Cholwill backs Brewin to be among wealth manager 'survivors'

Royal London Asset Management (RLAM)'s Martin Cholwill has upped his stake in Brewin Dolphin as he backs three wealth managers to survive the post-RDR world.

Cholwill (pictured), manager of the £448m Royal London UK Equity Income fund, has upped his stake in wealth manager Brewin, buying into last week's share placing at 210p, which raised around £40m for the business. Its share price rallied on the news of the placing, and currently trades at 238p - up 15% year-to-date. "A lot of wealth managers have had a decent start of the year," he said. "If markets are going up, their funds under management go up, and fees they can charge on those funds goes up while costs do not. "Brewin has a high proportion of client money in equities - probabl...