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JM Finn's discretionary AUM approach £6bn milestone

JM Finn's discretionary AUM approach £6bn milestone

JM Finn has reported a 5.6% increase in pre-tax profits for 2016 as discretionary assets under management (AUM) rose 13% to £5.99 billion.

The wealth manager’s pre-tax profits rose £500,000 year-on-year to £8.6 million on revenue of £57.7 million, up from £55.5 million. Total assets under management reached £8.3 billion at the year-end and this increased to £8.6 million by the end of March.

Chairman James Edgedale described 2016 as a year of two halves, with the majority of profits coming in the second half as market uncertainty was replaced by a quick pick-up in the wake of June’s Brexit vote.

He described the business as in ‘good shape’, but admitted ‘organic growth is slow’. However, he added that acquisitions remain a possibility, but he cautioned on the lack of value in the market.

‘Organic growth is slow, but as we invest more in marketing we continue to be in a good position to attract new clients. Growth by acquisition in today’s market can be expensive, so we remain patient and await reasonable opportunities that fit in with our existing business model and culture,’ he said.

JM Finn chief executive Steven Sussman (pictured) pointed out that the company has continued to invest in the business, as it launched both a financial planning proposition and a new managed portfolio service aimed at intermediaries.

He added: ‘Looking forward, 2017 has started well. There will of course be new challenges ahead, not least with regulatory initiatives (Mifid II) affecting both our clients and our staff, but I am confident with the continued support of our clients and diligence and professionalism of all our staff, these initiatives will be completed successfully with the minimum of fuss and to the benefit of our clients.’

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