Wealth Manager - Essential news for investment professionals

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

'Substantial' wealth overhaul fuels Walker Crips profit return

'Substantial' wealth overhaul fuels Walker Crips profit return

An overhaul of its business has helped Walker Crips return to profit.

The wealth firm posted an underlying profit of £0.5 million in the 12 months to March 2014, reversing a loss of £1 million in the previous year.

Gross profit (net revenues) increased 19.5% to £14.1 million, which the group attributed to the 'substantial transformation' of its investment management business. Revenue increased from £20.4 million to £20.7 million.

This transformation helped discretionary and advisory assets under management rise  by 29.2% to £1.33 billion.

Two years ago Walker Crips unveiled its strategic plan to transform the firm from a predominantly traditional private client stockbroker to a full service investment and wealth management group.

'We are entering a new phase, to consolidate the progress we have made over the previous two years and to continue our expansion and business transformation,' chairman David Gelber (pictured) told the market in today's results announcement.

Over the two years Gelber said regional expansion had gathered pace, along with growth in its mains hubs of London and York. He also highlighted the firm had recruited 15 new individuals and teams of investment managers and advisers of the year.

"The group has entered its next phase successfully. As we celebrate our Centenary year, the business strategy has delivered a strong foundation from which to continue expansion, Gelber said.

'Our objective is to deliver increasing share value and dividend growth to shareholders by providing our clients with performance and excellent service, through a collegiate group of dedicated individuals.

'"Making investment rewarding" for those three constituencies has proved itself this year with the transformation of the business and its return to underlying profitability.'

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 Tesco, Japan and the rise of the central banker

Tesco, Japan and the rise of the central banker

 Libby Ashby and leading wealth managers scrutinise the food retail sector, Japan’s consumption tax hike and political risk in the markets.

Play Colin McLean's mid-cap picks

Colin McLean's mid-cap picks

The SVM director and fund manager on his pick of the UK mid-caps.

Play Gervais Williams: the real reason to worry about Quindell

Gervais Williams: the real reason to worry about Quindell

Citywire AA-rated manager Gervais Williams has argued that sentiment is the true danger to Quindell.

Your Business: Cover Star Club

Profile: Psigma's Edinburgh boss on why he is in Scotland long term

Profile: Psigma's Edinburgh boss on why he is in Scotland long term

When Tim Wishart agreed to launch an Edinburgh office for Psigma he was not expecting to  head the company’s first overseas team

Wealth Manager on Twitter