Funds under management (FUM) at UK private
client investment managers Brewin Dolphin increased by 3.8% in the
three months to 31 December 2011, but commissions tumbled by 24% to
£17.5m ($28m).
Brewin Dolphin said the drop in the final
quarter of 2011 was due to reduced market activity. This has
reductions has continued into January, it added.
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Discretionary FUM increased 5.1% to £15.6bn,
with advisory FUM increasing 1.2% to £8.5bn.
Brewin Dolphin said the sale of its corporate
and advisory broking division was completed on 31 January. The unit
has now begun independent trading as N+1Brewin.
Brewin Dolphin retains a 14% stake in the new N+1Brewin
partnership.
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