Brewin income growth stagnates as commissions slump

A 23% fall in commission income held back Brewin Dolphin in Q4 despite improving revenues from fee-based business, the wealth manager has said.

Reporting results for the three months to 31 December, Brewin said fee income had risen by 14% to £47.4m on the quarter, but added commission income fell by 23% to £17m. The “significant fall” in commissions during the quarter was largely due to lower transactions as a result of market volatility over the period, Brewin said. Brewin's business mix has been shifting from commission to fee-based income in prevous quarters, in keeping with prevailing industry trends, but analysts at Numis said today's figures suggest more than just a structural shift. "In our view this commission weak...