Asset and wealth manager profit forecasts fall by up to 39%

The stockbroker pointed to the difficult final quarter of 2018 for the sector, leading it to curb full-year forecasts downwards from between 6%, for Brooks Macdonald, and 38.6% for Charles Stanley, which it said had a lower level of operating margin and profitability. Brewin Dolphin was also downgraded, by 25.6%, as was Rathbones, albeit to a lesser extent, by 11.7% over the year. In the listed asset management space, Jupiter, Polar Capital and Miton saw relative earnings per share (EPS) downgraded by 22.1%, 20.4% and 19.9%, respectively. Flows had also suffered, with Peel Hunt ana...