Jul 30th 2012 - Edison Investment Research today published a report on Brewin Dolphin Holdings (BRW.L, LSE:BRW, LON:BRW) entitled "Swimming Hard In Adverse Currents". In summary, the report says:
All the significant trends from the first half have continued into Q3. Re-structuring of pricing has seen good growth in recurring income while non-recurring trading commissions are under pressure. Total income grew 4.4% on the same period last year and nine-month income growth (1.4%) is in line with our 2012 estimate. The re-pricing-related outflow of funds accelerated in this quarter but remains well within management expectations and funds under management (FuM) of £25bn compared with our previous year end estimate of £25.7bn (now £25.5bn). We do not expect consensus numbers to change materially.
Edison Investment Research is a leading international investment research company. It has won industry recognition, with awards both in the UK and internationally. The team of 95 includes over 60 analysts supported by a department of supervisory analysts, editors and assistants. Edison writes on more than 400 companies across every sector and works directly with corporates, fund managers, investment banks, brokers and other advisers. Edison’s research is read by institutional investors, alternative funds and wealth managers in more than 100 countries. Edison, founded in 2003, has offices in London, New York and Sydney and is authorised and regulated by the Financial Services Authority (www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584). more »