Q3 income flat at Brewin Dolphin

29th Jul 2009 08:17

Stockbroker and fund manager Brewin Dolphin's third quarter income was pretty much unchanged from last year's, as expected.Income for the three months to 28 June came in at £51.4m versus £51.3m a year ago, and edged up to £156.2m for the 39 weeks from £155.4m in 2008.The firm welcomed an improvement in investment banking, up almost 5% to £2.3m for the quarter having slumped by 40% so far this financial year to £5.8m.Funds under management fell 5.9% to £17.6bn, but the group pointed out that discretionary funds under management slipped just 1% versus a 16.7% tumble for the FTSE 100."The core business has held up well against the market back drop and investment banking has shown some improvement," said Brewin. "The group continues to have a strong balance sheet with firm's net cash balance of £38.5m (27 June 2008: £43m)."