Heartwood Wealth Management, the UK wealth management subsidiary of Stockholm-based Handelsbanken, reported pre-tax profits of £1.73 million for the year to 31 December 2018, a £364,000 or 26.49 percent increase on the £1.37 million recorded for 2017.

Revenues came in at £28.18 million, a £2.37 million or 9.18 percent increase on the £25.81 million for the previous year.

This reflected a 14 percent increase in client numbers and a strong flow of net new business counterbalanced by a negative market performance.

Client assets under management and administration increased by 1.2 percent from the £3.44 bil...