Collins Stewart Wealth Management (CSWM) has today released its interim results.
Total assets under management and administration rose to £8.1bn as at 30 June 2011, an increase of 20% since 30 June 2010 and 3% since 31 December 2010.
Net organic inflows during the first half of 2011 were £126m (compared with £66m in 2010) of which £110m were Discretionary assets. A further £40m transferred into Discretionary Services internally, representing a total increase in Discretionary assets under management of 16% from June 2010.
Revenues in the first half of 2011 rose 22% in aggregate, with 8% of the increase from core activities and the rest the impact of last year’s two acquisitions, which have now been fully integrated and rebranded. Profits rose 18%, with margins affected by increased regulatory overhead and investment in infrastructure.
Neil Darke, Head of CSWM, commented: ‘Following the rebrand and integration of the two businesses we acquired in 2010 the inflows are very satisfying, particularly across our discretionary services.
‘Of particular note was the gaining of our first significant mandate to invest public sector funds, our rigorous institutional-quality investment process being endorsed during a demanding selection process. The first half of the year leaves us well positioned to achieve our goal of £10bn assets under management by the end of 2012.’