Brewin's new money means fresh profits

Financial services group Brewin Dolphin yesterday reported a near-16 per cent rise in revenues as its investment management arm attracted new client money.

A 17.2 per cent increase in income from investment management offset a 12.9 per cent decline from its corporate advisory and broking business, the group said in a brief trading update.

Total income for the quarter to 31 December came in at 65.9 million, up 15.9 per cent on a year earlier.

The total value of the firm's managed funds grew 6.9 per cent from the previous quarter to 24.8 billion, boosted by rising stock markets but also helped by 500m of new money.

Brewin, which operates a network of 41 offices, added that it expects a levy on the financial industry to cover the burden of compensating major investment failures to cost it 6m, compared with a similar charge of 1m last year.

Executive chairman Jamie Matheson said: "Favourable trading conditions in the first quarter continued into January. As ever, in the short term, the group is dependant on market movement."

Brewin Dolphin's Scottish operation operated under the Bell Lawrie banner until 2009.

l Stockbroker and fund manager Charles Stanley yesterday said revenues for the three months to 31 December were 13.7 per cent higher than a year earlier at 32.3m. Funds under its control rose by 5.9 per cent quarter-on-quarter to 14.3bn.