8770 Financial Services

Brewin Dolphin Holdings plc Period End 27 September 2009

Submitted by Company Reporting on Fri, 2010-02-12 10:32

No error admitted, as client relationships with finite lives separated from goodwill
UK investment manager Brewin Dolphin restates its accounts to recognise at the balance sheet date £37 million client relationships subject to amortisation separately from goodwill, leading to a 12% decrease in comparative profit, but treats this as a change of accounting policy rather than correction of an error.

Aberdeen Asset Management plc Period End 30 September 2009

Submitted by Company Reporting on Fri, 2010-01-29 10:06
Aberdeen Asset Management plc Annual Report 2009

Costs expensed following acquisition reduce profit by 63%
UK asset manager Aberdeen Asset Management recognises migration and transitional costs that reduce its pre-tax profit by 63%, but falls short of IFRS by not disclosing the nature of goodwill acquired, as a report criticises the level of disclosure on material acquisitions in the UK.

Board risk procedures reassessed
UK asset manager Aberdeen Asset Management discloses that it intends to set up a dedicated board committee to review and monitor all aspects of risk. This coincides with a recommendation to this effect in the Walker report for major financial institutions.

Hargreaves Lansdown plc Period End 30 June 2009

Submitted by Company Reporting on Tue, 2009-12-15 00:00
Hargreaves Lansdown plc Annual Report 2009

Removal of five year option to break head office lease passed over in silence
UK financial adviser Hargreaves Lansdown discloses that it has signed a 17 year lease for a new head office, but omits mention of an option previously disclosed to break the lease after five years, the lapse of which leads to a more than threefold increase in operating lease commitments.

Interest rate concerns addressed in corporate risk disclosures
At a time of historically low interest rates, UK financial adviser Hargreaves Lansdown adds interest rate concerns to its risk disclosures and discloses how it manages them.

BlueBay Asset Management plc Period End 30 June 2009

Submitted by Alisdair on Thu, 2009-12-03 00:00
BlueBay Asset Management plc Annual Report 2009

Fund units purchased for employee benefits reclassified as prepayments
UK investment manager BlueBay Asset Management (BlueBay) changes its policy to initially record fund units purchased for the benefit of its employees as prepayments rather than financial assets at fair value through profit or loss that reduces total assets by 9.5% and total liabilities by 28.7%.

Exceptional costs reduce profit by 21.5%
UK investment manager BlueBay Asset Management (BlueBay) classifies as exceptional £4.8 million costs which relate to redundancy and relocation of US operations and reduce profit by 21.5%.