Companies

After a spectacular first half of 2020, Credit Suisse’s pre-tax profit for Q3 was down 30 percent year-on-year, as good performance in its investment bank was offset by slower growth in its wealth and private banking business lines.

IFA consolidator Fairstone has closed its latest deal, which will bring in 850 clients and around £150 million of assets under management.

Third-quarter earnings within HSBC’s global private banking business fell just over 13 percent year-on-year, as the bank as a whole reported hefty profit reductions.

A frustrating aspect of all those wealth reports that are now produced on an annual basis by a wide range of institutions, is that they invariably fail to provide any estimates of the proportion of wealth that is actually managed in any jurisdiction.

Walker Crips Wealth Management has acquired the client book of the financial adviser MA Heap Limited.

St James’s Place (SJP) revealed this morning that its assets under management had reached a record £118.7 billion at the end of Q3, with inflows only slightly muted by the advent of the pandemic.

Brooks Macdonald has announced a new partnership with technology provider SS&C, a deal the wealth manager says will help it achieve its vision of being the top investment manager for intermediaries.

Formerly troubled wealth manager WH Ireland made a tentative return to profit in the first half of the year, posting a pre-tax profit of £0.33 million, compared with H1 2019’s loss of £1.44 million.

A minority investor in St James’s Place (SJP), Primestone Capital, has taken the wealth manager to task, alleging it is “bloated” and not delivering value to its shareholders.

Haddington, East Lothian-based McInroy & Wood, a former PAM Awards winner, has enjoyed another successful year with revenues, profits, margins and client assets under management all increasing, despite the onset of Covid-19.