Brewin sees assets grow amid turmoil
STOCKBROKER Brewin Dolphin grew its assets in the year to the end of September as investor patterns changed amid market fears.
Funds under management grew 3.4 per cent as investors poured money into Brewin’s discretionary range of products, ahead of tougher market conditions in the fourth quarter.
Brewin now runs £24bn on behalf of private investors, charities and pension funds, up from £23.2bn a year ago.
Discretionary funds under management rose 11.4 per cent after clients added £1.3bn of net inflows during the year, outweighing negative market movements and small outflows from its advisory funds, the manager said in a statement.
The group added: “The fourth quarter has seen difficult market conditions.”
Brewin said a deal to sell its corporate advisory and broking division, announced in May, is likely to be completed by the end of this year. The division has continued to trade profitably, before taking into accounts costs relating to the sale, it added.
Shares in Brewin, which last year was rumoured to be a takeover target for India’s billionaire Hinduja brothers, closed up 2.99 per cent at 117.2p.
David McCann at Numis rated Brewin a “hold” and said he would rather own other sector stocks, such as Aberdeen Asset Management.