Brewin Dolphin pre-tax profits drop 21%

Pre-tax profit at UK-listed wealth and investment management
firm Brewin Dolphin dropped 21% to £12m in the six months to 27
March, down from £15.2m in the six months to 28 March 2010.

Profits were hit by a £6.1m levy to the Financial Services
Compensation Scheme in connection with the Keydata failure.

The UK wealth manager grew its total managed funds by 7.8% to
£25bn ($40.7bn) in the six months to 27 March, bringing in £1.1bn
of net new assets.

Brewin Dolphin’s discretionary funds grew to £15.5bn to 27
March, up from £14bn at 26 September last year – a 10.7%
increase.

Earlier this year, Brewin Dolphin promoted Henry Algeo to chief
operating officer in a bid to improve running of the firm’s
business support, information, communication, and technology.

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