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Profits, Assets Fall at Brewin Dolphin, Firm Says Balance Sheet Is Strong
Tom Burroughes
28 May 2009
The UK-listed wealth management group, Brewin Dolphin, said its profit before tax and redundancy costs in the six months to 29 March fell by 23 per cent to £16.8 million ($26.7 million), while funds under management dropped slightly. Total managed funds stood at £16.3 billion, down from $19.9 billion at the end of March last year; discretionary funds stood at £9.3 billion, a drop from £10.4 billion a year before, the firm said in a statement. Brewin Dolphin said it “has a strong balance sheet” with net cash of £31.0 million at 29 March, unchanged on a year ago. “As ever, our principal risk in the short term remains the threat of adverse market movements and it would be complacent, if not downright foolhardy, to assume increased stability in markets. However, there are some hopeful signs that the financial turmoil is easing. If this is so, then it will be good news for our clients and the company,” the firm said in its statement.