Brewin Dolphin Holdings (LON:BRW) - FY11 pre close

Friday, Oct 07 2011 by

Oct 07th 2011 - Edison Investment Research today published a report on Brewin Dolphin Holdings (BRW.L, LSE:BRW, LON:BRW) entitled "FY11 Pre Close". In summary, the report says:

Brewin Dolphin’s pre-close trading statement again indicates discretionary funds growing well ahead of the benchmark (10.9% beat). Critically in the latest quarter there has been a net organic inflow of funds (gross inflow £0.3bn, gross outflows £0.25bn). Market movements knocked c £1.7bn off funds in the quarter but this was not unexpected. Critically discretionary funds have proved much more robust than advisory. Investors are paying an undemanding sub 10x September 2012 earnings for double-digit earnings growth with a near 5%, twice-covered yield.

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