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Total income increased by 13.7 per cent to 67.8m pounds in the first quarter of the financial year at Brewin Dolphin, an interim management statement from the company disclosed on Thursday morning. The rise in income in the three months ending January 30th stood in marked contrast to the 5.0% decline recorded in the preceding quarter ending September 30th. At the time, the preceding quarter's income decline was put down to an ongoing reduction of trail income in preparation from the Retail Distribution Review implementation. In Thursday's interim statement, the group said that the trend towards an increasing proportion of recurring fee income was continuing, albeit at a marginally slower pace than during 2012.
Brewin Dolphin: Numis ups target price from 188p to 195p leaving its hold rating unaltered.
In particular, the company was working to ensure it was ready to meet the demands of the UK financial regulation's Retail Distribution Review which came into force this month. "Our investment managers and financial planners have continued to provide an excellent service to our clients during another year that has seen much strategic and regulatory change," Group Managing Director, Henry Algeo, said. "We as a group remain determined to continue to provide an outstanding bespoke investment management service for our clients."
Brewin Dolphin Holdings, one of Britain's largest investment and financial planning firms, reported a 36.5 per cent hike in profits in its annual report released Friday. The FTSE 250 company's profit before tax stood at £29.9m for the year end September 30th, up from £21.9m in the comparative period. Total income increased 2.1% to £269.5m and total managed funds climbed 7.9% to £25.9bn. Business was bolstered by company expansion with a new branch in Ipswich and additional teams in Birmingham, Jersey, Bristol, London, Newcastle and Dublin. The firm said it was also helped by the fact the investment management market was a growing sector, competition was relatively fragmented and price competition was low. However, it said regulation continued to set back businesses in the financial sector in the UK and overseas.
Brewin Dolphin Holdings: Numis raises target price from 163p to 188p keeping a hold rating.
Brewin said it was "very conscious of the need to return to a progressive dividend policy" after years of financial turmoil, as well as investment in IT and dealing with regulation costs. Executive Chairman Jamie Matheson said equity markets had remained remarkably resilient and there was some sign of improved trading volumes since the summer. "Many of the problems that caused concern in the financial services industry during the past year remain unresolved," he added. "This particularly relates to the euro and more generally to prolonged economic weakness throughout the developed world."
Wealth management firm Brewin Dolphin reported growth in funds under management after equity markets remained 'surprisingly resilient'. Funds under management at the year end were £25.9bn, up by 7.9% from the year before. The most significant rise was the 16.7% growth of our discretionary funds to £18.2bn. The firm saw an 8.3% fall in advisory funds to £7.7bn. Stripping out items such as redundancy costs and the additional Financial Services Compensation Scheme levy, profit before tax was up 8.3% to £42.9m. On the same basis, earnings per share were up 6.5% to 13.2p. The firm will pay a final dividend of 3.6p per share, bringing the total dividend for the period to 7.15p, up from 7.10p the year before.
Brewin Dolphin Holdings: Peel Hunt raises target price from 185p to 230p and maintains a buy rating.
Brewin Dophin: RBC Capital Markets ups target from 170p to 210p, outperform rating kept.
Investment manager Brewin Dolphin is seeing a decline non-recurring income as it moves to a 'transparent' fee based charging system. Total income for the three months to the end of June was £66.8m, up 4.4% on the same period of 2011, but so called "non-recurring" income fell back 17.9% to just £20.6m. The group says this is partly to do with its new fee structure but also reflects "a significant fall in the volume of trades in line with the market as a whole". Funds under management grew 4.2% to £25.0bn of which £7.8bn are advisory funds and £17.2bn are discretionary. Outflows for the period totalled £1.2bn versus inflows of £1.1bn. About half of the outflows were related to the new fees structure.
Scottish stockbroker Brewin Dolphin has announced that former Evolution Group man Andrew Westenberger will be its Finance Director when current incumbent Robin Bayford steps down at the end of the year. From 2009 until August 2011 Westenberger was Group Finance Director of investment house Evolution Group and a director of its principal subsidiary, Williams de Broe.
The investment manager Brewin Dolphin gets a big push from Questor in the Telegraph. It’s fallen 13.5 per cent in the past year but the dividend yield is north of five per cent and funds under management are also growing (up 7.1 per cent at the last count). With a strategy review underway the stock is a buy for its dividend.
