Share placing ramps up Brewin's capital as it focuses on growth

Brewin Dolphin raised £38.6m through its recent share placing, which aimed to create £40m of new capital to fund investment in the business.

The group said in May it would place up to 19,001,738 new ordinary shares, equivalent to 7.5% of the company's £557m market cap. Two-thirds of the capital raised was to be used to fund future capital investment in the business, with a view to hiring new teams or making other acquisitions. In its results for the quarter to 30 June 2013, Brewin said the share placing helped it achieve a solvency ratio of over 200%. In May, the group said it wanted to increase equity capital and associated solvency levels to at least 150%. Brewin reported rising fee income for the quarter ended 30 Jun...