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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

These included Artemis Investment Management, which trimmed 100,000 shares off its holding to reduce it to 0.78%.

Citywire AAA-rated Tim Steer is among the investors through his Artemis UK Growth fund and recently said Brewin scored 100 out of 100 in his proprietary rating system. His colleague John Dodd also praised the firm in a recent update on his Alpha Trust, saluting the firm’s ‘excellent management’ team.

Other fans include A-rated Richard Watts' Old Mutual UK Mid Cap and + rated Dan Nickols Old Mutual UK Smaller Companies funds, which between then added another 191,000 shares to lift their combined interest to 2.79%.  

Invesco Perpetual's Jonathan Brown maintained his UK Smaller Companies fund's holding at 0.91%, while the City of London Investment Trust run out of Henderson and the Montanaro UK Smaller Companies fund kept their holdings at 0.42% and 0.55% respectively.

Peter Webb is also a backer and paid homage to Brewin's contribution to his top performing small cap Income & Growth fund when interviewed by Wealth Manager in May.   

Performance

At 10.30am shares in Brewin were trading at 304.8p, around 15% below their 52-week high of 357.6p.

In a trading update at the end of May, Brewin firm profits had soared by more than 25% to £29.7 million in the six months to the end of March, although this figure does not include the £32 million tech writedown.

Earlier this week, broker Liberum left a meeting with Brewin in a positive mood, prompting it to repeat its buy rating on the stock. 

'Driving operational efficiency has been the focus of management efforts...the group appears to be on track,' analyst Justin Bates said in a note on the stock.

Liberum also highlighted Brewin's target of 5% in discretionary net inflows does not look overly challenging given the 12% achieved in 2010 and 9% in 2011.

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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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