Brewin Dolphin investment fee income surges
INVESTMENT management firm Brewin Dolphin saw income jump by almost a fifth over the third quarter of its financial year, though it warned the performance of the group going forward would be at the mercy of the financial markets.
Brewin’s investment management revenue soared 27.5 per cent to £55.3m over the quarter, though this was partially offset by a decline in the income the firm received on its client deposits as interest rates fell.
The group’s discretionary funds under management have strengthened by 10.2 per cent to £13bn since the end of the previous financial year last September, compared to a 1.7 per cent rise in the benchmark FTSE APCIMS private investor series balanced portfolio. The FTSE 100 index declined by 0.7 per cent over the nine- month period, to 5,046 as of 27 June.
However, Brewin’s corporate advisory and stockbroking arm, which accounts for just 3.3 per cent of the group’s revenue, was hit by the turbulent economic environment, with revenue dipping 13.1 per cent to £2.02m in the third quarter.
“In the short term, the group’s trading performance is very dependant on markets,” Brewin warned in a statement.