Collins Stewart, which has a significant Manx and Channel Islands business, has recorded a pre-tax profit of £79 million (a 29% rise) on revenues of £233.9 million (up 46%) to the end of last year.
The Wealth Management Division, with offices in the Isle of Man, Guernsey and Jersey, saw results in line with management expectations. The firm says wealth management continues to focus on fee-based discretionary mandates and its fee income increased by 10%. Discretionary funds under management now account for £2 billion, out of the total funds under management of £4.2 billion.
Head of Collins Stewart Isle of Man Dermot Hamill says significant investment was put into wealth management during 2007, including a rebranding exercise. He says: 'We have added staff to the business locally and increased our work with the larger group. We have seen big benefits from working closer with our international offices, and continue to add talented people to our local office.'
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