TIDMBRW
RNS Number : 2105G
Brewin Dolphin Holdings PLC
23 July 2021
23 July 2021
Brewin Dolphin Holdings PLC
("Brewin Dolphin" or the "Company" or the "Group")
Quarterly Trading Update
For the third quarter ended 30 June 2021
Q3 discretionary net flows of GBP0.7bn, an annualised growth of
6.1%; implementation of our custody and settlement system remains
on track
Brewin Dolphin announces a trading update for the three months
ended 30 June 2021.
Robin Beer, Chief Executive said:
"We are very pleased to announce a second consecutive quarter of
record gross discretionary fund inflows of GBP1.3bn, of which over
70% were from new clients (1) . Strong fund inflows were seen
across both our direct and indirect businesses, with Ireland having
an exceptional quarter and our Voyager fund range continuing to
scale at pace. We are in the final stages of implementing our
custody and settlement system and remain on track for it to go live
in our environment in the Autumn. These results are testimony that
we are delivering on our strategic priorities of innovating our
propositions, expanding our distribution channels and accelerating
our digital agenda, and we are well positioned to capture future
growth."
Q3 financial highlights
-- Record gross discretionary fund inflows of GBP1.3bn, higher
than Q2 level of GBP1.0bn, driven by continued growth across both
our direct and indirect businesses.
- Over 70% of gross discretionary fund inflows, excluding MPS
and Voyager, are from new clients, and the remainder from top ups
from existing clients.
- Ireland contributed to around a quarter of our gross direct
inflows, excluding transfers relating to Brexit.
- Our Voyager funds grew by just over GBP100m, taking its total funds to around GBP250m.
-- Discretionary net flows of GBP0.7bn, an annualised growth
rate of 6.1% (Q2 2021: GBP0.5bn, +4.5%(2) , Q1 2021: GBP0.1bn,
+1.0%(2) ), continues to demonstrate the value in our
advice-focused strategy and broad range of propositions.
-- Total funds increased by 6.5% to GBP56.0bn in the quarter (Q2
2021: GBP52.6bn). Discretionary funds were up 6.6% to GBP48.7bn (Q2
2021: GBP45.7bn) supported by continued strong net flows and
improved investment performance of 5.0% in the quarter (MSCI PIMFA
Private Investor Balanced Index: 4.3%).
-- Total income was GBP103.8m (Q3 2020: GBP92.7m), an increase
of 12.0% year on year, driven by higher market performance and
strong fund net flows. Year to date total income was GBP303.7m, an
increase of 13.1% year on year.
- Total discretionary income increased by 8.3% to GBP85.7m (Q3
2020: GBP79.1m). Year to date total discretionary income grew by
11.5% to GBP255.0m.
- Discretionary commission income was GBP16.5m, lower than elevated levels in Q2 as expected.
- In the quarter, we had a one-off corporate transaction in
Ireland which contributed GBP1.7m of advisory commission
income.
- Financial planning income grew 28.9% to GBP10.7m (Q3 2020:
GBP8.3m), driven by both investment performance and continued
demand for ongoing financial planning advice.
Notes:
(1) Excluding MPS and Voyager
(2) Annualised growth rate
Update on the implementation of our custody and settlement
system ('Avaloq')
Avaloq remains on track to go live in the Autumn. We continue to
work towards a phased deployment of functionality once Avaloq is
live within our technology environment. There is no change to our
FY21 capex guidance for Avaloq of c.GBP24m. As we embed Avaloq into
our technology architecture, we will be able to drive cost benefits
through improved operational efficiencies, capacity, and
capability.
Upcoming events
The preliminary results for the year ending 30 September 2021
will be announced on 24 November 2021.
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
The Company's LEI number is 213800PS7FS5UYOWAC49
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 GBP48.7 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.
Funds
The funds figures are rounded to one decimal place and therefore
may not always cast.
