Brewin Dolphin : Quarterly Trading Update

29 January 2020

Brewin Dolphin Holdings PLC

('Brewin Dolphin' or the 'Company' or the 'Group')

Quarterly Trading Update

For the quarter ended 31 December 2019

Brewin Dolphin announces a trading update for the first quarter of its financial year ending 30 September 2020.

Q1 Highlights

· Total funds increased by 7.8% to £48.5bn (FY 2019: £45.0bn) including £2.7bn of acquired funds from Investec Capital & Investments (Ireland) Limited ('ICIIL')¹. Excluding acquired funds, total funds increased by 1.8%.

· Discretionary funds increased by 4.2% to £41.8bn (FY 2019: £40.1bn), including £1.0bn of acquired funds, driven by strong investment performance and positive organic net inflows. Excluding acquired funds, discretionary funds grew by 1.7%.

o Discretionary net inflows, including transfers, were £0.1bn (annualised growth of 1.0%) and included a low-margin institutional account exit of £0.1bn. Excluding this, the annualised growth rate is 2.0%.

o MPS funds grew to £4.1bn (FY 2019: £3.8bn) with net flows of £0.2bn, an annualised growth rate of 21.1%.

· Total quarterly income amounted to £89.6m (Q1 2019: £77.7m), an increase of 15.3%, including £4.0m (Q1 2019: £nil) as a result of recent acquisitions.

o Total discretionary income increased by 15.0% to £76.5m (Q1 2019: £66.5m) due to growth in funds and higher commission income from increased activity levels.

o Financial planning income grew 37.1% to £8.5m (Q1 2019: £6.2m), assisted by recent acquisitions and growth in 1762 from Brewin Dolphin.

David Nicol, Chief Executive said:

'I am pleased with our performance in the quarter, particularly our positive organic net inflows in challenging market conditions. We have diversified our business mix through building more client choice and client-centric propositions, which is supporting our growth. We remain on-track with the implementation of both our new client management system and core custody and settlement system. The integration of our acquisition in Ireland is progressing well and we remain confident about the long-term growth opportunities. Market sentiment appears to be improving and we look forward to capitalising on this as the year progresses.'

¹ Completed on 01 November 2019.

Funds

Total funds by service category¹

£bn	31 December 2018	30 September 2019	31 December 2019	Change
				Last 12 months	Last 3 months
Direct discretionary	23.2	26.3	27.5	18.5%	4.6%
Intermediaries	8.8	10.0	10.2	15.9%	2.0%
MPS	2.9	3.8	4.1	41.4%	7.9%
Indirect discretionary	11.7	13.8	14.3	22.2%	3.6%
Total discretionary	34.9	40.1	41.8	19.8%	4.2%
Execution only	3.5	3.9	4.5	28.6%	15.4%
BPS	0.2	0.2	0.2	-	-
Advisory	0.9	0.8	2.0	122.2%	150.0%
Total funds	39.5	45.0	48.5	22.8%	7.8%
Indices
MSCI WMA Private Investor Balanced Index	1,484	1,665	1,679	13.1%	0.8%
FTSE 100	6,728	7,408	7,542	12.1%	1.8%

Funds flow by service category - detailed movement¹ in the quarter

£bn	30 September 2019	Inflows	Outflows	Internal transfers	Net flows	Growth rate2	Acquired	Investment performance	31 December 2019
Direct discretionary	26.3	0.2	(0.2)	(0.1)	(0.1)	(1.5)%	1.0	0.3	27.5
Intermediaries	10.0	0.2	(0.2)	-	-	-%	-	0.2	10.2
MPS	3.8	0.2	-	-	0.2	21.1%	-	0.1	4.1
Indirect discretionary	13.8	0.4	(0.2)	-	0.2	5.8%	-	0.3	14.3
Total discretionary	40.1	0.6	(0.4)	(0.1)	0.1	1.0%	1.0	0.6	41.8
Execution only	3.9	-	-	0.1	0.1	10.3%	0.5	-	4.5
BPS	0.2	-	-	-	-	-%	-	-	0.2
Advisory	0.8	-	-	-	-	-%	1.2	-	2.0
Total funds	45.0	0.6	(0.4)	-	0.2	1.8%	2.7	0.6	48.5

¹The funds figures are rounded to one decimal place and therefore may not always cast.

²Annualised.

Income

£m	Quarter ended 31 December 2019			Quarter ended 31 December 2018			Change
	Fees	Commission	Total	Fees	Commission	Total	Fees	Commission	Total
Direct discretionary	42.0	13.9	55.9	36.5	12.1	48.6	15.1%	14.9%	15.0%
Intermediaries	17.6	0.3	17.9	15.6	0.3	15.9	12.8%	-	12.6%
MPS	2.7	-	2.7	2.0	-	2.0	35.0%	-	35.0%
Indirect discretionary	20.3	0.3	20.6	17.6	0.3	17.9	15.3%	-	15.1%
Total discretionary	62.3	14.2	76.5	54.1	12.4	66.5	15.2%	14.5%	15.0%
Financial planning	n/a	n/a	8.5	n/a	n/a	6.2	n/a	n/a	37.1%
Execution only	1.1	1.6	2.7	1.1	1.5	2.6	-	6.7%	3.8%
BPS	0.3	-	0.3	0.3	-	0.3	-	-	-
Advisory	0.9	0.2	1.1	0.6	0.1	0.7	50.0%	100.0%	57.1%
Other income1	n/a	n/a	0.5	n/a	n/a	1.4	n/a	n/a	(64.3)%
Total income	n/a	n/a	89.6	n/a	n/a	77.7	n/a	n/a	15.3%

¹ Q1 2020 other income includes the impact of the new client interest policy introduced in January 2019.

The Company's LEI number is 213800PS7FS5UYOWAC49

For further information:

Brewin Dolphin Holdings PLC
David Nicol, Chief Executive	Tel:[phone]
Siobhan Boylan, Chief Financial Officer	Tel:[phone]
Carla Bloom, Head of Investor Relations	Tel:[phone]
Camarco
Ben Woodford / Jane Glover	Tel:[phone]

Notes to Editors:

About Brewin Dolphin

Brewin Dolphin is one of the UK and Ireland's leading independent providers of discretionary wealth management.

We continue to focus on discretionary investment management, and we manage £41.8 billion of funds on a discretionary basis. In line with the premium we place on personal relationships, we have built a network of offices across the UK, Channel Islands and the Republic of Ireland, staffed by qualified investment managers and financial planners. We are committed to the most exacting standards of client service, with long-term thinking and absolute focus on our clients' needs at the core.