Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Arbuthnot profits up 25% on private banking performance

Headline profits at Arbuthnot Banking Group rose 25% in 2013 to a total of £15.7 million, driven by a 266% increase in private banking profits from £2.1 million to £7.7 million.

While this was inflated by a gain on the sale and leaseback of its City headquarters, chair Henry Angest said this should not obscure the fact that ‘both banks have made good progress.’

The company will share some of the proceeds with a special dividend of 18p per share, increasing the annual total paid from 25p to 44p.

The big gains for the private client team helped compensate for a dip in headline profit at the retail-orientated Secure Trust Bank, from £17.3 million to £17.2 million.

Discretionary assets managed by private client division Arbuthnot Latham, head by former Wealth Manager coverstar James Fleming (pictured), grew 40% to £619 million over the year, a period which included the opening of the company’s first overseas branch in Dubai.

Deposits grew 5% to a total £521 million while its loan book grew 18% to £341 million.

‘We have substantially increased the net assets of the group and at the same time been able to pay shareholders a special dividend,’ added Angest.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: from Batman Live to commodity beta

Profile: from Batman Live to commodity beta

Charteris may be a family affair, but the company is not at any risk of turning sentimental

Wealth Manager on Twitter