It blames a downturn in online trading by retail investors for its decision to postpone the flotation for at least a year.
Andy Hirst, managing director of Stocktrade, had resigned by mutual agreement, said Brewin Dolphin. Stocktrade, which was the first online dealing network to be set up in the UK, last year benefited from large numbers of retail investors using its service to trade in dotcom stocks at the height of the boom.
John Hall, chief executive of Brewin Dolphin, said that such activity had evaporated. Brewin's move comes after other online brokers cut overheads because of lower trading by retail investors.