TIDMBRW
RNS Number : 9799M
Brewin Dolphin Holdings PLC
27 January 2021
27 January 2021
Brewin Dolphin Holdings PLC
("Brewin Dolphin" or the "Company" or the "Group")
Quarterly Trading Update
For the first quarter ended 31 December 2020
Total funds grew to GBP51.4bn, higher than pre-COVID levels,
driving strong income growth of 7% in the quarter
Brewin Dolphin announces a trading update for the three months
ended 31 December 2020.
Q1 2021 Highlights
-- Total funds increased by 8.0% to a record GBP51.4bn (FY 2020:
GBP47.6bn) in the quarter, with total discretionary funds up 8.3%
to GBP44.6bn (FY 2020: GBP41.2bn), supported by strong investment
performance.
-- Positive Q1 total discretionary net flows of GBP0.1bn
(annualised growth rate of 1.0%), with gross inflows of GBP0.6bn,
higher levels than Q4 2020 and similar levels to Q1 2020.
o MPS funds grew to GBP4.9bn (FY 2020: GBP4.4bn) with net flows
of GBP0.1bn, an annualised growth rate of 9.1%. Our recently
launched Brewin Dolphin Voyager funds are contributing to the
momentum.
-- Total quarterly income increased by 7.0% to GBP95.9m (Q1
2020: GBP89.6m(1) ), driven by strong market performance in the
quarter and continued high levels of commissions.
o Total discretionary income increased by 5.9% to GBP81.0m (Q1
2020: GBP76.5m) due to growth in funds and higher commission
income.
o Financial planning income grew 11.8% to GBP9.5m (Q1 2020:
GBP8.5m), driven by demand for our advice-led services and growth
in 1762 by Brewin Dolphin.
o MPS income grew 18.5% driven by improved market performance
and income from our 'Powered by Brewin Dolphin' solution.
-- We continue to benefit from some cost savings across the
business as social distancing continues.
-- Remain on track for the implementation of our custody and
settlement system in the Autumn this year, in-line with prior
guidance. Delivery of Avaloq's software and the integration with
our internal systems is in progress and the acceptance testing and
readiness activities are underway.
(1) Q1 2020 only includes 2 months income from our acquisition
of Investec Capital & Investment Ireland Limited.
Robin Beer, Chief Executive said:
"We had a strong start to our financial year and saw growth
across both our direct and indirect business. We are consistently
delivering positive inflows, even with the tightened social
distancing restrictions imposed in November and December 2020.
Broadening our distribution channels continues to add value, with
momentum across both our 'Powered by Brewin Dolphin' solution and
our recently launched Brewin Dolphin Voyager funds. We remain
on-track with the implementation of our custody and settlement
system to be completed in the Autumn this year. With a Brexit trade
deal behind us and the rollout of vaccinations in the UK, market
sentiment is starting to improve, and we look forward to benefiting
from this recovery over the coming year."
Upcoming events
The half year results for the year ending 31 March 2021 will be
announced on 13 May 2021.
Funds
Total funds by service category(1)
31 December 30 September 31 December
2019 2020 2020 Change
----------------------------- ------------ ------------- ------------
Last Last
GBPbn 12 months 3 months
----------------------------- ------------ ------------- ------------ ----------- ----------
Direct discretionary 27.5 26.7 28.8 4.7% 7.9%
----------------------------- ------------ ------------- ------------ ----------- ----------
Intermediaries 10.2 10.1 10.9 6.9% 7.9%
MPS 4.1 4.4 4.9 19.5% 11.4%
----------------------------- ------------ ------------- ------------ ----------- ----------
Indirect discretionary 14.3 14.5 15.8 10.5% 9.0%
----------------------------- ------------ ------------- ------------ ----------- ----------
Total discretionary 41.8 41.2 44.6 6.7% 8.3%
----------------------------- ------------ ------------- ------------ ----------- ----------
Execution only 4.5 4.1 4.6 2.2% 12.2%
BPS 0.2 0.2 0.2 0.0% 0.0%
Advisory 2.0 2.1 2.0 0.0% (4.8)%
----------------------------- ------------ ------------- ------------ ----------- ----------
Total funds 48.5 47.6 51.4 6.0% 8.0%
----------------------------- ------------ ------------- ------------ ----------- ----------
Indices
----------------------------- ------------ ------------- ------------ ----------- ----------
MSCI PIMFA Private Investor
Balanced
Index 1,679 1,568 1,677 (0.1)% 7.0%
