28 January 2009
Thirteen Week Period ended 28 December 2008
Brewin Dolphin Holdings PLC, the UK’s largest independent private client investment manager, announces its Interim Management Statement (IMS) as required by the UK Listing Authority’s Disclosure and Transparency rules.
Income for the first quarter to 28 December 2008 is £51.0 million, 2% lower than the same period last year
(31 December 2007: £52.1 million).
Total Income
| Quarter to 28 December 2008 | Quarter to 31 December 2007 | ||
| £’000 | £’000 | % change | |
| Investment management | 48,966 | 47,177 | +3.8% |
| Investment banking | 2,072 | 4,908 | -57.8% |
| Total income | 51,038 | 52,085 | -2.0% |
The value of clients funds under the Group’s management were as follows at 28 December 2008:-
Funds
| At 28 December 2008 | At 28 September 2008 | ||
| £ billion | £ billion | % change | |
| Discretionary funds | 9.5 | 10.2 | -6.9% |
| Advisory funds | 7.4 | 8.5 | -12.9% |
| Total managed funds | 16.9 | 18.7 | -9.6% |
| FTSE APCIMS Private Investor Series Balanced Portfolio | 2,338 | 2,586 | -9.6% |
| FTSE 100 | 4,217 | 5,089 | -17.1% |
As forewarned in the 2008 Annual Report, Investment Banking continued to find market conditions difficult in the first quarter. Against this Investment Management has seen inflows of discretionary funds, and income has risen by 4%.
The Group’s balance sheet remains strong. Brewin Dolphin Limited, the Group’s operating company, had a £20 million capital adequacy surplus at 28 December 2008. The Board continues to believe firmly in the merits and soundness of our business model and long term prospects.
For further information please contact:
Jamie Matheson
Executive Chairman
Brewin Dolphin
020 7248 4400
Andrew HayeslWendy Baker
Hudson Sandler
020 7796 4133