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Broking beasts trumpet success in share rally
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01 October 2009
Brewin Dolphin, one of the largest independent brokers serving private investors, said that trading in the final quarter of the year which ended last weekend had been strong and "results for they year will be at the top end of the board's expectations."
Brewin has been a major beneficiary of modestly wealthy people removing their savings from banks over the last year as they not only worry about the security of their nest eggs but also realise how little interest they are currently earning.
The firm has built up a hetwork of 40 broking offices across the country and most recently said it had £17 billion of funds under management.
Numis — the corporate broker which specialises in smaller and medium-sized quoted companies — said that after a challenging start to the year the second half had seen record levels of commission and trading revenues.
Chief executive Oliver Hemsley said: "We are encouraged by the improvement in market conditions over the year and have taken full advantage of the opportunity to grow our secondary market business."
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