The UK investment manager announced pre-tax profits of £36.2m for the year to September 28, down by 13 per cent from £41.7m in 2007. Investment banking operations dragged on performance with operating profit down 93 per cent and income slashed by more than half but the group reported an increase in final dividend to 3.55p per share from 3.5p in 2007.
Total funds under management in the group’s investment management operations declined to £18.7bn from £21.6bn over the year, with discretionary services down 4.7 per cent at £10.2bn and advisory funds down 22 per cent at £8.5bn. The group is continuing in its trend to shift clients from discretionary management to advisory services.
Brewin Dolphin executive chairman Jamie Matheson says: “As the UK’s largest independent private client investment manager focused on long term equity investment, we have a good platform to continue to develop despite the uncertain economic environment.
“There is now a wide recognition that debt in whatever sphere must be kept in proportion, which clearly emphasises the importance of equity. We are very fortunate to serve a client base that has a good understanding of stock markets and practices and true long term investments.”