Ticker: BRW Exchange: AIM

Brewin Dolphin is the UK's leading independent private client investment manager with the only truly national branch network, with more than 130,000 advisory and discretionary clients, and over £25bn of Assets Under Management. It is currently in the process of divesting its relatively small corporate finance division, leaving it as a pure asset manager/stockbroker. Over 90% of its revenue comes from private clients but it also manages £1.8bn of charitable funds. Its execution-only stockbroking service administers over £4bn of assets for clients but contributes less than 5% of group revenue. The group's size enables it to run a large (and award-winning) internal research department with 21 analysts/economists/researchers - nearly five times the average for the rest of the sector - supplying superior advice at a lower cost per £1m of AUM. Its other distinguishing features are a greater willingness to cater for advisory clients and for the 'mass affluent' rather than just for 'High New Worth' discretionary clients and a very high level (83%) of satisfied customers.

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