The managers reduced their holding in the business from just over 5% to 4.8% or 13.8 million worth £46.9 million at a share price of 339p, 5.2% down from a recent high of 358p.
The shares are held in their £3.5 billion JOHCM UK Equity Income fund, until recently the largest investor in the business. The managers have over the last six months trimmed their stake from almost 23 million shares, according to Reuters shareholder data.
Broker Liberum this month reiterated its buy rating on the stock on a price target of 397p.
The house has launched a strategic overhaul in recent years since abandoning an in-house IT development project. This has borne fruit with income hitting a record £77.3 million in the three months to the end of June, up 8.4% on the same period of 2016.
The company also reported total funds under management 3.7% higher at £39.2 billion.
This included the £700 million it gained from the acquisition of Duncan Lawrie Asset Management (DLAM) in May. Overall discretionary funds increased by 4.4% to £32.9 billion.
Net discretionary organic fund inflows, including transfers of £0.6 billion, represented an annualised growth rate of 7.6% versus 4.1% in the third quarter of 2016.
Brewin said the performance - which covers the third quarter of its financial year - demonstrated the 'group’s continuing delivery against its strategic plan'.