Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at

Quadruple hire powers near tripling in Vestra profits

by Sarah Miloudi on Feb 01, 2013 at 09:51

Quadruple hire powers near tripling in Vestra profits

Vestra Wealth’s new hires and growing economies of scale have helped power a near-threefold rise in profits.

Founder David Scott said four individuals joined over the last year, bringing with them ‘several hundred million’ and contributing to an increase in profits from £1.98 million to £5.1 million over the financial year ended in April.

Vestra has also benefited from reducing its cost base, with Scott (pictured) attributing much of the increase in profit to a fall in operational expenses. ‘Once you start to achieve critical mass you get proper margin profit,’ he explained. 

As it reported on its financial performance, Vestra pointed to the challenging conditions. However, in a filing to Companies House, the firm appeared to have navigated these smoothly, highlighting growth in its client bank ‘at a good price’ and a lift in assets from £2.2 billion to £2.6 billion.

Scott said that for companies looking to buy in assets, both client books and wealth firms currently look fully priced, and Vestra believes it is more efficient to grow through key hires.

‘We have deliberately not gone down the acquisition route – we are not ruling it out [but] the new business growth has been quite significant.’

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home

As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Sponsored Video: Barings on investing in Frontier Markets

From Nigeria to Pakistan and from Kenya to Kuwait, frontier markets are catching investors' attention as never before.

More about this:


On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet