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".
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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.
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