Wealth Manager - Essential news for investment professionals

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Brewin Dolphin takes £4m hit from loss of trail

Brewin Dolphin takes £4m hit from loss of trail

Brewin Dolphin's revenue has been impacted by its well-flagged move to a transparent pricing model.  

In a trading update covering the final three months of 2013 - the firm's first quarter - Brewin said 'other non-core' income declined by 40.8% from £9.9 million to £5.9 million 'due to the on-going switch to non-trail paying fund units in line with guidance'.

Meanwhile strength in its discretionary business, which experienced an inflow of £0.3 billion in the quarter, combined with advisory and execution only services, powered a 15% increase in core income to £63.8 million.

Overall income across the group, led by chief executive David Nicol (pictured), was 6.5% higher at £69.6 million.

'Income growth driven by good investment performance, on-going new client inflows to our discretionary service and the benefits of a transparent pricing structure,' the firm said.

Total funds under management rose from £34.9 billion to £36 billion over the three months with discretionary assets 4.2% higher.  

Brewin Dolphin is confident it can have a good 2014.

'Our outlook remains positive as we continue to implement our transformation and growth strategy for the business,' it told the stockmarket.  

'Continuing improvement in equity market conditions, allied to the increasingly encouraging outlook for the broader UK economy gives us growing confidence that successful implementation of our strategy will create long term value for both our customers and our shareholders.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Sarasin’s Boucher: why I like salmon with chocolate

Sarasin’s Boucher: why I like salmon with chocolate

Henry Boucher, manager of the £129 million Sarasin Food & Agriculture Opportunities fund, explains why he is gobbling up salmon and chocolate stocks.

Play Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Libby Ashby and leading wealth managers analyse what the Alibaba IPO hype means for Chinese equities, slowing growth of the UK economy and whether there’s anything left to play for in the European sovereign bond market.

Play Tesco, Japan and the rise of the central banker

Tesco, Japan and the rise of the central banker

 Libby Ashby and leading wealth managers scrutinise the food retail sector, Japan’s consumption tax hike and political risk in the markets.

Your Business: Cover Star Club

Veteran banker boosts Sanlam’s stockbroking team

Veteran banker boosts Sanlam’s stockbroking team

A veteran private banker has been recruited by Sanlam Private Investments to strengthen its advisory stockbroking team.

Wealth Manager on Twitter