BULL POINTS:
â– Rise in discretionary funds managed
â– Expanding network brings in fresh funds
â– Good dividend yield
BEAR POINTS:
â– Subdued investment banking
â– Low interest rates on cash balances
IC TIP:
Buy
at
136p
Brewin Dolphin's bread-and-butter income is generated by charging clients a fee to manage their investments. And, despite last year's rollercoaster ride in equity markets, client loyalty remained high. In fact, total funds under discretionary management - where clients are charged a higher fee than for funds under advisory management - ended 2008-09 16 per cent higher at £11.8bn. This is really impressive considering that in the same 12-month period to end September, the FTSE 100 index was unchanged.