BRW

Private client stockbroker Brewin Dolphin (BRW) is warning that its investment banking division will take a hit in the second half following fallout from the turbulent credit markets. The news prompted analysts at independent broker Numis to downgrade pre-tax profits for this year by 6% from £41.5 million to £39.2 million, a cut of £2.3 million.

Shares says: There is no compelling reason to buy any of the private client wealth managers at present and Brewin is no different. SK