Why Unicorn’s McClure Is Backing Brewin Dolphin Unicorn UK Income manager John McClure said wealth manager Brewin Dolphin has the potential to increase margins by over 50% as it catches up with its peers in the sector. The manager said Brewin has strong prospects for growth as it stands to benefit from consumers' dissatisfaction with traditional financial institutions. "The business has been tidied up and has a brand name attached. It is very much a margin play. Rathbones makes 30% gross margins and Brewin makes 18%, so there is clearly scope for improvement," he said. Brewin is the second largest holding in McClure's top performing £40m UK Income fund as of the end of March, at 5.2% of the portfolio, and has a current dividend yield of 4.2%. http://www.investmentweek.co.uk/investment-week/news/2167489/unicorn-s-mcclure-backing-brewin-dolphin Also, Here's a couple of links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?threadid=252803 http://www.euroinvestor.com/community/discussionthread.aspx?threadid=253089
Brewin Dolphin warns on tough market Date: Thursday 06 Oct 2011 LONDON (ShareCast) - Brewin Dolphin, the independent investment manager has seen its advisory funds under management fall by 8.7% in its final quarter. Total funds under management are now at £24bn, a rise of 3.4% on the same period last year, including an 11.4% rise in discretionary funds. There has been a net inflow to Brewin of £100m while acquired funds have contributed £800m. Brewin says it aims to complete the previously announced disposal of its Corporate Advisory and Broking Division by the end of 2011. The firm admits that the “fourth quarter has seen difficult market conditions.” Brewin's management statement was greeted positively by investors, with its shares up 2.46% in early trading
http://www.investegate.co.uk/Article.aspx?id=201110060700146534P
Shares in Brewin Dolphin took a dive yesterday after the financial services firm released its third-quarter update. The numbers did not make for fantastic reading. Most notably, its investment management revenue of £64m was a sizeable 11 per cent behind forecasts, while funds under management missed hopes by 3 per cent. Investors should also note that although Brewin’s share price has been under pressure since March, City scribblers have been positive towards the group. The reason is that back in May, the company announced plans to tackle the thorny issue of why its operating margin was significantly lower than those of rivals such as Rathbones. The major review that was launched at the time is expected to take up to three years, although the company did say it hoped to see some positive changes in the near future. Nonetheless, it remains a long-term issue and, if you’re prepared to wait, it could provide some significant upside as the company makes improvements, according to the Independent, which gives Brewin a buy
Private client investment manager Brewin Dolphin can trace its roots to the mid-18th Century and was a founding member of the London Stock Exchange, writes Midas in the Mail On Sunday. It has more than 100,000 clients, and since the turn of the century the proportion of clients who are taking the firm's discretionary services rather than making their own decisions has more than doubled from 26% to 60%, and executive chairman Jamie Matheson hopes to increase the percentage still further. The shift is important because the more discretionary clients Brewin has, the more annual fee income it receives and the more robust its profits are. Profits for the year to September are forecast to rise more than 15% cent to £46m, with another 18% increase to £55m pencilled in for the year to September 2012. Dividends are expected to move in tandem, increasing from 7.1p last year to 7.3p in 2011 and 7.6p next year. This growth is likely to come from an expansion of services and increased geographical reach. The firm is also engaged in a comprehensive update of its systems, which should cut costs and help customers who enjoy checking their portfolios online. Brewin Dolphin is trading at 160p and after recent falls the shares are now cheaper than those of many rivals, even though growth prospects are good and the dividend yield is almost 5%. Buy, says Midas.
Positive Midas article: http://www.dailymail.co.uk/money/markets/article-2015505/MIDAS-JOANNE-HART-Revamped-client-base-lifts-Brewin.html
Brewin Dolphin Holdings (BRW) said it was confident of its ability to continue to grow and prosper, as the stockbroker posted widened adjusted pre-tax profits for the half-year. For the 6-months ended 27th March 2011, adjusted pre-tax profits rose 9.6% to 22.9 million pounds on the comparable period a year earlier as total income climbed 12.5% to 136 million pounds. Total managed funds also rose, advancing 7.8% to 25 billion pounds. Shares in Brewin, which has 41 offices across the UK and Channel Islands offering a wide range of financial services, were back 0.3p to 165.7p.
