30 June 2017
Brewin Dolphin Holdings PLC (the "Company" or the "Group") today issues the following Interim Management Statement for the third quarter of the financial year ending 30 September 2017.
Q3 Highlights
-- Continued strong organic fund inflows further demonstrating the Group's continuing delivery against its strategic plan.
-- Total funds increased in the quarter by 3.7% to GBP39.2bn including acquired funds (H1 2017: GBP37.8bn, FY 2016: GBP35.4bn).
o Discretionary funds increased by 4.4% in the quarter to GBP32.9bn including GBP0.7bn of acquired funds (H1 2017: GBP31.5bn, FY 2016: GBP28.8bn).
o Net discretionary organic fund inflows, including transfers, of GBP0.6bn (Q3 2016: GBP0.3bn) representing an annualised growth rate of 7.6% (Q3 2016: 4.1%).
-- Record total income for the quarter of GBP77.3m (Q3 2016: GBP71.3m) an increase of 8.4%.
o Core(1) income growth of 11.0% in the quarter to GBP73.9m (Q3 2016: GBP66.6m).
o Total fee income growth of 16.0% in the quarter to GBP55.0m (Q3 2016: GBP47.4m).
o Total commission income of GBP16.7m (Q3 2016: GBP18.8m).
-- Completion of the acquisition of Duncan Lawrie Asset Management Limited ("DLAM") on 10 May 2017 with funds of GBP0.7bn acquired.
(1) Core income is defined as income derived from discretionary investment management, financial planning, Brewin Portfolio Service ("BPS") and execution only services.
David Nicol, Chief Executive said:
"The second half of the year has started well with record income and continued organic fund growth in our core discretionary business underlining the strength of the Group. The integration of DLAM is making good progress and we are delighted to have welcomed our new colleagues. We continue to make steady progress in delivering against our long-term growth strategy and our confidence in the future is underpinned by our robust financial position."
Funds
Total funds by service category
Hot Features
Premium
Change
GBP'bn 30 June 30 31 March 30 June Last Last Last
2016 Sept 2017 2017 12 9 months 3 months
2016 months
--------------------- -------- ------ --------- -------- -------- ---------- ----------
Discretionary
Direct 19.8 21.1 22.4 23.2 17.2% 10.0% 3.6%
Intermediaries 5.9 6.5 7.3 7.7 30.5% 18.5% 5.5%
MPS 1.0 1.2 1.8 2.0 100.0% 66.7% 11.1%
--------------------- -------- ------ --------- -------- -------- ---------- ----------
Total discretionary 26.7 28.8 31.5 32.9 23.2% 14.2% 4.4%
BPS 0.1 0.1 0.1 0.1 0.0% 0.0% 0.0%
Execution
only 3.6 3.5 3.4 3.5 (2.8)% 0.0% 2.9%
--------
Core funds 30.4 32.4 35.0 36.5 20.1% 12.7% 4.3%
Advisory 3.1 3.0 2.8 2.7 (12.9)% (10.0)% (3.6)%
---------------------
Total funds 33.5 35.4 37.8 39.2 17.0% 10.7% 3.7%
--------------------- -------- ------ --------- -------- -------- ---------- ----------
Indices
--------------------- -------- ------ --------- -------- -------- ---------- ----------
MSCI WMA
Private
Investor
Balanced
Index 1,382 1,457 1,536 1,533 10.9% 5.2% (0.2)%
FTSE 100 6,504 6,899 7,323 7,313 12.4% 6.0% (0.1)%
--------
Funds flow by service category - detailed movement(1) in the quarter
GBP'bn 31 Inflows Outflows Internal Net Growth Acquired Investment 30
March transfers flows rate* performance June
2017 2017
--------------------- ------- -------- --------- ----------- ------- -------- --------- ------------- ------
Discretionary
Direct 22.4 0.2 (0.2) - - 0.0% 0.6 0.2 23.2
Intermediaries 7.3 0.4 (0.1) - 0.3 16.4% - - 7.7
MPS 1.8 0.3 - - 0.3 66.7% - - 2.0
--------------------- ------- -------- --------- ----------- ------- -------- --------- ------------- ------
Total discretionary 31.5 0.9 (0.3) - 0.6 7.6% 0.6 0.2 32.9
BPS 0.1 - - - - 0.0% - - 0.1
Execution
only 3.4 0.1 (0.1) - - 0.0% 0.1 - 3.5
--------------------- ------- -------- --------- ----------- ------- -------- --------- ------------- ------
Core funds 35.0 1.0 (0.4) - 0.6 6.9% 0.7 0.2 36.5
Advisory 2.8 - - (0.1) (0.1) (14.3)% - - 2.7
--------
Total funds 37.8 1.0 (0.4) (0.1) 0.5 5.3% 0.7 0.2 39.2
--------------------- ------- -------- --------- ----------- ------- -------- --------- ------------- ------
* annualised
Notes
(1) The above funds figures are rounded to one decimal place and therefore may not always cast.
