Share Prices & Company Research

Market News

23 Jan 2019 | 08:56

Brewin Dolphin funds slip as wild swings lower in markets bite

Wealth manager Brewin Dolphin said Wednesday total funds fell 7.7% in its fiscal first quarter driven lower by a decline in the broader market toward the end of the year.

For the three months to 31 December, total funds fell 7.7% to £39.5bn and discretionary funds reduced by 7.2% to £34.9bn.

The company blamed the reduction in funds on 'challenging market conditions' which eroded market market levels, with the MSCI Private Investor Balanced Index falling 7.9% and the FTSE 100 Index falling 10.4% for the quarter.

The wealth manager revealed net discretionary funds inflow were £0.5bn for the quarter, in line with the prior quarter, but below the £0.7bn seen in the same quarter last year.

Total income fell 1.6% to £77.7m, as core fee income slipped 0.8% to £75.6m and total discretionary income fell 1.2% to £66.5m. 'The first quarter has been characterised by lower market levels and ongoing macro-economic uncertainty. Against this backdrop, net discretionary inflows have remained strong and ahead of our 5% target, albeit intermediary client activity has slowed whilst intermediaries and their clients assess the current environment,' said David Nicol, Chief Executive.

At 8:56am: (LON:BRW) Brewin Dolphin Holdings PLC share price was -13.4p at 301.2p

Story provided by StockMarketWire.com
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.