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.

Brewins to raise up to £40m to accelerate growth strategy

Brewins to raise up to £40m to accelerate growth strategy

Brewin Dolphin is hoping to raise close to £40 million to accelerate its growth and transformation strategy.

The national stockbroker will raise the funds via a placing and told investors the extra capital would boost its capacity to invest.

Brewins is now two thirds of the way through its three-year plan for growth, with chief executive David Nicol reminding shareholders its strategy was to achieve 'continued strong growth and increased efficiency'.

In a separate announcement, the firm said it had made good progress towards meeting these aims, with total funds under management at £28.1 billion, as at the end of March, and strong growth in its discretionary assets, which totalled £20.4 billion by the end of the same stretch.

Profit before tax, however, has come down considerably, though Brewins has previously outlined areas it has committed to spend in, such as the £24 million iit s has set aside to plug the hole in its pension scheme.

Versus last year, when Brewins posted a £12.3 million profit before tax, the firm's latest interim results recorded a drop in profit to £6.9 million.  Shares in the company fell 2% to 215.4p on the news.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

Wealth Manager on Twitter