Wealth manager highlights busy 2014
THE head of the Leeds office of wealth manager Brewin Dolphin has highlighted an “exceptionally” busy 2014.
In its full year results for the year ended September 28, the firm – one of the largest independently-owned private client wealth managers in the UK – saw full year profits slump by 70% to £8.6m, after incurring one-off costs including cancelling the introduction of a new software system. However, Brewin Dolphin’s adjusted pre-tax profits rose 16% to £60.2m and total income was £290.5m, an increase of 2%. Fee income rose by 17% to £177.3m and the business also boosted its final dividend by 24% to 6.25p.
Michael Craven head of Brewin Dolphin in Leeds, which has recently relocated its office to No 10 Wellington Place, said: “2014 has been an exceptionally busy year in Leeds; we are proud of our contribution to these creditable results and we have done much to improve our efficiency and our services for clients.
“We are mindful of the many changes to the landscape for investors, with new freedoms for pensions and a veritable savings revolution, following a succession of announcements from the Chancellor during the year. We are determined to be in a position to help fill the growing advice gap, of which we see continuing evidence in Yorkshire.”
Commenting on the results, David Nicol, chief executive added: “2014 was a year in which good financial and operational progress was made as reflected in both the adjusted profit before tax margin of 20.7% and in improved cash generation. Improving revenue and efficiency are our strategic goals and we have made good progress towards our stated targets. In the process, we reassessed a significant software project and this has resulted in a material impairment charge, as previously announced. Nevertheless, we are well positioned for success and I remain confident that we have the right people to deliver our plans for growth throughout the business.”
During the year, highlights for the Yorkshire office have included a Gold Standard award for Discretionary Portfolio Management, which looks at a company’s capability to not only conduct business, but assess standards of service, financial strength, fair value and trust, as well as governance and social responsibility.
Brewin Dolphin has also seen its ranking rise to become the seventh largest charity investment manager in the UK in this years’ edition of the Annual Charity Fund Management Survey.
The firm has charity specialists in every region and manages a large number of charity portfolios, as charities seek specialist advice and portfolio management with their specific objectives, personally delivered by the team managing their funds.
Craven added: “We are really pleased to have risen further up the league table of charity managers to 7th place, up from 11th place five years ago. The market conditions of recent years have required charity investors to consider the role of their investments and their policies carefully and we have worked hard to provide an appropriate portfolio solution for our charity clients in Yorkshire.”
The picture shows: Michael Craven, head of office with some of the directors from Brewin Dolphin Leeds. (L-R) Louise Brennan, Paul Martin, Richard Wilkinson, Paul Widdicombe, Michael Craven, Steve Scott, Scott Cresswell, Owen Woolfit, Rupert Fenton, Martin Payne.
