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Artemis' John Dodd salutes Brewin’s ‘excellent management team’

by Robert St George on Jul 04, 2014 at 10:07

Artemis' John Dodd salutes Brewin’s ‘excellent management team’

John Dodd, a co-founder of Artemis, has welcomed the contribution Brewin Dolphin has made to the £170 million fund he runs.

Brewin Dolphin is the fifth-largest holding in the Artemis Alpha Trust that Dodd (pictured) manages with Adrian Paterson, and over the past year shares in the wealth manager have surged by 29.5%.

‘Its profit margins have risen rapidly under the guidance of an excellent management team installed 18 months ago,’ said Dodd and Paterson.

‘Rigorous attention to costs and streamlining of the business has enabled the company to attain similar financial performance to that of its main competitors and now the focus is on how to drive revenues forward.

'By forcing many of the industry’s smaller players out of the market, the increased costs of regulation should benefit the more established companies in this sector. Brewin Dolphin should be in an excellent position to grow its assets under management in the years ahead.’

Brewin Dolphin was the third-greatest contributor to the trust’s performance in the year ended 30 April 2014, when Artemis Alpha returned 13.3% on a net asset value basis compared with the FTSE All Share index’s 10.5%.

Since 1 June 2003, when Artemis was appointed as its investment manager, the trust has generated 422% on a net asset value basis versus the index’s 168%.

Dodd and Paterson also highlighted two asset managers as principal drivers of their outperformance over the past year: Polar Capital and Liontrust.

‘Both companies are benefiting from rising equity markets and strong flows into their funds,’ they said.

‘These businesses have worked hard over the last couple of years to diversify their product offerings and to attract high calibre individuals, for whom the opportunity to own a stake in a successful, growing business is appealing. Furthermore, both are benefiting from the high levels of operational gearing, with margins increasing as assets under management grow.’

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