UPDATE 1-Brewin Dolphin income stabilises as investors return

Thu Jan 31, 2013 2:30am EST

Related Topics

* Total income up 13.7 pct year on year

* Funds under management at 26 bln stg

LONDON Jan 31 (Reuters) - British investment manager Brewin Dolphin saw income bounce back in the last three months of 2012 from the same period a year earlier as investors cast off nerves about the global financial crisis.

The company said in a trading statement that total income rose close to 14 percent in its first quarter to the end of 2012 from a year earlier, to 67.8 million pounds.

However, income was down 5 percent from the previous quarter on account of an ongoing reduction in recurring commissions from past sales of investment products, required under new financial regulation.

The company also said a reorganisation, involving investment in new technology and systems will continue but will also be "underpinned by rigorous and disciplined cost control".

Net inflows of new money were flat overall during the quarter, with investment performance adding 100 million pounds to funds, bringing the total amount under management to 26 billion pounds.

FILED UNDER: