Proactiveinvestors United Kingdom Brewin Dolphin https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Brewin Dolphin RSS feed en Wed, 22 May 2019 11:45:09 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190516155702_14077332/ Thu, 16 May 2019 15:57:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190516155702_14077332/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190516143223_14077210/ Thu, 16 May 2019 14:32:23 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190516143223_14077210/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190514160114_14073809/ Tue, 14 May 2019 16:01:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190514160114_14073809/ <![CDATA[RNS press release - Results of Placing ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190510144013_14070251/ Fri, 10 May 2019 14:40:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190510144013_14070251/ <![CDATA[News - Brewin Dolphin raises £60mln as it strikes deal to buy Investec’s Irish wealth management business ]]> https://www.proactiveinvestors.co.uk/companies/news/220039/brewin-dolphin-raises-60mln-as-it-strikes-deal-to-buy-investecs-irish-wealth-management-business-220039.html Brewin Dolphin Holdings PLC (LON:BRW) has announced plans to raise £60mln after bosses struck a deal to buy the Irish wealth management arm of Investec for £35mln (€40mln).

Last month, Brewin revealed it was in exclusive talks with Investec over the acquisition.

READ: Brewin Dolphin in talks to buy Investec’s wealth management business

A price of up to £52mln (€60mln) had been mooted in the press, but the UK investment group confirmed today (Friday), it will pay a net consideration of £38mln (€44mln).

Once the deal goes through, Brewin will have the third-largest wealth management business in Ireland and will take its total funds under management to almost £45bn.

The new business is expected to contribute around £3.9mln (€4.5mln) to Brewin’s bottom line in its current financial year to the end of next March.

£60mln fundraise

“This acquisition, which is consistent with our strategy of growth in assets under management, provides us with an exciting opportunity to strengthen substantially our existing presence in the Republic of Ireland, one of Europe's fastest growing economies,” said chief executive David Nicol.

“We will also be in a stronger position to benefit from the country's growing demand for discretionary and advice-led services, supported by favourable demographics, with the country having the youngest population in Europe.”

To help fund the deal, Brewin Dolphin, which has acquired five other businesses over the past year, is to ask institutional investors for £60mln.

It plans to sell shares at 305p – a 5% discount to Thursday’s closing price of 321p – and the placing is expected to complete by close of play today.

First-half profits fall

In a separate announcement, Brewin reported a 13% fall in pre-tax profit to £29.7mln in the six months ended 31 March (H1 18: £34.1mln).

Total income was broadly flat at £162.3mln (H1 18: £161.8mln), due to largely flat average funds over the period. Total funds fell to £42.4bn, down from £42.8bn six months earlier.

“In the first half of 2019, the group has continued to deliver strong and resilient organic growth, even with the backdrop of volatile market conditions,” said CEO Nicol.

Brewin shares were down 3.1% to 311p in early deals on Friday.

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Fri, 10 May 2019 08:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220039/brewin-dolphin-raises-60mln-as-it-strikes-deal-to-buy-investecs-irish-wealth-management-business-220039.html
<![CDATA[RNS press release - Proposed placing ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190510070202_14069098/ Fri, 10 May 2019 07:02:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190510070202_14069098/ <![CDATA[RNS press release - Acquisition of wealth management business in RoI ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190510070102_14069094/ Fri, 10 May 2019 07:01:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190510070102_14069094/ <![CDATA[RNS press release - Interim Management Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190510070005_14069030/ Fri, 10 May 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190510070005_14069030/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190508165419_14067103/ Wed, 08 May 2019 16:54:19 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190508165419_14067103/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190501095422_14059115/ Wed, 01 May 2019 09:54:22 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190501095422_14059115/ <![CDATA[News - Brewin Dolphin in talks to buy Investec's Irish wealth management business ]]> https://www.proactiveinvestors.co.uk/companies/news/218550/brewin-dolphin-in-talks-to-buy-investec-s-irish-wealth-management-business-218550.html UK investment firm Brewin Dolphin Holdings PLC (LON:BRW) has confirmed it is talking with Investec to buy the South African firm’s Irish wealth management business.  

Brewin Dolphin said it was in exclusive talks with Investec over a possible acquisition but there can be no certainty that a transaction will be agreed.

READ: Brewin Dolphin weak as first-quarter funds under management decline; Liberum cuts target price

The announcement came after The Sunday Times reported that Brewin Dolphin was competing with Allied Irish Banks to buy Investec’s Irish private client stockbroking business for up to €60mln.

If the talks result in a deal, it would mark the company’s second deal in Ireland in the past eight years, having bought Irish fund manager, Tilman, for about £31mln in 2011.

It would also strengthen Brewin Dolphin’s asset base during a tough period for wealth managers, which have been hit by investor caution amid Brexit uncertainty.

