Performance flat at Brewin

STOCKBROKER and fund manager Brewin Dolphin yesterday said income remained broadly flat over the third quarter despite the impact of the economic downturn.<br /><br />Investment management income for the three months to 28 June rose 0.1 per cent to &pound;49.18m, while the group&rsquo;s investment banking division posted a 4.8 per cent rise in revenues to &pound;2.33m.<br /><br />Brewin said funds under management fell by 5.9 per cent to &pound;17.6bn over the 39 weeks since 28 September. A weak performance in the group&rsquo;s advisory funds under management, which lost 11.8 per cent of their value over the period, was offset by an above-par set of numbers in the group&rsquo;s discretionary business, which saw funds under management dip by just one per cent.<br /><br />Brewin, headed up by executive chairman Jamie Matheson, said: &ldquo;The core business has held up well against the market backdrop and investment banking has shown some improvement.&rdquo;<br /><br />It added that the group&rsquo;s balance sheet remains strong, with a net cash balance of &pound;38.5m as at 28 June, compared to &pound;43m this time last year.<br /><br />Brewin plans to open two new offices this summer in Truro and Brighton, taking the total of UK branches owned by the group to 40.<br /><br />The group&rsquo;s shares gained 3.5 per cent yesterday on the London Stock Exchange to close at 133.5p.