Investment manager Brewin Dolphin is seeing a decline non-recurring income as it moves to a 'transparent' fee based charging system.
Total income for the three months to the end of June was £66.8m, up 4.4% on the same period of 2011, but so called "non-recurring" income fell back 17.9% to just £20.6m.
The group says this is partly to do with its new fee structure but also reflects "a significant fall in the volume of trades in line with the market as a whole".
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Funds under management grew 4.2% to £25.0bn of which £7.8bn are advisory funds and £17.2bn are discretionary.
Outflows for the period totalled £1.2bn versus inflows of £1.1bn. About half of the outflows were related to the new fees structure.
Brewin Dolphin shares have risen 7.66% so far in 2012.
BC
-
Parents face £1,000 'nanny tax' – how to afford itHiring a nanny is about to become even more of an expensive hassle for families, especially those in London. Here's how to cut costs
-
Business rates relief to be slashed – how to cut costsLabour has promised to reform business rates, the corporate equivalent of council tax