In January, Brewin Dophin posted an 8% drop in first-quarter total assets over the previous quarter to £39.5mln, blaming "lower market levels and ongoing macro-economic uncertainty".

Liberum said the exclusivity of the deal talks is important given that Allied Irish Banks tried to buy the Investec unit in February. 

"A year ago it was reported to have €2.5bn under management and to employ some 40 people directly," the broker said.

"We forecast Brewin Dolphin to have close to £200mln of net cash at the September year end.

"The stock trades at 16.3x consensus September 2019 numbers and 15.4x our calendar year 2019 estimates. We believe Brewin should trade at 16x given its delivery of strategic targets and strong organic discretionary flows."

The broker maintained a 'buy' rating and target price of 344p on Brewin Dophin.

Shares rose 1.1% to 334p in morning trading. 

 

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Mon, 15 Apr 2019 07:25:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218550/brewin-dolphin-in-talks-to-buy-investec-s-irish-wealth-management-business-218550.html
<![CDATA[RNS press release - Response to press speculation ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190415070006_14040293/ Mon, 15 Apr 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190415070006_14040293/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190410155759_14036553/ Wed, 10 Apr 2019 15:57:59 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190410155759_14036553/ <![CDATA[RNS press release - Replacement of custody and settlement system ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190409070010_14033365/ Tue, 09 Apr 2019 07:00:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190409070010_14033365/ <![CDATA[RNS press release - Block listing Interim Review ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190402102847_14025385/ Tue, 02 Apr 2019 10:28:47 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190402102847_14025385/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190401143959_14023946/ Mon, 01 Apr 2019 14:39:59 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190401143959_14023946/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190329162639_14022095/ Fri, 29 Mar 2019 16:26:39 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190329162639_14022095/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190319162212_14007989/ Tue, 19 Mar 2019 16:22:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190319162212_14007989/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190314174408_14003069/ Thu, 14 Mar 2019 17:44:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190314174408_14003069/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190307164852_13994621/ Thu, 07 Mar 2019 16:48:52 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190307164852_13994621/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190306145849_13992750/ Wed, 06 Mar 2019 14:58:49 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190306145849_13992750/ <![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190304145636_13989448/ Mon, 04 Mar 2019 14:56:36 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190304145636_13989448/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190304132554_13989292/ Mon, 04 Mar 2019 13:25:54 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190304132554_13989292/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190304130823_13989280/ Mon, 04 Mar 2019 13:08:23 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190304130823_13989280/ <![CDATA[RNS press release - Capital Reduction ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190228070008_13984419/ Thu, 28 Feb 2019 07:00:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190228070008_13984419/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190207160330_13962347/ Thu, 07 Feb 2019 16:03:30 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190207160330_13962347/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190207155911_13962342/ Thu, 07 Feb 2019 15:59:11 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190207155911_13962342/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190201151620_13955934/ Fri, 01 Feb 2019 15:16:20 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190201151620_13955934/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190201151305_13955922/ Fri, 01 Feb 2019 15:13:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190201151305_13955922/ <![CDATA[News - Brewin Dolphin weak as first-quarter funds under management decline; Liberum cuts target price ]]> https://www.proactiveinvestors.co.uk/companies/news/213176/brewin-dolphin-weak-as-first-quarter-funds-under-management-decline-liberum-cuts-target-price-213176.html Brewin Dolphin Holdings PLC (LON:BRW) saw its shares fall on Wednesday after the wealth manager reported a fall in first-quarter funds under management, with Liberum Capital prompted to reduce its target price for the stock.

In a trading update for the three months ended 31 December 2018, the FTSE 250-listed firm said it saw a 7.7% fall in total funds to £39.5bn, down from £42.8bn as at September 30, driven by lower market levels.

READ: Brewin Dolphin posts higher profits as inflows continue

The company's net fund flows for the period were £400mln, up 3.7% year-on-year, boosted by £500mln of net flows into its discretionary funds, representing a 5.3% growth.

But its total income decreased by 1.6% in the first quarter to £77.7mln, down from £79.0mln a year earlier, driven by a 1.2% fall in income from its discretionary funds to £66.5mln.

Brewin Dolphin chief executive David Nicol said: “The first quarter has been characterised by lower market levels and ongoing macro-economic uncertainty.”

He added: “Against this backdrop, net discretionary inflows have remained strong and ahead of our 5% target, albeit intermediary client activity has slowed whilst intermediaries and their clients assess the current environment."

Net flow estimates cut

In a reaction note to clients, analysts at Liberum Capital reduced their estimate for discretionary net flows to an annualised 5%, down from 7%, and cut their earnings per share forecast by 10.5% after mark to marketing funds under management.

They lowered their target price for Brewin Dolphin shares to 344p, down from 394p previously, but maintained a ‘buy’ rating on the stock.

The analysts said: “We believe BRW should trade to 16x given its delivery of strategic targets and strong organic discretionary flows.”

