WH Ireland has launched a dedicated office and an international business on the Isle of Man after winning regulatory approval from the offshore jurisdiction’s regulator.
The announcement followed full-year results for the broker showing profit before tax of £1.7 million from a loss of £200,000 in 2012 on an 18.2% increase in revenue to £29.7 million. At 8.05 WH Ireland was up 1.2% at 125p.
The office will be headed by David Bushe, formerly of Close Wealth Management (Barbados), Will Corrin, formerly of Thomas Miller, and Gary Colley, formerly of Canaccord Genuity.
‘We have put in place a highly experienced and well regarded team to lead our initial presence,’ said Richard Killingbeck (pictured), chief executive of WH Ireland.
‘This new office reflects our strategy to grow our discretionary wealth management business.
‘The evolution of new international pension structures such as [Qualified Recognised Overseas Pension Schemes] and onshore solutions such as [Qualified Non-UK Pension Schemes] combined with traditional trust, captive, corporate and private client business ensures there will be plenty of opportunities to grow our Isle of Man business.’
The company reported a 43% increase in assets under management in 2013, from £1.7 billion to £2.5 billion, and following the purchase of Seymour Pierce in 2012 it said it remained acquisitive.
Recurring revenue within the company rose 32% to £8.9 million as it continued to re-orient its business away from brokerage fees to ongoing financial and wealth management charges.