Brewin’s Q3 IMS reports 4% headline FuM growth as well as solid fee income generation. Core fee income grew by 11% benefiting from continued organic net inflows in discretionary FuM – 7.6% annualised. YTD Brewin has performed well with 75% of our FY17e income forecast already delivered upon (Interims plus Q3). We will review our valuation with the share price having approached our 12m Target Price, but with a combination of sustained net inflows and scope for margin accretion, complemented by di ....
26 Jul 2017
N+1 Singer - Brewin Dolphin Holdings - Sustained positive net inflows continued in Q3
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N+1 Singer - Brewin Dolphin Holdings - Sustained positive net inflows continued in Q3
- Published:
26 Jul 2017 -
Author:
Andrew Watson -
Pages:
3
Brewin’s Q3 IMS reports 4% headline FuM growth as well as solid fee income generation. Core fee income grew by 11% benefiting from continued organic net inflows in discretionary FuM – 7.6% annualised. YTD Brewin has performed well with 75% of our FY17e income forecast already delivered upon (Interims plus Q3). We will review our valuation with the share price having approached our 12m Target Price, but with a combination of sustained net inflows and scope for margin accretion, complemented by di ....