Moving up-market

The success of Rathbones strategy is reflected in a doubling of AUM from £13.0bn to £26.3 bn in the last five years, mostly through organic growth. Going forward, the target of a further 50% growth in AUM to $40bn is "challenging" but the reasoning was sound, provided we don't have …

Published: 24th November 2014


Old kid on the block

Aside from the continuing volatility of markets in recent days, the big news this week in the world of asset managers has been the acquisition of Quilter Cheviot by Old Mutual (OML) for £585 million, or 3.6% of its £16.2 billion of Assets under Management & Administration. This looks a …

Published: 20th October 2014


Gathering clouds

The publication of its interim results by Helios triggered a 9% fall in the share price: despite improvements in forecasts for both open years of account, 2012 and 2013, and two good acquisitions, interim profits were lower than last year. It is now priced at an 18% discount to NAV …

Published: 6th October 2014


Uphill struggles

H&T had warned us a year ago, before Albemarle's problems became public knowledge, that there were too many shops chasing the same customers. The latest interim dividend has been maintained at 2.1p, where it is covered nearly twice by eps and if the final is likewise maintained the yield is …

Published: 1st September 2014


The London Buses syndrome

Fairpoint made a small acquisition costing £0.4m in deferred payments over two years - but the implication is that it is serious about plans to build a legal services business around Simpson Millar LLP as a "consolidator". We consider the group undervalued following the AGM statement. The core IVA division …

Published: 4th July 2014


A return to 5 day weeks

May is a slow news month, however the new brooms at Brewin Dolphin have given us something to think about with a £32m write-off on software that hasn't even been put into operation in the main wealth management division, just in the much smaller execution-only Stocktrade: a cloud over some …

Published: 2nd June 2014