Performance flat at Brewin
STOCKBROKER and fund manager Brewin Dolphin yesterday said income remained broadly flat over the third quarter despite the impact of the economic downturn.
Investment management income for the three months to 28 June rose 0.1 per cent to £49.18m, while the group’s investment banking division posted a 4.8 per cent rise in revenues to £2.33m.
Brewin said funds under management fell by 5.9 per cent to £17.6bn over the 39 weeks since 28 September. A weak performance in the group’s advisory funds under management, which lost 11.8 per cent of their value over the period, was offset by an above-par set of numbers in the group’s discretionary business, which saw funds under management dip by just one per cent.
Brewin, headed up by executive chairman Jamie Matheson, said: “The core business has held up well against the market backdrop and investment banking has shown some improvement.”
It added that the group’s balance sheet remains strong, with a net cash balance of £38.5m as at 28 June, compared to £43m this time last year.
Brewin plans to open two new offices this summer in Truro and Brighton, taking the total of UK branches owned by the group to 40.
The group’s shares gained 3.5 per cent yesterday on the London Stock Exchange to close at 133.5p.