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Cheviot Assets surged ahead of Quilter deal
by Elsa Buchanan on Oct 21, 2013 at 08:13
Cheviot Asset Management went into its merger with Quilter on the back of strong asset growth but declining profits.
According to the group’s full-year results posted at Companies House last week, the company posted a 15.7% rise in assets under management (AUM) from £3.6 billion to £4.2 billion in 2012, its last year as a standalone business.
Around half of the increase in AUM was due to ‘market movements’, with £315 million coming on the back of ‘significant new customer growth’, the accounts said.
This generated a 13% increase in revenue to £32 million, but profits fell by 16% to £233,000, which the group blamed on ‘volatile’ financial market conditions.
Cheviot AM was launched in 2006 by Michael Kerr-Dineen (pictured), with a team from UBS following him across.
The firm merged with Quilter in October last year and the deal was completed on 18 January 2013, creating a group with a combined AUM of £14.2 billion. The combined group adopted the Quilter Cheviot brand in July.
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