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
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter