Wealth Manager - the site for professional investment managers

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 Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Play Europe bulls, a retail boost and why a little inequality can be a good thing

Europe bulls, a retail boost and why a little inequality can be a good thing

This week’s Investment Pulse looks at whether investors should be bullish on Europe, the surprise rise in UK retail sales and if a little inequality is a good thing.

Your Business: Cover Star Club

Profile: meet the duo at the heart of Hargreave Hale's succession plan

Profile: meet the duo at the heart of Hargreave Hale's succession plan

For the first time in the company's history a non-Hargreave is now at the head of the north west broker and asset manager

Wealth Manager on Twitter