Collins Stewart profits up 10%

Collins Stewart Wealth Management has reported a 10% profit jump following two acquisitions and tighter cost controls.

AUM were also increased by 34% in 2010, to £7.9bn, following the acquisitions of Corazon Capital and Andersen Charnley.

Underlying operating profits were boosted to £11.1m, which equates to an operating margin of 23%, however, results released this morning say profits were affected by the increased cost of regulation.

Net organic inflows totalled £354m and revenues increased by 11% to £48.3m. Recurring revenues, including management fees, now account for 53% of overall revenues, up from 48%.

Neil Darke, head of Collins Stewart says: "We look forward to making continued progress towards our strategic target of ‘10 by 12' - the achievement of £10bn of AUM by the end of 2012 - having grown assets from £5.9bn to £7.9bn in 2010."