(BRW.L) Brewin Dolphin Holdings PLC Buy/Sell

Been looking at these for a while? Could be a possible recovery stock? Any ideas?

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Hi, just recieved information that BRW have brought in a little over £682,000,000 worth of new business since may.

See below

NEW JOBS WITH RIVAL AS MONEY TEAM QUITS
RICHARD TRESIDDER BUSINESS EDITOR

11:00 - 11 March 2008


The entire 24-strong team at Barclays Wealth in Nottingham has resigned. Five directors and other staff are to join rival investment managers Brewin Dolphin.

Office director Peter Lewis has given notice and is being joined by Gillian Hibbert, Andrew Norris, Alan Mitchell and Ian McCormack.

The precise reason for the break is unclear but staff are said to be disgruntled about the way Barclays Wealth want staff to handle clients' affairs.

Barclays Wealth acquired Gerrard Investment Management, previously the long established Nottingham firm of stockbrokers William Chapman Trease, in 2003. It grew to become the dominant firm in portfolio management and private client investment management in the region.

The South Parade office is the fifth in Barclays Wealth to quit and join Brewin Dolphin in the last year. The others are Oxford, York, Plymouth and Swansea.

Some Barclays Wealth staff elsewhere have complained about pressure to sell Barclays products to clients rather than concentrating on developing trusted relationships and investment portfolios.

Brewin Dolphin, which has £21bn of clients' investments under management, allows its offices a degree of autonomy.

The defection takes the number of its offices to 40.

Staff are on notice varying between one month and six months.

Brewin Dolphin is expected to open an office at Waterside Plaza, a new development on Station Street which has already attracted law firm Shoosmiths.

Brewin Dolphin said it was looking for temporary office space and in the meantime, queries could be addressed to its Leicester or Lincoln offices.

Charlotte Black, of Brewin Dolphin, said: "We have known the team in Nottingham for a long time.

"We have always felt the city was a gap in our coverage of the region."

Jamie Matheson, executive chairman, said: "I am delighted that we are opening an office in Nottingham. I can confirm that members of Gerrards' Nottingham office will be joining us in due course."

David Strange, regional managing director of Brewin Dolphin, added: "We are very excited that such a well regarded team are going to join our Nottingham office.

"We have long wanted to expand our reach in the East Midlands."

The Nottingham office has traditionally advised many of the county's old families.

Last week, the entire Edinburgh team of Gerrard walked to Williams de Broe, the asset management division of Evolution group.

Two years ago, Gerrard's head of Scotland, Stephen Quaile walked from the Glasgow office.

A year ago, Exeter's team left for Charles Stanley.

Michael Walker, a director of wealth managers Fiscal Engineers in Nottingham, said: "The latest defection from the Nottingham office follows numerous other defections around the UK and has to put a question mark over the decision made by Barclays Wealth to buy Gerrards in 2003.

"It is likely Barclays will be powerless to stop the funds from following suit, as clients will have a stronger relationship with the individuals than the company."

A Barclays Wealth spokeswoman said the office will continue to have staff to look after clients and was investing up to £375m over three years in recruitment and technology worldwide.

She said: "Nothing has gone wrong. We are a business with a headcount of 7,000 around the world.

"In the last two years we have hired 2,400 people. It is not unusual at this time of year in the wealth management industry to see movement.

"We are still very much open for business in Nottingham.

"We have invested a lot in covering Nottingham, the North and the North west."

The spokeswoman added: "We will recruit the best people we can to continue the Barclays Wealth strategy."

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I am very aware of the credit crisis, however, the amount of new business that BRW is bringing in from the likes of Brown Shipley, Gerrards et al (40+ investment managers) along with the results the company has produced as of late, i am very suprised that the SP is lingering around the 140p.

In my opinion, i think this share is undervalued at present and could see it @ at least 170p- 180p by the year end.

I am looking for others opinions on this share.

Happy trading

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or todays -5.4% loss?

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