Q1 FuM has benefited from market performance which has driven Core FuM up by 3.4% to £33.5bn. We note a solid net inflows in core discretionary mandates. It is relatively early in Brewin’s financial year and we remain cautious given potential external factors which could impact earnings (namely Brexit). Marking to market for this morning’s outturn, and incorporating a part year impact from the yet-to-be-completed Duncan Lawrie acquisition, would prompt only a 5% upgrade. The valuation is now ful ....