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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 2021 to Apr 2024
TIDMBRW
RNS Number : 2105G
Brewin Dolphin Holdings PLC
23 July 2021
23 July 2021
Brewin Dolphin Holdings PLC
("Brewin Dolphin" or the "Company" or the "Group")
Quarterly Trading Update
For the third quarter ended 30 June 2021
Q3 discretionary net flows of GBP0.7bn, an annualised growth of 6.1%; implementation of our custody and settlement system remains on track
Brewin Dolphin announces a trading update for the three months ended 30 June 2021.
Robin Beer, Chief Executive said:
"We are very pleased to announce a second consecutive quarter of record gross discretionary fund inflows of GBP1.3bn, of which over 70% were from new clients (1) . Strong fund inflows were seen across both our direct and indirect businesses, with Ireland having an exceptional quarter and our Voyager fund range continuing to scale at pace. We are in the final stages of implementing our custody and settlement system and remain on track for it to go live in our environment in the Autumn. These results are testimony that we are delivering on our strategic priorities of innovating our propositions, expanding our distribution channels and accelerating our digital agenda, and we are well positioned to capture future growth."
Q3 financial highlights
-- Record gross discretionary fund inflows of GBP1.3bn, higher than Q2 level of GBP1.0bn, driven by continued growth across both our direct and indirect businesses.
- Over 70% of gross discretionary fund inflows, excluding MPS and Voyager, are from new clients, and the remainder from top ups from existing clients.
- Ireland contributed to around a quarter of our gross direct inflows, excluding transfers relating to Brexit.
- Our Voyager funds grew by just over GBP100m, taking its total funds to around GBP250m.
-- Discretionary net flows of GBP0.7bn, an annualised growth rate of 6.1% (Q2 2021: GBP0.5bn, +4.5%(2) , Q1 2021: GBP0.1bn, +1.0%(2) ), continues to demonstrate the value in our advice-focused strategy and broad range of propositions.
-- Total funds increased by 6.5% to GBP56.0bn in the quarter (Q2 2021: GBP52.6bn). Discretionary funds were up 6.6% to GBP48.7bn (Q2 2021: GBP45.7bn) supported by continued strong net flows and improved investment performance of 5.0% in the quarter (MSCI PIMFA Private Investor Balanced Index: 4.3%).
-- Total income was GBP103.8m (Q3 2020: GBP92.7m), an increase of 12.0% year on year, driven by higher market performance and strong fund net flows. Year to date total income was GBP303.7m, an increase of 13.1% year on year.
- Total discretionary income increased by 8.3% to GBP85.7m (Q3 2020: GBP79.1m). Year to date total discretionary income grew by 11.5% to GBP255.0m.
- Discretionary commission income was GBP16.5m, lower than elevated levels in Q2 as expected.
- In the quarter, we had a one-off corporate transaction in Ireland which contributed GBP1.7m of advisory commission income.
- Financial planning income grew 28.9% to GBP10.7m (Q3 2020: GBP8.3m), driven by both investment performance and continued demand for ongoing financial planning advice.
Notes:
(1) Excluding MPS and Voyager
(2) Annualised growth rate
Update on the implementation of our custody and settlement system ('Avaloq')
Avaloq remains on track to go live in the Autumn. We continue to work towards a phased deployment of functionality once Avaloq is live within our technology environment. There is no change to our FY21 capex guidance for Avaloq of c.GBP24m. As we embed Avaloq into our technology architecture, we will be able to drive cost benefits through improved operational efficiencies, capacity, and capability.
Upcoming events
The preliminary results for the year ending 30 September 2021 will be announced on 24 November 2021.
For further information:
Hot Features
Premium
Brewin Dolphin Holdings PLC
Carla Bloom, Head of Investor Relations Tel: +44 (0) 20 7248 4400
Camarco
Ben Woodford / Geoffrey Pelham-Lane Tel: +44 (0) 799 065 3341
/ +44 (0) 773 312 4226
The Company's LEI number is 213800PS7FS5UYOWAC49
Notes to Editors:
About Brewin Dolphin
Brewin Dolphin is one of the UK and Ireland's leading independent providers of discretionary wealth management. We continue to focus on discretionary investment management, and we manage GBP48.7 billion of funds 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.
Funds
The funds figures are rounded to one decimal place and therefore may not always cast.
