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.

Walker Crips eyes more talent after record £7.7m profit

Walker Crips eyes more talent after record £7.7m profit

Walker Crips recruitment drive remains in first gear following record half-year profit.

In an interim update covering the six months to 30 September, the private client stockbroker registered a pretax profit of £7.7 million versus £0.8 million in the corresponding period of the previous year.

The figure was flattered by a one-off gain of £10 million on the disposal of Walker Crips Asset Managers in April. Before these exceptional items the firm posted an operating loss of £0.7 million, while revenues fell 17% to £8.8 million.  

Following the review period Walker Crips, which is headed by chief executive Rodney Fitzgerald (pictured), sold its corporate finance business Keith, Bayley, Rogers, adding £270,000 to a cash balance which stood at £7 million at the end of September, almost double the £3.4 million in the previous year, giving it plenty of clout to attract talent.

Since the turn of its financial year Walker Crips has attracted a dozen advisers, including a six-strong team from Ashcourt Rowan, and the group is on the lookout for more wealth professionals in its bid to grow its investment management division.

Walker Crips chairman David Gelber told the stockmarket this morning: ‘The depressed market conditions of recent years show no signs of abating, as fragile investor confidence stutters in the face of Euro and market uncertainty. However, your board is confident that the group is well positioned to benefit from any longer term improvement in market activity.

He added: ‘The group has been implementing a strategy to refocus and build its investment management division. This process is now well advanced. We are very encouraged that twelve advisers, along with their clients, have joined the company since the beginning of the financial year bringing with them substantial new revenue streams, most of which will take effect in the second half of the year. Further recruitment is in prospect.’

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 Taxicab Tenner: AXA IM's Nicolas Trindade

Taxicab Tenner: AXA IM's Nicolas Trindade

After a summer break, it is the turn of AXA Investment Manager's Nicolas Trindade to give a £10 view of how fixed income is faring.

Play Wealth Manager Olympics: the Relay

Wealth Manager Olympics: the Relay

In the final round of the Wealth Manager Olympics, our intrepid athletes team up for the relay.

Play Wealth Manager Olympics: the Shot Put

Wealth Manager Olympics: the Shot Put

After busting a gut in the 100m sprint, our wealth manager Olympians displayed their brute strength in the shot-put.

Read More
Your Business: Cover Star Club

Profile: gearing up for the shift from consolidation to start-ups

Profile: gearing up for the shift from consolidation to start-ups

‘I think the industry is evolving rapidly, but not necessarily as a whole,’ says the head of recently launched Charles Nicholson AM

Wealth Manager on Twitter