Revenues rise but assets fall at Brewin and F&C

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WEALTH manager Brewin Dolphin has enjoyed an increase in third-quarter revenues, but said funds under-management had been hit by declining stock markets.

Rival F&C Asset Management also reported lower assets yesterday, although it attributed the fall to the withdrawal of £6 billion of Friends Life fixed-income assets at the end of June.

Total income at Brewin Dolphin rose to £73.3 million for the three months to June, up from £64.5m for the same period a year ago, as a rise in fees offset a reduction in trail income in the wake of the Retail Distribution Review, which banned commission payments to financial advisers at the start of the year. Funds under management dipped 2.1 per cent to £28.1bn.

Brewin Dolphin said earlier this year that it would cut a tenth of its Edinburgh staff as it relocates to new offices in the city, with the loss of 23 jobs. The firm was the first to announce it was taking up space at Atria, the seven-storey office building next to the Edinburgh International Conference Centre.

F&C, which employs about 130 people in Edinburgh, said its assets under management fell to £92.3bn, compared with £95.2bn at the start of the year.

However, underlying pre-tax profits for the six months to 30 June jumped to £37.3m, from £22.1m a year ago, as revenues grew 4.8 per cent to £126.1m.