Total funds by service category
GBPbn 30 June 30 September 31 March 30 June
2020 2020 2021 2021 Change
---------------- ----------------------- ----------------------- ----------------------- -----------------------
Last Last
12 3
months months
---------------- ----------------------- ----------------------- ----------------------- ----------------------- -------- -------
Direct
discretionary 26.1 26.7 29.3 31.1 19.2% 6.1%
---------------- ----------------------- ----------------------- ----------------------- ----------------------- -------- -------
Intermediaries 9.9 10.1 11.1 11.8 19.2% 6.3%
MPS / Voyager 4.3 4.4 5.3 5.8 34.9% 9.4%
---------------- ----------------------- ----------------------- ----------------------- ----------------------- -------- -------
Indirect
discretionary 14.2 14.5 16.4 17.6 23.9% 7.3%
---------------- ----------------------- ----------------------- ----------------------- ----------------------- -------- -------
Total
discretionary 40.3 41.2 45.7 48.7 20.8% 6.6%
---------------- ----------------------- ----------------------- ----------------------- ----------------------- -------- -------
Execution only 4.1 4.1 4.7 4.9 19.5% 4.3%
BPS 0.2 0.2 0.2 0.3 50.0% 50.0%
Advisory 2.1 2.1 2.0 2.1 0.0% 5.0%
---------------- ----------------------- ----------------------- ----------------------- ----------------------- -------- -------
Total funds 46.7 47.6 52.6 56.0 19.9% 6.5%
---------------- ----------------------- ----------------------- ----------------------- ----------------------- -------- -------
Indices
---------------- ----------------------- ----------------------- ----------------------- ----------------------- -------- -------
MSCI PIMFA
Private
Investor
Balanced Index 1,574 1,568 1,704 1,778 13.0% 4.3%
FTSE100 6,170 5,866 6,713 7,037 14.1% 4.8%
Funds flow by service category - detailed movement in the quarter
GBPbn 31 March Inflows Outflows Internal Net Annualised Investment 30 June Change
2021 transfers flows growth performance 2021
Rate
----------------- --------- -------- --------- ----------- ------- ----------- ------------- -------- -------
Direct
discretionary 29.3 0.7 (0.4) (0.1) 0.2 2.7% 1.6 31.1 6.1%
----------------- --------- -------- --------- ----------- ------- ----------- ------------- -------- -------
Intermediaries 11.1 0.3 (0.1) 0.0 0.2 7.2% 0.5 11.8 6.3%
MPS / Voyager 5.3 0.3 0.0 0.0 0.3 22.6% 0.2 5.8 9.4%
----------------- --------- -------- --------- ----------- ------- ----------- ------------- -------- -------
Indirect
discretionary 16.4 0.6 (0.1) 0.0 0.5 12.2% 0.7 17.6 7.3%
----------------- --------- -------- --------- ----------- ------- ----------- ------------- -------- -------
Total
discretionary 45.7 1.3 (0.5) (0.1) 0.7 6.1% 2.3 48.7 6.6%
----------------- --------- -------- --------- ----------- ------- ----------- ------------- -------- -------
Execution only 4.7 0.1 (0.2) 0.1 0.0 0.0% 0.2 4.9 4.3%
BPS 0.2 0.0 0.0 0.0 0.0 0.0% 0.0 0.3 50.0%
Advisory 2.0 0.0 0.0 0.0 0.0 0.0% 0.1 2.1 5.0%
--------- -------- --------- ----------- ------- -----------
Total funds 52.6 1.4 (0.7) 0.0 0.7 5.3% 2.6 56.0 6.5%
----------------- --------- -------- --------- ----------- ------- ----------- ------------- -------- -------
Funds flow by service category - detailed movement year to date
GBPbn 30 Inflows Outflows Internal Net Annualised Investment 30 June Change
September transfers flows growth performance 2021
2020 rate
---------------- ----------- -------- --------- ----------- ------- ----------- ------------ -------- -------
Direct
discretionary 26.7 1.4 (0.7) (0.4) 0.3 1.5% 4.1 31.1 16.5%
---------------- ----------- -------- --------- ----------- ------- ----------- ------------ -------- -------
Intermediaries 10.1 0.8 (0.4) (0.1) 0.3 4.0% 1.4 11.8 16.8%
MPS / Voyager 4.4 0.7 0.0 0.0 0.7 21.2% 0.7 5.8 31.8%
---------------- ----------- -------- --------- ----------- ------- ----------- ------------ -------- -------
Indirect
