Brewin Dolphin reported income for Q3 was up 4.4% to £66.8m compared to the same period in 2011, with recurring revenue now representing 67% of the total.
This shift is partly due to the group moving towards a transparent, fee-based model, but also reflects a significant fall in the volume of trades in line with the market as a whole. Volumes were down 26% in the first quarter of the year, while they fell 11% in the second quarter and 17% in Q3. Meanwhile, funds under management (FUM) for the group rose by 4.2% since September 2011 to £25bn. This was powered by a 10.3% rise in discretionary FUM from £15.6bn to £17.2bn. However, advisory FUM fell by 7.1% over the period from £8.4bn to £7.8bn.
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