Funds flow by service category - detailed movement(1) year to date
GBP'bn 30 Inflows Outflows Internal Net Growth Acquired Investment 30
Sept transfers flows rate* performance June
2016 2017
--------------------- ------ -------- --------- ----------- ------- -------- --------- ------------- ------
Discretionary
Direct 21.1 0.7 (0.6) 0.1 0.2 1.3% 0.6 1.3 23.2
Intermediaries 6.5 1.0 (0.2) - 0.8 16.4% - 0.4 7.7
MPS 1.2 0.7 - - 0.7 77.8% - 0.1 2.0
--------------------- ------ -------- --------- ----------- ------- -------- --------- ------------- ------
Total discretionary 28.8 2.4 (0.8) 0.1 1.7 7.9% 0.6 1.8 32.9
BPS 0.1 - - - - 0.0% - - 0.1
Execution
only 3.5 0.3 (0.7) 0.2 (0.2) (7.6)% 0.1 0.1 3.5
--------------------- ------ -------- --------- ----------- ------- -------- --------- ------------- ------
Core funds 32.4 2.7 (1.5) 0.3 1.5 6.2% 0.7 1.9 36.5
Advisory 3.0 - (0.1) (0.3) (0.4) (17.8)% - 0.1 2.7
--------
Total funds 35.4 2.7 (1.6) - 1.1 4.1% 0.7 2.0 39.2
--------------------- ------ -------- --------- ----------- ------- -------- --------- ------------- ------
* annualised
Notes
(1) The above funds figures are rounded to one decimal place and therefore may not always cast.
Income
Third Quarter
Ended Nine Months Ended
30 30 30 30
June June June June
GBP'm 2017 2016 Change 2017 2016 Change
-------------------------- ------ ------- --------- ------ ------- ---------
Discretionary investment
management 65.7 59.4 10.6% 190.9 171.7 11.2%
Financial planning 5.3 4.5 17.8% 14.8 12.6 17.5%
BPS 0.2 0.2 0.0% 0.7 0.6 16.7%
Execution only 2.7 2.5 8.0% 7.8 7.8 0.0%
========================== ====== ======
Core income 73.9 66.6 11.0% 214.2 192.7 11.2%
========================== ====== ======= ========= ====== ======= =========
Advisory investment
management 3.1 4.1 (24.4)% 10.0 12.2 (18.0)%
Trail income - 0.1 (100.0)% - 1.9 (100.0)%
Interest 0.3 0.5 (40.0)% 0.5 1.7 (70.6)%
==========================
Non-core income 3.4 4.7 (27.7)% 10.5 15.8 (33.5)%
========================== ====== ======= ========= ====== ======= =========
Total income 77.3 71.3 8.4% 224.7 208.5 7.8% -------------------------- ------ ------- --------- ------ ------- ---------
Fees and Commissions
Third Quarter
Ended Nine Months Ended
30 30 30 30
June June June June
GBP'm 2017 2016 Change 2017 2016 Change
---------------------- ------ ------- -------- ------ ------- --------
Core fees 52.8 44.6 18.4% 152.7 131.6 16.0%
Core commissions 15.7 17.5 (10.3)% 46.6 48.5 (3.9)%
Advisory fees 2.2 2.8 (21.4)% 7.0 8.4 (16.7)%
Advisory commissions 1.0 1.3 (23.1)% 3.1 3.8 (18.4)%
-------- --------
Total fees 55.0 47.4 16.0% 159.7 140.0 14.1%
Total commissions 16.7 18.8 (11.2)% 49.7 52.3 (5.0)%
---------------------- ------ ------- -------- ------ ------- --------
Financial planning 5.3 4.5 17.8% 14.8 12.6 17.5%
Other income 0.3 0.6 (50.0)% 0.5 3.6 (86.1)%
Total income 77.3 71.3 8.4% 224.7 208.5 7.8%
---------------------- ------ ------- -------- ------ ------- --------
For further information:
Brewin Dolphin Holdings PLC
Tel: +44 (0)20 7248
David Nicol, Chief Executive 4400
Andrew Westenberger, Finance Tel: +44 (0)20 7248
Director 4400
FTI Consulting
Tel: +44 (0)20 3727
Edward Berry 1046
Notes to Editors:
About Brewin Dolphin
Brewin Dolphin is one of the UK's leading independent providers of discretionary wealth management.
Our focus on discretionary investment management has led to growth in client funds and we now manage GBP32.9 billion on a discretionary basis. In line with the premium we place on personal relationships, we have built a network of offices across the UK, Channel Islands and the Republic of Ireland, staffed by qualified investment managers and financial planners. We are committed to the most exacting standards of client service, with long-term thinking and absolute focus on our clients' needs at the core.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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July 26, 2017 02:00 ET (06:00 GMT)
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