discretionary 14.5 1.5 (0.4) (0.1) 1.0 9.2% 2.1 17.6 21.4%
---------------- ----------- -------- --------- ----------- ------- ----------- ------------ -------- -------
Total
discretionary 41.2 2.9 (1.1) (0.5) 1.3 4.2% 6.2 48.7 18.2%
---------------- ----------- -------- --------- ----------- ------- ----------- ------------ -------- -------
Execution only 4.1 0.2 (0.5) 0.6 0.3 9.8% 0.5 4.9 19.5%
BPS 0.2 0.0 0.0 0.0 0.0 0.0% 0.0 0.3 50.0%
Advisory 2.1 0.0 0 (0.1) (0.1) (6.3)% 0.1 2.1 0.0%
----------- -------- --------- ----------- ------- -----------
Total funds 47.6 3.1 (1.6) 0.0 1.5 4.2% 6.8 56.0 17.6%
---------------- ----------- -------- --------- ----------- ------- ----------- ------------ -------- -------
Income
Three months ended 30 June 2021 Three months ended 30 June 2020 Change
GBPm Fees Commission Total Fees Commission Total Fees Commission Total
---------------- -------- -------------- -------- -------- -------------- -------- ------ ----------- -------
Direct
discretionary 46.7 16.3 63.0 40.3 18.7 59.0 15.9% (12.8)% 6.8%
---------------- -------- -------------- -------- -------- -------------- -------- ------ ----------- -------
Intermediaries 18.9 0.2 19.1 17.0 0.3 17.3 11.2% (33.3)% 10.4%
MPS / Voyager 3.6 n/a 3.6 2.8 n/a 2.8 28.6% n/a 28.6%
---------------- -------- -------------- -------- -------- -------------- -------- ------ ----------- -------
Indirect
discretionary 22.5 0.2 22.7 19.8 0.3 20.1 13.6% (33.3)% 12.9%
---------------- -------- -------------- -------- -------- -------------- -------- ------ ----------- -------
Total
discretionary 69.2 16.5 85.7 60.1 19.0 79.1 15.1% (13.2)% 8.3%
---------------- -------- -------------- -------- -------- -------------- -------- ------ ----------- -------
Financial
planning n/a n/a 10.7 n/a n/a 8.3 n/a n/a 28.9%
Execution only 1.3 1.6 2.9 1.3 1.6 2.9 0.0% 0.0% 0.0%
BPS 0.4 n/a 0.4 0.3 0.0 0.3 33.3% n/a 33.3%
Advisory 1.2 2.0 (1) 3.2 1.0 0.2 1.2 20.0% 900.0% 166.7%
Other income n/a n/a 0.9 n/a n/a 0.9 n/a n/a 0.0%
---------------- -------- -------------- -------- -------- -------------- -------- ------ ----------- -------
Total income 72.1 20.1 103.8 62.7 20.8 92.7 15.0% (3.4)% 12.0%
---------------- -------- -------------- -------- -------- -------------- -------- ------ ----------- -------
(1) GBP1.7m of commission income from a one-off corporate transaction in Ireland
Nine months ended 30 June 2021 Nine months ended 30 June 2020 Change
GBPm Fees Commission Total Fees Commission Total Fees Commission Total
---------------- --------- ------------- -------- --------- -------------- -------- ------ ----------- ------
Direct
discretionary 134.9 54.4 189.3 118.3 51.8 170.1 14.0% 5.0% 11.3%
---------------- --------- ------------- -------- --------- -------------- -------- ------ ----------- ------
Intermediaries 54.8 0.7 55.5 49.6 0.9 50.5 10.5% (22.2)% 9.9%
MPS / Voyager 10.2 n/a 10.2 8.0 n/a 8.0 27.5% n/a 27.5%
---------------- --------- ------------- -------- --------- -------------- -------- ------ ----------- ------
Indirect
discretionary 65.0 0.7 65.7 57.6 0.9 58.5 12.8% (22.2)% 12.3%
---------------- --------- ------------- -------- --------- -------------- -------- ------ ----------- ------
Total
discretionary 199.9 55.1 255.0 175.9 52.7 228.6 13.6% 4.6% 11.5%
---------------- --------- ------------- -------- --------- -------------- -------- ------ ----------- ------
Financial
planning n/a n/a 29.9 n/a n/a 24.7 n/a n/a 21.1%
Execution only 3.6 5.4 9.0 3.5 5.1 8.6 2.9% 5.9% 4.7%
BPS 1.2 n/a 1.2 1.0 0.0 1.0 20.0% n/a 20.0%
Advisory 3.5 2.5 6.0 2.6 0.8 3.4 34.6% 212.5% 76.5%
Other income n/a n/a 2.6 n/a n/a 2.2 n/a n/a 18.2%
---------------- --------- ------------- -------- --------- -------------- -------- ------ ----------- ------
Total income 208.2 63.0 303.7 183.0 58.6 268.5 13.8% 7.5% 13.1%
---------------- --------- ------------- -------- --------- -------------- -------- ------ ----------- ------
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