Brewin is still confident after funds leap by 13% - Business - Evening Standard
       

Brewin is still confident after funds leap by 13%

Brewin Dolphin, one of the largest private-client stockbrokers, saw the value of funds it looks after soar 13% in the past year and said it looked forward to its new financial year "with confidence".

It said that commission levels in its final quarter of the year which ended last week had almost reached the record levels seen in the fourth quarter of 2009.

Chief executive Jamie Matheson said: "While our clients are naturally not over-enthusiastic about the current economic climate, they remain pragmatic. They are long-term investors, whose primary interest is in dividends." That became particularly clear when BP was forced to suspend its payout after the Gulf oil rig disaster.

Matheson said: "That decision has been hurtful to private investors and pension funds alike. Butthis is not a long-term crisis and it is welcome news that BP is looking to returning to dividend payments in the not too distant future."

Brewin, which manages £23 billion on behalf of private investors, charities and pension funds said growth in discretionary funds it manages had been 10.8% in real terms, well ahead of its stated target of 5% growth.

The shares jumped 10%, or 7.7p, to 142p.

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