Loss of trail knocks 5% off Brewin income in Q4

Total income at Brewin Dolphin for the final three months of 2012 fell by 5% on the quarter as trail income fell ahead of RDR implementation.

Reporting results for the final quarter of last year, Brewin said total income rose by 13.7% over the period compared with a year previous, up from £59.7m to £67.8m. The 5% quarterly fall was "primarily due to the ongoing reduction of trail income in preparation for RDR implementation," the group said in a statement. With funds under management rising 0.4% to £26bn, Brewin said the trend towards an increasing proportion of recurring fee income is continuing, albeit at a marginally slower pace, while its repricing and moving to new national rate cards saw "progress [that] was slower th...