Heartwood shows £95m uplift in new funds
Wealth management firm Heartwood has boasted another year of strong growth in its core discretionary assets, with an £94.8m of net new funds and funds under management hitting £1.46bn.
Simon Lough, chief executive for Heartwood, which provides investment and wealth management services to individuals and charities, said FUM were up from £1.38bn last year, including £1.24bn of discretionary assets.
According to the financial year ending April 2012, the firm’s multi-asset funds experienced the most substantial inflows, which now make up nearly half - 48 per cent - of total funds under management, totalling £603m.
Earnings before tax, depreciation and amortisation was up 40 per cent to £3.23m, which Mr Lough said was a “record” for the business.
He said: “The inflows show the confidence that our clients have in us, and have been a major driver of growth within the company.”
Mr Lough added that the year has also seen the firm the second fastest growth in charity funds under management.
Following the strong result, the firm has also reorganised its business to maximise growth. The firm has reorganised its client-facing divisions to enable a dual focus on private clients and intermediaries, developing propositions and service models that match the differing requirements of each.