Arbuthnot Latham has reported strong growth in its assets under management for the fourth quarter, attributing the success to investments made in its private banking capabilities.
The firm’s assets under management swelled by 10% in the final three months of 2013, it confirmed in a trading update. Arbuthnot stated that it expected its pre-tax profits for the year to be in line with market expectations.
Arbuthnot’s retail arm, Secure Trust Bank, also reported that its 2013 profits were on track to meet analysts’ forecasts.
‘The Arbuthnot Banking Group and Secure Trust Bank trading statements confirm that well funded, well capitalised, small attacking banks can grow strongly as the major banks focus their business lines,’ commented Mark Thomas, an analyst at Edison Investment Research.
‘While there are no positive surprises in the trading statements, continued strong growth and payback for historic investments underpins their valuations.’
Former cover star James Fleming, chief executive at Arbuthnot Latham (pictured), told Wealth Manager last year that he was considering 'one or two' acquisition opportunities.
In early trading Arbuthnot shares slipped by 1% to £13.20 at 9am, having surged by 59% over the past year.