27 July 2016

Brewin Dolphin Holdings PLC

Interim Management Statement

For the quarter ended 30 June 2016

Resilient performance in volatile markets

Brewin Dolphin Holdings PLC (the 'Company' or the 'Group') today issues the following Interim Management Statement for the third quarter of the financial year ending 30 September 2016.

Q3 Highlights

·

Total funds increased by 2.1% in the quarter to £33.5bn (H1 2016: £32.8bn, FY 2015: £32.0bn).

·

Total core funds increased by 3.1% in the quarter to £30.4bn (H1 2016: £29.5bn, FY 2015: £28.5bn).

·

Discretionary funds increased by 3.5% in the quarter to £26.8bn (H1 2016: £25.9bn, FY 2015: £24.8bn).

·

Total net discretionary funds inflow of £0.3bn; representing 4.1% annualised growth.

·

Total income up 1% in the quarter to £71.3m (Q3 2015: £70.6m).

·

Core income growth of 5.4% in the quarter to £66.6m (Q3 2015: £63.2m); driven by organic discretionary funds growth and improved commission levels.

·

Other income declined to £4.7m (Q3 2015: £7.4m).

Q3 2015 results restated to exclude discontinued operations.

Core funds comprise discretionary and execution only funds.

David Nicol, Chief Executive said:

'It has been another quarter of steady progress towards our long-term growth goals. Our core discretionary business has continued to deliver organic funds flow and income growth, demonstrating its resilience in the face of uncertain market conditions. In times of market volatility our clients are increasingly looking to Brewin Dolphin to guide them through challenging investment markets. We remain committed to our growth initiatives and have made good progress during the quarter. Our confidence in the future is underpinned by our robust financial position and clear strategic focus.'

Funds

Total funds by service category

Change

£'bn

30 June
2015

30 September
2015

31 March
2016

30 June
2016

Last
12 months

Last
9 months

Last
3 months

Discretionary

25.6

24.8

25.9

26.8

4.7%

8.1%

3.5%

Execution only

3.7

3.7

3.6

3.6

-2.7%

-2.7%

0.0%

Core funds

29.3

28.5

29.5

30.4

3.8%

6.7%

3.1%

Advisory

4.2

3.5

3.3

3.1

-26.2%

-11.4%

-6.1%

Total funds

33.5

32.0

32.8

33.5

0.0%

4.7%

2.1%

Indices

FTSE WMA Private Investor Series Balanced Portfolio

3,557

3,421

3,556

3,721

4.6%

8.8%

4.6%

FTSE 100

6,521

6,062

6,175

6,504

-0.3%

7.3%

5.3%

Funds flow by service category - detailed movement in the quarter

£'bn

31 March
2016

Inflows

Outflows

Internal transfers

Net flows

Growth rate*

Investment performance

30 June
2016

Discretionary

25.9

0.6

(0.4)

0.1

0.3

4.1%

0.6

26.8

Execution only

3.6

0.1

(0.2)

0.1

-

0.0%

-

3.6

Core funds

29.5

0.7

(0.6)

0.2

0.3

3.6%

0.6

30.4

Advisory

3.3

-

-

(0.2)

(0.2)

-24.2%

-

3.1

Total funds

32.8

0.7

(0.6)

-

0.1

0.8%

0.6

33.5

* annualised

Note: The above funds figures are rounded to one decimal place. Annualised growth rates are based on unrounded figures.

Funds flow by service category - detailed movement year to date

£'bn

30 September
2015

Inflows

Outflows

Internal transfers

Net flows

Growth rate*

Investment performance

30 June
2016

Discretionary

24.8

1.7

(1.2)

0.1

0.6

3.2%

1.4

26.8

Execution only

3.7

0.3

(0.5)

0.4

0.2

7.2%

(0.3)

3.6

Core funds

28.5

2.0

(1.7)

0.5

0.8

3.7%

1.1

30.4

Advisory

3.5

-

(0.1)

(0.5)

(0.6)

-22.9%

0.2

3.1

Total funds

32.0

2.0

(1.8)

-

0.2

0.8%

1.3

33.5

* annualised

Income

£'m

Third quarter ended

Nine months to

30 June 2016

30 June 2015

Change

30 June 2016

30 June 2015

Change

Discretionary investment management

59.6

56.1

6.2%

172.3

168.8

2.1%

Financial planning

4.5

4.4

2.3%

12.6

11.7

7.7%

Execution only

2.5

2.7

-7.4%

7.8

7.7

1.3%

Core income

66.6

63.2

5.4%

192.7

188.2

2.4%

Advisory investment management

4.1

5.7

-28.1%

12.2

19.5

-37.4%

Trail income

0.1

1.0

-90.0%

1.9

3.5

-45.7%

Interest

0.5

0.7

-28.6%

1.7

2.8

-39.3%

Other income

4.7

7.4

-36.5%

15.8

25.8

-38.8%

Total income

71.3

70.6

1.0%

208.5

214.0

-2.6%

Fees and Commissions

£'m

Third quarter ended

Nine months to

30 June 2016

30 June 2015

Change

30 June 2016

30 June 2015

Change

Core Fees

44.6

43.1

3.5%

131.6

128.8

2.2%

Core Commissions

17.5

15.7

11.5%

48.5

47.7

1.7%

Advisory Fees

2.8

4.0

-30.0%

8.4

13.5

-37.8%

Advisory Commissions

1.3

1.7

-23.5%

3.8

6.0

-36.7%

Total Fees

47.4

47.1

0.6%

140.0

142.3

-1.6%

Total Commissions

18.8

17.4

8.0%

52.3

53.7

-2.6%

For further information:

Brewin Dolphin Holdings PLC

David Nicol, Chief Executive

Tel: +44 (0)20 7248 4400

Andrew Westenberger, Finance Director

Tel: +44 (0)20 7248 4400

FTI Consulting

Edward Berry

Tel: +44 (0)20 3727 1046

Notes to Editors:

About Brewin Dolphin

Brewin Dolphin is one of the UK's leading independent providers of discretionary wealth management. We offer award-winning personalised wealth management services that meet the varied needs of over 100,000 account holders, including individuals, charities, and pension funds.

Our focus on discretionary investment management has led to growth in client funds and we now manage £26.8 billion on a discretionary basis. In line with the premium we place on personal relationships, we have built a network of 28 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.

Brewin Dolphin Holdings plc published this content on 27 July 2016 and is solely responsible for the information contained herein.
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