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Cheviot Assets surged ahead of Quilter deal

Cheviot Assets surged ahead of Quilter deal

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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Profile: The opportunity set that attracted Brett Williams to wealth management

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