FTSE 100 7,542 5,866 6,460 (14.3)% 10.1%
----------------------------- ------------ ------------- ------------ ----------- ----------
Funds flow by service category - detailed movement(1) in the
quarter
GBPbn 30 Inflows Outflows Internal Net Annualised Investment 31 Change
September transfers flows growth performance December
2020 rate 2020
---------------- ---------- -------- --------- ---------- ------- ----------- ------------ ---------- -------
Direct
discretionary 26.7 0.3 (0.1) (0.2) 0.0 0.0% 2.1 28.8 7.9%
---------------- ---------- -------- --------- ---------- ------- ----------- ------------ ---------- -------
Intermediaries 10.1 0.2 (0.1) (0.1) 0.0 0.0% 0.8 10.9 7.9%
MPS 4.4 0.1 0.0 0.0 0.1 9.1% 0.4 4.9 11.4%
---------------- ---------- -------- --------- ---------- ------- ----------- ------------ ---------- -------
Indirect
discretionary 14.5 0.3 (0.1) (0.1) 0.1 2.8% 1.2 15.8 9.0%
---------------- ---------- -------- --------- ---------- ------- ----------- ------------ ---------- -------
Total
discretionary 41.2 0.6 (0.2) (0.3) 0.1 1.0% 3.3 44.6 8.3%
---------------- ---------- -------- --------- ---------- ------- ----------- ------------ ---------- -------
Execution
only 4.1 0.0 (0.1) 0.4(2) 0.3 29.3% 0.2 4.6 12.2%
BPS 0.2 0.0 0.0 0.0 0.0 0.0% 0.0 0.2 0.0%
Advisory 2.1 0.0 0.0 (0.1) (0.1) (19.0)% 0.0 2.0 (4.8)%
---------- -------- --------- ---------- ------- -----------
Total funds 47.6 0.6 (0.3) 0.0 0.3 2.5% 3.5 51.4 8.0%
---------------- ---------- -------- --------- ---------- ------- ----------- ------------ ---------- -------
(1) The funds figures are rounded to one decimal place and
therefore may not always cast.
(2) Internal transfers for execution only, include discretionary
funds pending exits.
Income
GBPm Q1 ended Q1 ended Change
31 December 2020 31 December 2019
Fees Commission Total Fees Commission Total Fees Commission Total
------------------------ ----- ----------- ------ ----- ----------- ------ ------ ----------- ------
Direct discretionary 43.8 15.9 59.7 42.0 13.9 55.9 4.3% 14.4% 6.8%
------------------------ ----- ----------- ------ ----- ----------- ------ ------ ----------- ------
Intermediaries 17.9 0.2 18.1 17.6 0.3 17.9 1.7% (33.3)% 1.1%
MPS(1) 3.2 n/a 3.2 2.7 n/a 2.7 18.5% n/a 18.5%
------------------------ ----- ----------- ------ ----- ----------- ------ ------ ----------- ------
Indirect discretionary 21.1 0.2 21.3 20.3 0.3 20.6 3.9% (33.3)% 3.4%
------------------------ ----- ----------- ------ ----- ----------- ------ ------ ----------- ------
Total discretionary 64.9 16.1 81.0 62.3 14.2 76.5 4.2% 13.4% 5.9%
------------------------ ----- ----------- ------ ----- ----------- ------ ------ ----------- ------
Financial planning n/a n/a 9.5 n/a n/a 8.5 n/a n/a 11.8%
Execution only 1.2 1.7 2.9 1.1 1.6 2.7 9.1% 6.3% 7.4%
BPS 0.4 n/a 0.4 0.3 n/a 0.3 33.3% n/a 33.3%
Advisory 1.1 0.3 1.4 0.9 0.2 1.1 22.2% 50.0% 27.3%
Other income n/a n/a 0.7 n/a n/a 0.5 n/a n/a 40.0%
------------------------ ----- ----------- ------ ----- ----------- ------ ------ ----------- ------
Total income 67.6 18.1 95.9 64.6 16.0 89.6 4.6% 13.1% 7.0%
------------------------ ----- ----------- ------ ----- ----------- ------ ------ ----------- ------
(1) 'Powered by Brewin Dolphin' income in Q1 2021 is GBP0.1m (Q1
2020: GBPnil); funds are not included within the reported Group
funds.
The Company's LEI number is 213800PS7FS5UYOWAC49
For further information:
Brewin Dolphin Holdings PLC
Carla Bloom, Head of Investor Relations Tel:+44 (0) 20 7248 4400
Camarco
Ben Woodford / Geoffrey Pelham-Lane Tel: +44 (0) 799 065 3341
/
+44 (0) 773 312 4226
Notes to Editors:
About Brewin Dolphin
Brewin Dolphin is one of the UK and Ireland's leading
independent providers of discretionary wealth management. We
continue to focus on discretionary investment management, and we
manage GBP44.6 billion of funds on a discretionary basis. In line
with the premium we place on personal relationships, we have built
a network of offices across the UK, Channel Islands and the
Republic of Ireland, staffed by qualified investment managers and
financial planners. We are committed to the most exacting standards
of client service, with long-term thinking and absolute focus on
our clients' needs at the core.
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END
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