Total funds by service category
GBPbn 30 June 30 September 31 March 30 June
2020 2020 2021 2021 Change
---------------- ----------------------- ----------------------- ----------------------- -----------------------
Last Last
12 3
months months
---------------- ----------------------- ----------------------- ----------------------- ----------------------- -------- -------
Direct
discretionary 26.1 26.7 29.3 31.1 19.2% 6.1%
---------------- ----------------------- ----------------------- ----------------------- ----------------------- -------- -------
Intermediaries 9.9 10.1 11.1 11.8 19.2% 6.3%
MPS / Voyager 4.3 4.4 5.3 5.8 34.9% 9.4%
---------------- ----------------------- ----------------------- ----------------------- ----------------------- -------- -------
Indirect
discretionary 14.2 14.5 16.4 17.6 23.9% 7.3%
---------------- ----------------------- ----------------------- ----------------------- ----------------------- -------- -------
Total
discretionary 40.3 41.2 45.7 48.7 20.8% 6.6%
---------------- ----------------------- ----------------------- ----------------------- ----------------------- -------- -------
Execution only 4.1 4.1 4.7 4.9 19.5% 4.3%
BPS 0.2 0.2 0.2 0.3 50.0% 50.0%
Advisory 2.1 2.1 2.0 2.1 0.0% 5.0%
---------------- ----------------------- ----------------------- ----------------------- ----------------------- -------- -------
Total funds 46.7 47.6 52.6 56.0 19.9% 6.5%
---------------- ----------------------- ----------------------- ----------------------- ----------------------- -------- -------
Indices
---------------- ----------------------- ----------------------- ----------------------- ----------------------- -------- -------
MSCI PIMFA
Private
Investor
Balanced Index 1,574 1,568 1,704 1,778 13.0% 4.3%
FTSE100 6,170 5,866 6,713 7,037 14.1% 4.8%
Funds flow by service category - detailed movement in the
quarter
GBPbn 31 March Inflows Outflows Internal Net Annualised Investment 30 June Change
2021 transfers flows growth performance 2021
Rate
----------------- --------- -------- --------- ----------- ------- ----------- ------------- -------- -------
Direct
discretionary 29.3 0.7 (0.4) (0.1) 0.2 2.7% 1.6 31.1 6.1%
----------------- --------- -------- --------- ----------- ------- ----------- ------------- -------- -------
Intermediaries 11.1 0.3 (0.1) 0.0 0.2 7.2% 0.5 11.8 6.3%
MPS / Voyager 5.3 0.3 0.0 0.0 0.3 22.6% 0.2 5.8 9.4%
----------------- --------- -------- --------- ----------- ------- ----------- ------------- -------- -------
Indirect
discretionary 16.4 0.6 (0.1) 0.0 0.5 12.2% 0.7 17.6 7.3%
----------------- --------- -------- --------- ----------- ------- ----------- ------------- -------- -------
Total
discretionary 45.7 1.3 (0.5) (0.1) 0.7 6.1% 2.3 48.7 6.6%
----------------- --------- -------- --------- ----------- ------- ----------- ------------- -------- -------
Execution only 4.7 0.1 (0.2) 0.1 0.0 0.0% 0.2 4.9 4.3%
BPS 0.2 0.0 0.0 0.0 0.0 0.0% 0.0 0.3 50.0%
Advisory 2.0 0.0 0.0 0.0 0.0 0.0% 0.1 2.1 5.0%
--------- -------- --------- ----------- ------- -----------
Total funds 52.6 1.4 (0.7) 0.0 0.7 5.3% 2.6 56.0 6.5%
----------------- --------- -------- --------- ----------- ------- ----------- ------------- -------- -------
Funds flow by service category - detailed movement year to
date
GBPbn 30 Inflows Outflows Internal Net Annualised Investment 30 June Change
September transfers flows growth performance 2021
2020 rate
---------------- ----------- -------- --------- ----------- ------- ----------- ------------ -------- -------
Direct
discretionary 26.7 1.4 (0.7) (0.4) 0.3 1.5% 4.1 31.1 16.5%
---------------- ----------- -------- --------- ----------- ------- ----------- ------------ -------- -------
Intermediaries 10.1 0.8 (0.4) (0.1) 0.3 4.0% 1.4 11.8 16.8%
MPS / Voyager 4.4 0.7 0.0 0.0 0.7 21.2% 0.7 5.8 31.8%
---------------- ----------- -------- --------- ----------- ------- ----------- ------------ -------- -------
Indirect
