The private wealth arm of WH Ireland is closing in on £3 billion of funds under management (FUM) after a hiring spree.
In the six months ended 31 May 2014, WH Ireland’s FUM rose by 9.6% to £2.7 billion as it recruited individuals and teams in Milton Keynes, Birmingham and London.
‘This increase in the size of our team has significantly increased our capacity to manage additional discretionary and advisory client portfolios, and will help to increase funds under management to over £3 billion in the future,’ commented chief executive Richard Killingbeck.
Most recently WH Ireland has poached a team of fund managers from Charles Stanley to establish a new Milton Keynes office, and the firm has also attracted private client executives from Barclays Wealth and Canaccord to its Birmingham and London branches respectively. WH Ireland furthermore opened its Isle of Man office in February 2014.
Set against this, Killingbeck (pictured) noted that WH Ireland had streamlined its network by closing several smaller offices, in the majority of these cases transferring the assets to London to be managed. The company has exited Swansea, Windsor, Woking and Saffron Walden, for example.
WH Ireland has additionally shut its traded option service to clients and confirmed that it will cease to offer its third party administration service as of the year end.
At the group level, WH Ireland revealed that in the half-year period its revenue had increased by 12.6% to £14.7 million and adjusted profit before tax leapt more than sixfold to £470,000.
‘There remains more work to be done in both as we seek to achieve recognition for each division in the market place,’ concluded Killingbeck.
‘The majority of change will have been completed by year end at which time the focus will shift to embedding a lower-cost structure and achieving economies of scale by organic, as well as acquisitive, growth.’