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.

Rowan Dartington in double office launch as profits surge 350%

Rowan Dartington in double office launch as profits surge 350%

Rowan Dartington's restructuring programme and regional expansion is starting to pay dividends, with profit growth of 350% during 2013.

Under the stewardship of Graham Coxell (pictured), now three years into his role as chairman, Rowan Dartington pre-tax profits leapt by £0.55 million to £0.75 million during 2013. The firm has sought to build on its success last year with the launch of two new branches so far in 2014 in Reading and Nottingham, spearheaded by John Scurlock-Davies and David Archer respectively.

It also proved to be a strong year for asset growth, with funds under management rising £181 million over the year to £861 million, of which £360 million is managed on a discretionary basis. This compares to £285 million in 2012 and was buoyed by the firm's 70% stake in adviser firm Stafford House Investments, which outsources £61 million of its £118 million in assets to Rowan Dartington.

The group attributed growth to an increase in management fees as a proportion of total revenues and highlighted an ongoing program to increase the revenues generated on client assets 'with the aim of aligning these with market rates'.

However, the Bristol-based wealth management firm also acknowledged the exit of six from its Signature team in August of last year, including founder Andrew Morris, would likely lead to clients leaving the firm.

‘It is inevitable that some clients may follow the team but the extent of this will not be known until later in 2014 once their restrictive covenants have expired,’ the group noted.

Morris left alongside senior investment manager Joe Dyer to set up Alpha Portfolio Management. They were followed by former colleagues Mark Sevier, head of equity research at Rowan Dartington, and portfolio manager James Gardner. 

New Reading office head Scurlock-Davies had previously established a Reading office for private bank Coutts, followed by spells at Credit Suisse and UBS.

Archer, meanwhile, will spearhead a new Nottingham office. He joined from Barclays' wealth and investment division in the Midlands. Prior to this, he worked at Ashcourt Rowan and Kleinwort Benson, as director of intermediary sales and intermediary sales manager.

The double office launch follows the decision to open an Exeter office in September 2013, headed by Mike Townsend, who joined from Rathbones.

In April of this year Rowan Dartington  acquired online wealth management platform Acordias. At the time, the wealth manager said the buy would allow it to deliver its stockbroking and discretionary fund management capabilities on a global basis.


Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: what's behind the second oil crash?

Brewin's Gutteridge: what's behind the second oil crash?

This week Brewin Dolphin's research head talks to Will Riley, co-manager of the Guinness Global Energy fund, about what next for oil.  

Play AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Richard Bullas has quietly been making a name for himself at the helm of the Franklin UK Smaller Companies fund.

Play Sector spotlight: how Harwood's Philbin is playing emerging markets

Sector spotlight: how Harwood's Philbin is playing emerging markets

Emerging markets have been a rollercoaster for investors, but amid the doom there have been have been bright spots, such as India. 

Your Business: Cover Star Club

Profile: CHI's bond supremo on liquidity and bond risk management

Profile: CHI's bond supremo on liquidity and bond risk management

'Some people have been extremely complacent about rate rise risk. Myself, I wish they would just get on with it.'

Wealth Manager on Twitter