discretionary 14.5 1.5 (0.4) (0.1) 1.0 9.2% 2.1 17.6 21.4%
---------------- ----------- -------- --------- ----------- ------- ----------- ------------ -------- -------
Total
discretionary 41.2 2.9 (1.1) (0.5) 1.3 4.2% 6.2 48.7 18.2%
---------------- ----------- -------- --------- ----------- ------- ----------- ------------ -------- -------
Execution only 4.1 0.2 (0.5) 0.6 0.3 9.8% 0.5 4.9 19.5%
BPS 0.2 0.0 0.0 0.0 0.0 0.0% 0.0 0.3 50.0%
Advisory 2.1 0.0 0 (0.1) (0.1) (6.3)% 0.1 2.1 0.0%
----------- -------- --------- ----------- ------- -----------
Total funds 47.6 3.1 (1.6) 0.0 1.5 4.2% 6.8 56.0 17.6%
---------------- ----------- -------- --------- ----------- ------- ----------- ------------ -------- -------
Income
Three months ended 30 June 2021 Three months ended 30 June 2020 Change
GBPm Fees Commission Total Fees Commission Total Fees Commission Total
---------------- -------- -------------- -------- -------- -------------- -------- ------ ----------- -------
Direct
discretionary 46.7 16.3 63.0 40.3 18.7 59.0 15.9% (12.8)% 6.8%
---------------- -------- -------------- -------- -------- -------------- -------- ------ ----------- -------
Intermediaries 18.9 0.2 19.1 17.0 0.3 17.3 11.2% (33.3)% 10.4%
MPS / Voyager 3.6 n/a 3.6 2.8 n/a 2.8 28.6% n/a 28.6%
---------------- -------- -------------- -------- -------- -------------- -------- ------ ----------- -------
Indirect
discretionary 22.5 0.2 22.7 19.8 0.3 20.1 13.6% (33.3)% 12.9%
---------------- -------- -------------- -------- -------- -------------- -------- ------ ----------- -------
Total
discretionary 69.2 16.5 85.7 60.1 19.0 79.1 15.1% (13.2)% 8.3%
---------------- -------- -------------- -------- -------- -------------- -------- ------ ----------- -------
Financial
planning n/a n/a 10.7 n/a n/a 8.3 n/a n/a 28.9%
Execution only 1.3 1.6 2.9 1.3 1.6 2.9 0.0% 0.0% 0.0%
BPS 0.4 n/a 0.4 0.3 0.0 0.3 33.3% n/a 33.3%
Advisory 1.2 2.0 (1) 3.2 1.0 0.2 1.2 20.0% 900.0% 166.7%
Other income n/a n/a 0.9 n/a n/a 0.9 n/a n/a 0.0%
---------------- -------- -------------- -------- -------- -------------- -------- ------ ----------- -------
Total income 72.1 20.1 103.8 62.7 20.8 92.7 15.0% (3.4)% 12.0%
---------------- -------- -------------- -------- -------- -------------- -------- ------ ----------- -------
(1) GBP1.7m of commission income from a one-off corporate
transaction in Ireland
Nine months ended 30 June 2021 Nine months ended 30 June 2020 Change
GBPm Fees Commission Total Fees Commission Total Fees Commission Total
---------------- --------- ------------- -------- --------- -------------- -------- ------ ----------- ------
Direct
discretionary 134.9 54.4 189.3 118.3 51.8 170.1 14.0% 5.0% 11.3%
---------------- --------- ------------- -------- --------- -------------- -------- ------ ----------- ------
Intermediaries 54.8 0.7 55.5 49.6 0.9 50.5 10.5% (22.2)% 9.9%
MPS / Voyager 10.2 n/a 10.2 8.0 n/a 8.0 27.5% n/a 27.5%
---------------- --------- ------------- -------- --------- -------------- -------- ------ ----------- ------
Indirect
discretionary 65.0 0.7 65.7 57.6 0.9 58.5 12.8% (22.2)% 12.3%
---------------- --------- ------------- -------- --------- -------------- -------- ------ ----------- ------
Total
discretionary 199.9 55.1 255.0 175.9 52.7 228.6 13.6% 4.6% 11.5%
---------------- --------- ------------- -------- --------- -------------- -------- ------ ----------- ------
Financial
planning n/a n/a 29.9 n/a n/a 24.7 n/a n/a 21.1%
Execution only 3.6 5.4 9.0 3.5 5.1 8.6 2.9% 5.9% 4.7%
BPS 1.2 n/a 1.2 1.0 0.0 1.0 20.0% n/a 20.0%
Advisory 3.5 2.5 6.0 2.6 0.8 3.4 34.6% 212.5% 76.5%
Other income n/a n/a 2.6 n/a n/a 2.2 n/a n/a 18.2%
---------------- --------- ------------- -------- --------- -------------- -------- ------ ----------- ------
Total income 208.2 63.0 303.7 183.0 58.6 268.5 13.8% 7.5% 13.1%
---------------- --------- ------------- -------- --------- -------------- -------- ------ ----------- ------
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