LGT Vestra reported a pre-tax profit of £11 million on turnover of £52.3 million last year.
This was up from a pre-tax profit of £8 million on turnover of £28.4 million in 2016, according to accounts filed at Companies House earlier this month.
Direct comparisons are difficult however, as the company changed its accounting year end date. This means that the 2016 figures are just for the final eight months of the year.
Even with this caveat, the company’s operating expenses rose significantly, doubling from £20.4 million to £41.2 million period-on-period.
More than half was accounted for by the group’s total wage bill, which climbed from £19.7 million to £22.6 million, with the average monthly staff headcount rising from 216 to 231.
The profit attributable to the member with the largest entitlement was £877,000, up from £733,458 the previous year, with the company having 42 members in December 2017.
LGT Vestra reported earlier this year that it saw net inflows of £2.1 billion in 2017, with positive market movements adding £500 million, pushing total assets under management to £10 billion.
Founder and chair David Scott (pictured) said: ‘We are very pleased with our results and our evolving partnership with LGT. Our continued focus on maintaining a human approach is clearly resonating with our clients.’
Liechtenstein’s LGT Group acquired a 75.6% stake in what was then Vestra Wealth for £135 million in a deal which completed in June 2016.
In an update in LGT’s UK holding company’s accounts, released last month, the company said that it will acquire the outstanding 24.4% of the wealth firm in the years 2019 and 2021.
LGT Vestra itself has been preparing for the future, implementing new systems to improve the monitoring of client portfolios earlier this year. The wealth manager partnered with JHC Systems, which it already uses for its back office.
LGT Vestra and Seven Investment Management also scooped up around £60 million between them in June, when embattled advice firm Greyfriars Asset Management closed its discretionary fund management arm.