Brewin Dolphin has reported 5% Core FuM growth in Q1. We note 7% annualised u/l net inflows in Discretionary, a solid performance but we would flag no net flow contribution from Direct. There was 11% yoy growth in Core Income, despite a decline in commission income overall. Core fee income grew by 17% yoy on higher FuM. We do not expect to make material changes to forecasts given the performance posted in Q1 and no additional fee/cost guidance at this early stage. We remain positive, highlightin ....
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5% core FuM growth in Q1, in line at this early stage
- Published:
25 Jan 2018 -
Author:
Andrew Watson -
Pages:
3
Brewin Dolphin has reported 5% Core FuM growth in Q1. We note 7% annualised u/l net inflows in Discretionary, a solid performance but we would flag no net flow contribution from Direct. There was 11% yoy growth in Core Income, despite a decline in commission income overall. Core fee income grew by 17% yoy on higher FuM. We do not expect to make material changes to forecasts given the performance posted in Q1 and no additional fee/cost guidance at this early stage. We remain positive, highlightin ....