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Brewin nets close to £1m from N+1 Singer stake disposal

Brewin Dolphin has netted £0.9 million after selling its remaining stake in broker N+1 Singer.

The sale follows the merger of brokers N+1 Brewin and Singer Capital Markets last year, a move that sought to capitalise on demand from mid-caps in the UK and Europe for advisory services. N+1 Brewin was formed after the acquisition of Brewin's corporate advisory and broking businesses by the N+1 Group in 2011.

The news comes as Brewin Dolphin announced in its group preliminary results that its strategy to improve profitability and make the business more efficient had weighed on pre-tax profit, with redundancy costs amounting to £4.8 million over the year.

On a more positive note, the national wealth manager said it was starting to reap the rewards of moving to a unified pricing structure with a 25% fee rise over the year.

Total income rose 5% over the 12 months to the end of September to £283.7 million, while a 17% rise in discretionary assets powered a £3.1 billion jump in assets to £28.2 billion.  

Brewin posted a 22% rise in adjusted pre-tax profit to £52.3 million over the period. These figures were adjusted to exclude redundancy costs, additional FSCS levy, onerous contracts provision, amortisation of client relationships and disposal of available-for-sale investments.

When these factors are accounted for, pre-tax profit stood at £28.6 million, representing a 4% decline on the year. Brewin said this was down to restructuring costs and 'material provisions for onerous contracts'.

The share price was trading at 282.9 pence at 10:16, up 2.56% on the day.

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