In afternoon trading, Brewin Dolphin shares were 3.5% lower at 303.60p.

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Wed, 23 Jan 2019 13:55:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213176/brewin-dolphin-weak-as-first-quarter-funds-under-management-decline-liberum-cuts-target-price-213176.html
<![CDATA[RNS press release - Quarterly Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190123070004_13943357/ Wed, 23 Jan 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190123070004_13943357/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190114111334_13933692/ Mon, 14 Jan 2019 11:13:34 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190114111334_13933692/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190110171414_13931054/ Thu, 10 Jan 2019 17:14:14 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190110171414_13931054/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190110142631_13930850/ Thu, 10 Jan 2019 14:26:31 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190110142631_13930850/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190102145551_13921366/ Wed, 02 Jan 2019 14:55:51 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20190102145551_13921366/ <![CDATA[RNS press release - Annual Financial Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181228161458_13918520/ Fri, 28 Dec 2018 16:14:58 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181228161458_13918520/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181211141820_13899644/ Tue, 11 Dec 2018 14:18:20 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181211141820_13899644/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181205155828_13893041/ Wed, 05 Dec 2018 15:58:28 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181205155828_13893041/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181205120716_13892665/ Wed, 05 Dec 2018 12:07:16 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181205120716_13892665/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181204174511_13891472/ Tue, 04 Dec 2018 17:45:11 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181204174511_13891472/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181130145220_13887500/ Fri, 30 Nov 2018 14:52:20 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181130145220_13887500/ <![CDATA[News - Brewin Dolphin knocked as house broker cuts price target ]]> https://www.proactiveinvestors.co.uk/companies/news/210121/brewin-dolphin-knocked-as-house-broker-cuts-price-target-210121.html Brewin Dolphin PLC (LON:BRW) suffered a share price downgrade by its house broker even though the wealth manager reported another year of strong fund inflows.

Liberum lowered to its target to 394p from 481p, even though it was impressed by the 6.8% rise in new money coming in during the year to September.

READ: Brewin Dolphin posts higher profits as inflows continue

The house also reduced its forecasts in 2019 and 2020 by 3.5% and 2.5% respectively to reflect ‘larger client growth leading to larger clients move up pricing tiers’.

Shore Capital, meanwhile, maintained a price target of 420p and kept Brewin Dolphin as its top pick in the wealth management sub-sector.

One concern, though, said Shore was Brewin's intent to undertake a major IT upgrade of custody ansd settlement service over the next two years, which might “run a mild chill down the spine” of investors.

The last major IT project at Brewin ended with a £34mln write-off being taken in 2014 as the project was abandoned David Nicol when he took over as chief executive.

Brewin shares eased 4% to 320p.

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Wed, 28 Nov 2018 10:42:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210121/brewin-dolphin-knocked-as-house-broker-cuts-price-target-210121.html
<![CDATA[News - Brewin Dolphin posts higher profits as inflows continue ]]> https://www.proactiveinvestors.co.uk/companies/news/210112/brewin-dolphin-posts-higher-profits-as-inflows-continue-210112.html Wealth manager Brewin Dolphin PLC (LON:BRW) saw another year of strong fund inflows in spite of the general market volatility.

Brewin's discretionary funds saw an inflow of £2.3bn in the twelve months to September.

READ: Brewin Dolphin names finance boss of Legal & General Investment Management as its finance director

Alongside last year’s acquisition of Duncan Lawrie, total funds under management rose by 11.2% to £37.6bn.

Total funds improved by 6.7% to £42.8bn. Revenues rose by 8% to £329mln, with underlying profits 11% higher at £77.5mln.

David Nicol, chief executive, said: "2018 was another successful year for the group, proving the continued value of our personalised advice-led model. Above target organic fund inflows have led to strong earnings and dividend growth.”

The dividend for the year goes up by 9% to 16.4p.

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Wed, 28 Nov 2018 09:26:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210112/brewin-dolphin-posts-higher-profits-as-inflows-continue-210112.html
<![CDATA[RNS press release - 2018 Preliminary Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181128070005_13882732/ Wed, 28 Nov 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181128070005_13882732/ <![CDATA[RNS press release - Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181120100001_13873426/ Tue, 20 Nov 2018 10:00:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181120100001_13873426/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181108101145_13860035/ Thu, 08 Nov 2018 10:11:45 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181108101145_13860035/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181101164532_13852163/ Thu, 01 Nov 2018 16:45:32 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181101164532_13852163/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181010100620_13823269/ Wed, 10 Oct 2018 10:06:20 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181010100620_13823269/ <![CDATA[RNS press release - Block listing Interim Review ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181001162249_13811922/ Mon, 01 Oct 2018 16:22:49 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181001162249_13811922/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181001151545_13811757/ Mon, 01 Oct 2018 15:15:45 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3029/LSE20181001151545_13811757/