Brewin Dolphin Holdings (BRW)

Sector:

Financials

Index:

FTSE 250

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301.20p
   
  • Change Today:
      1.20p
  • 52 Week High: 366.00p
  • 52 Week Low: 287.60p
  • Currency: UK Pounds
  • Shares Issued: 303.14m
  • Volume: 187,926
  • Market Cap: £913.06m
  • RiskGrade: 90
  • Beta: 0.00

Brewin Dolphin to buy Investec's Irish wealth management business

By Michele Maatouk

Date: Friday 10 May 2019

LONDON (ShareCast) - (Sharecast News) - Wealth manager Brewin Dolphin confirmed on Friday that it has agreed to buy the Irish wealth management business of Investec for around €44m, as it announced a placing to raise approximately £60m to "maintain a strong regulatory capital level".
The company, which had flagged back in April that it was in talks with Investec, said the acquisition of a growing business in one of Europe's fastest growing economies, with attractive demographics is consistent with its strategy of growth in assets under management.

In addition, it builds on Brewin's existing business in the Republic of Ireland, to create a top 3 wealth management business there with assets under management and advice in excess of €4.6bn.

Chief executive David Nicol said: "This acquisition, which is consistent with our strategy of growth in assets under management, provides us with an exciting opportunity to strengthen substantially our existing presence in the Republic of Ireland, one of Europe's fastest growing economies.

"We will also be in a stronger position to benefit from the country's growing demand for discretionary and advice-led services, supported by favourable demographics, with the country having the youngest population in Europe.

"Our businesses are highly compatible in terms of culture, values, investment philosophy and client centric approach, which combined with our established platform, will enable us to meet more effectively the growing demand for wealth management services in both the UK and the Republic of Ireland."

Brewin also said it was placing around £60m of new ordinary shares in the capital of the company at 305p per share, to maintain a strong regulatory capital level and provide "continued financial flexibility for further development opportunities".

Alongside news of the acquisition and placing, the group also released its first-half results, which showed that total funds rose to £42.4bn from £39.7bn in the first half of 2018.

Meanwhile, total income for the period increased marginally to £162.3m from £161.8m, due to largely flat average funds over the period. Profit before tax and adjusted items was down 8.2% from H1 2018 to £35.6m.

Nicol said: "In the first half of 2019, the group has continued to deliver strong and resilient organic growth, even with the backdrop of volatile market conditions. This is demonstrated by the strength of our discretionary funds flows. Our strategy of focusing on our advice-led wealth management service in the direct market continues to deliver results.

"We are investing in our business to support future long-term growth. Over the past few months we have announced the replacement of our core custody and settlement system and a number of acquisitions. These initiatives are laying the foundations for long-term growth and will ensure that we are well placed to capture market opportunities."

At 0810 BST, the shares were down 3.2% at 310.82p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

BRW Market Data

Currency UK Pounds
Share Price 301.20p
Change Today 1.20p
% Change 0.40 %
52 Week High 366.00p
52 Week Low 287.60p
Volume 187,926
Shares Issued 303.14m
Market Cap £913.06m
Beta 0.00
RiskGrade 90

BRW Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
46.15% below the market average46.15% below the market average46.15% below the market average46.15% below the market average46.15% below the market average
63.01% below the sector average63.01% below the sector average63.01% below the sector average63.01% below the sector average63.01% below the sector average
Price Trend
27.33% below the market average27.33% below the market average27.33% below the market average27.33% below the market average27.33% below the market average
4.58% below the sector average4.58% below the sector average4.58% below the sector average4.58% below the sector average4.58% below the sector average
Income
63.58% above the market average63.58% above the market average63.58% above the market average63.58% above the market average63.58% above the market average
33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average
Growth
9.2% below the market average9.2% below the market average9.2% below the market average9.2% below the market average9.2% below the market average
50% below the sector average50% below the sector average50% below the sector average50% below the sector average50% below the sector average

What The Brokers Say

Strong Buy 7
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 8
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

BRW Dividends

  Latest Previous
  Interim Final
Ex-Div 23-May-19 10-Jan-19
Paid 14-Jun-19 06-Feb-19
Amount 4.40p 12.00p

Trades for 22-Aug-2019

Time Volume / Share Price
16:42 4,200 @ 300.46p
16:42 4,200 @ 300.46p
16:42 4,200 @ 303.16p
16:42 4,200 @ 303.16p
16:35 68,189 @ 301.20p

BRW Key Personnel

CEO David Richardson Nicol
Finance Director Siobhan Boylan

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