Brewin Dolphin continues to attract fresh business from investors, with discretionary funds under management up 18.6 per cent from a year earlier at £14bn. Advisory funds were also higher, and total funds under management at the end of September were up 13.2 per cent at £23.2bn.
IC TIP:
Buy
at
140p
What's more, the investment manager and stockbroker expects to see commission income back up to levels seen a year earlier. Operating margins are expected to remain around 15 per cent, thanks to the high quality of funds under management. Numis Securities expects pre-tax profits for the year to September of £35m and EPS of 10.3p (2009:£21.9m/7.1p).
When: 26/03/2010
Price: 136p
Performance to date: +3%
