Collins Stewart Wealth Management (CSWM) today announced an increase in assets under management of 12%, to £7.6bn at 31 October 2010, up from £6.8bn at 30 June.
Neil Darke, Head of Wealth Management commented: “This increase represents both market movement and an increase in organic net inflows from a combination of our core Discretionary Portfolio Management proposition and some of our more recently launched services, such as the Corporate Executive and Employee Trading desk and the Bespoke Cash Management Service. The integration of our two recent acquisitions, Corazon Capital and Andersen Charnley, is also proceeding according to plan.
Our focus remains on growing the business both organically and inorganically with our medium-term target of “10 x 12”, £10bn of assets by the end of 2012. ”
Collins Stewart plc, the parent company of CSWM, today issued its Interim Management Statement for the period from 1 July 2010 to date, a copy of which is below.
Notes to Editors
Collins Stewart Wealth Management (“CSWM”) is an award winning investment manager and stockbroker committed to providing private clients, charities and intermediaries with a broad array of independent wealth management services. CSWM manages and administers £7.6bn1 of assets on behalf of over 9,000 clients through its offices in London, Guernsey, Jersey, Isle of Man and Geneva.
Collins Stewart Plc is a leading independent, financial advisory group listed on the London Stock Exchange. Collins Stewart Plc employs around 800 staff and is organised around four operational divisions: Advisory, Corporate Broking, Securities and Wealth Management, all served by its unique research tool, Quest™.
Interim Management Statement
16November 2010. Collins Stewart plc today issues its Interim Management Statement for the period from 1 July 2010 to date.
Despite the continued background of difficult markets, the steady progress made in the first half of the year has continued and total revenues of £75m (2009: £58m) for the four months to 31 October 2010 were 29% ahead of the equivalent period last year. The run rate in the period was also 17% ahead of that in the first half of 2010.
In Wealth Management, assets under management rose to £7.6bn at 31 October 2010, up from £6.8bn at 30 June, and the integration of both Corazon Capital and Andersen Charnley is going according to plan.
Hawkpoint continued the steady progress which it has been making over the last 18 months and also opened a German office this autumn. Corporate Broking has won its first FTSE 100 client and deal activity is gathering momentum, particularly in Singapore.
Market trading volumes remain subdued in both the UK and US, although the impact in Securities is mitigated by the continued success of the specialist trading desks.
At 31 October 2010, net cash amounted to £88m, compared with £75m at 30 June 2010.
Mark Brown, Chief Executive, said: ‘Markets are still pretty tough but we are now more than holding our own. We continue to strengthen the business with senior hires as we re-calibrate the group and equip ourselves for the opportunities ahead’