Stonehage Fleming UK has moved back into the black, recording a £4.1 million pre-tax profit in its last financial year.

Turnover jumped from £21.3 million to £29.6 million over the 12 months to the end of March, while assets under management rose from £5.3 billion to £6.9 billion.

The return to profit ends a run of two years of being loss-making as the company absorbed the costs ofmerging with Fleming Family & Partners in 2015. Last year saw it post a £1.1 million pre-tax loss, down from £4.3 million in the prior year.

The year also saw Stonehage Fleming acquire FF&P Wealth Planning, making the latter a wholly owned subsidiary of the group.

The full year accounts revealed for the first time that FF&P had been acquired for £1.4 million.

Stonehage Fleming's highest paid director received total remuneration of £519,000 compared to £218,000 in the previous year.