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View the article online at http://citywire.co.uk/wealth-manager/article/a760768

Who bought & sold Brewin after £32m tech writedown

by Dylan Lobo on Jul 09, 2014 at 11:29

Who bought & sold Brewin after £32m tech writedown

On 13 May Brewin Dolphin surprised the market by taking a £32 million hit on a technology U-turn.

The news shaved 2.2% off the wealth firm's share price on the day and the analyst community said the tough decision could be ‘negative to sentiment’.

The decision to ditch plans to implement the Figaro software was the latest development in a major strategic overhaul at Brewin, which has seen it consolidate its regional network as part of a restructure to cut costs.

With the firm also embroiled in a High Court poaching row with rival Charles Stanley, it has been an interesting few months for Brewin, which is led by chief executive David Nicol (pictured).    

The stock continues to be a popular play among fund managers and a number of key trades took place in the aftermath of the tech write off.

Sellers

According to information seen by Wealth Manager concerning transactions which took place between in the four weeks up to 12 June one of Brewin's biggest investors, Kames Capital, sold around 875,000 shares, reducing its total stake to 8.43%.

This interest is held across a range of Kames funds, including the Kames Ethical Equity fund managed by Citywire AA-rated Audrey Ryan.  

Ryan saw the opportunity to buy into Brewin in 2013 following a placing by the firm. In March this year she told Wealth Manager: 'I think the market was a bit worried about the RDR changes and what that meant for many businesses in the financial space.

‘But in terms of what we have heard on pricing from them [Brewin], we believe it has a strong investment case and we are comfortable with that. The valuation is quite full but that has been the case for some time.’ 

Other big investors to trim stakes included Royal London and BlackRock, which sold around 280,000 and 1 million shares respectively, reducing their positions to 5.09% and 4.75%.

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1 comment so far. Why not have your say?

Grumpy OAP

Jul 09, 2014 at 15:35

So what is the story here?

Looks like a puff piece for Brewin.

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