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Brewin Dolphin income falls 5% in Q4 as RDR hits

Brewin Dolphin has reported a 5 per cent fall in income to £67.8m in the fourth quarter of 2012 as income trail continued to fall in preparation for the RDR.

The fall is compared to figures for the third quarter of 2012, with the group citing the “ongoing reduction of trail income” as the primary reason for the fall.

However Brewin says income increased 13.7 per cent from £59.7m in the fourth quarter of 2011.

In its interim management statement, Brewin says the trend towards an increasing proportion of recurring fee income is continuing, albeit at a marginally slower pace than during 2012.

The group adds: “The recovery in the commission levels from the sharp falls experienced in the first quarter of the last financial year has stabilised and first quarter total commission income was in line with the average for the final two quarters of the previous financial year.”

Total assets under management remained largely unchanged at £26bn despite a £200m outflow from its advisory funds under management, which the group cites as a result of its “ongoing service reviews as a result of the move to new pricing” and a transfer of £100m to its execution-only service.

Brewin Dolphin says it is currently in a period of consolidation after a period of “expansion-led” growth in recent years.

The group says: “In particular, the priority remains continued improvement in the quality of service to clients, increasing shareholder returns through improved operational efficiency and ensuring that the highest standards of compliance with regulatory requirements continue to be met.

“To fulfil these aims, whilst still growing through organic fund inflows, the Group has committed itself to a significant programme of organisational change with material capital investment in new systems.”

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