Brewin Dolphin saw a 6% fall in revenues over the 13 weeks to 31 December 2011, although assets under management grew, according to an interim management statement released today.
Over the period, the private client wealth manager reported income of £59.7m, 6.3% lower than the 14-week period to 31 December 2010.
However, on a like for like (13 weeks) basis, income increased by 0.8%, the group said.
Funds under management have increased by 3.8% to £24.9bn since 30 September 2011, with discretionary funds up 5.1%.
Brewins also saw a 24.4% drop in commission income, which it attributed partly to subdued market activity over the quarter.
As at 31 December 2011, the group had £36.2m in cash, excluding client balances.
The disposal of Brewins’ corporate and advisory broking division completed yesterday and today is its first day of independent trading as N+1Brewin LLP.
Brewin Dolphin retains a 14% stake in the new partnership.
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