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Competition for deals is rife, says Brown Shipley banking head
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by Danielle Levy on May 27, 2014 at 00:01
‘We are into the realms of “there is no alternative”. If you look at yields on asset classes and compensation for taking risk, I am not suggesting that equities are cheap but in absolute terms relative to other asset classes they are the standout asset class for allocating capital,’ Doran says.
A balanced portfolio has 65% in equities, 15% in bonds and a 15% allocation to alternatives such as total return funds, structured products and property.
The company currently runs some £3.5 billion in assets and attracted £320 million in gross inflows in 2013. Revenues also stood at £41 million over the same period.
This year, Titcomb is targeting asset growth north of that figure as he seeks to make sure the business is fully leveraging off its investment management, private banking and wealth planning capabilities and offering a coherent service.
Since joining the business a number of months ago, he reflects: ‘The opportunity is exactly how I saw it. I think the opportunity is absolutely real and it is essential to have growth plans in terms of how we take the business forward.’
He believes the backdrop for wealth management businesses is particularly supportive, given the pension changes announced in this year’s Budget. Developing the financial planning service is a particular priority, alongside continuing to hire quality people across the business.
‘Our core components are developing our wealth planning strategy and then thinking about our target market. Our areas of focus will include charities, entrepreneurs, sports and entertainment, alongside resident non-domicile clients.
‘These are examples where we believe we can gain some traction, but also it is about looking after our existing client base and being able to provide a complete service, to be appealing for future clients.’