GB : Brewin Dolphin Holdings - Record discretionary fund inflows in Q2

Brewin Dolphin’s strategy to broaden its range of propositions and distribution channels to reach wider demographics has resulted in the delivery of a strong performance in 1H21. Adj. PBT of £47.0m was up 29% YoY driven by strong income growth and ongoing cost savings, leading to Adj. PBT margin of 23.5% (1H20:20.8%). The interim DPS is also up by 5% to 4.6p.Total discretionary fund inflows hit a record of £1.0bn in 2Q21 helped by the recent launch of Voyager funds while strong retention rates of 98% resulted in net flows of £0.5bn. Total funds increased by 2.3% QoQ to £52.6bn (LibE: £52.1bn). Reflecting the strong inflows combined with positive market movements, we upgrade our FY21 EPS by 4%. While the FY21 capex for Avaloq has increased by £5m to c.£24m, the Autumn implementation remains on track giving us increasing confidence in the group’s outlook.  We reiterate our BUY rating and increase our TP to 400p (from 385p).

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