Shore Capital says... Buy. Fund performance at Brewin Dolphin remains impressive and it is encouraging to note that around 80 per cent of inflows in the last quarter of 2010 were into discretionary funds. At 115 basis points, these generate a higher revenue yield than advisory funds, at around 85 basis points. We continue to believe that the group remains vastly under-rated relative to its peer group, and expect adjusted pre-tax profits for end-September 2011 of £48m and EPS of 14.6p.
Canaccord Genuity says... Buy. Total revenue rose 15.9 per cent in the fourth quarter to £65.9m, and this helped boost management fees by 32 per cent - although this was countered by the rather weak increase in investment management commission. We expect to see adjusted pre-tax profits of £46.4m for 2011 and EPS of 14.2p. And the impact of the sale of the corporate and broking side isn't expected to come through until 2012, when profits are likely to be around 3.5 per cent lower than they would have been. On our estimates, the shares are trading on around 12 times forecast earnings - which represents a significant discount to rivals such as Rathbone Brothers, trading on 16 times.
Brewin Dolphin growth story continues Created: 4 March 2011 Written by: Jonas Crosland What's new... ■ Growth of discretionary funds under management ■ Cash generated from disposal ■ Stronger focus on asset management Brewin Dolphin is shifting its business model more towards becoming a pure asset manager, providing an advisory service for private investors as well as financial planning services for charities and pension funds. It took a step towards achieving this last month by disposing of its corporate advisory and broking business, bringing with it the added bonus of freeing-up regulatory capital. What's more, a trading update in January reported that discretionary funds under management - which typically commands higher fee income than advisory funds - grew 7.9 per cent in the last quarter of 2010 to £15.1bn. That outperformed the 4.7 per cent rise in the FTSE private investor balanced portfolio index over the same period. The increase translates into an annualised outperformance over the index of more than 12 per cent, easily beating the group's key performance target of 5 per cent growth. Investment management commission was up by a modest £0.8m at £25.3m, although this included the Christmas period where client activity typically contracts. Group finances remain in good shape too, with £15m of capital in excess of adequacy requirements, and cash balances of £41m. However, there will be a £6m charge levied through the financial services compensation scheme relating to the failure of Keydata.
Further announcements will be made as appropriate. Jamie Matheson, the Chairman of the Group, said "This transaction will enable Brewin Dolphin to wholly focus on its core investment management business. We wish the team every success with their new partner." Graeme Summers, Head of the Corporate Advisory & Broking division and Managing Partner -elect of N+1 Brewin, said "The new entity will enable us to enhance our service offering for our clients by combining the strength, depth and international reach of N+1's European financial advisory and asset management expertise, with the existing skills of our team here in the UK. The team is very excited by the significant opportunities that lie ahead."
Disposal of Corporate Advisory & Broking Division Brewin Dolphin Holdings Plc ('Group') has today signed a memorandum of understanding relating to the proposed disposal of its Corporate Advisory & Broking division to a new partnership entity to be called N+1 Brewin. The entity will be capitalised jointly by leading European financial advisory and asset management group, N+1, and senior management of the division. Group will receive a total nominal goodwill consideration of £5m for the disposal, comprising £1m cash up front and a 14% preferred interest in the new entity with a nominal value of £4m. Group will receive a 6% per annum return on its preferred interest which will be paid in priority to ordinary distributions for the period to 2017. It is envisaged that the preferred interest will be held for the medium term, allowing Group to benefit from any future uplift in the new entity's value when it ultimately converts into N+1 equity. The Corporate Advisory & Broking division reported an operating profit of £1.3m from turnover of £10.9m in the year ended 26 September 2010. At the year end, the division had gross assets of £33.4m and nil net assets. Completion of the transaction is subject to contract and receipt of regulatory approval for the new entity. The division will remain part of the Group until completion, which is anticipated to take place by the Group's year end in September 2011. The proposed disposal will free the Group from its regulatory capital requirement for the division and simplify the structure of the Group into that of a pure investment manager.
http://www.investegate.co.uk/Article.aspx?id=201102150700062219B