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£3.6M loss for Intrinsic after £1.9m Mint buy

Intrinsic Financial Services made a £3.6m loss in 2008 but adviser numbers rose by 22 per cent and the firm bought Mint network for £1.9m in February last year.

The losses on ordinary activities before tax compare with more severe losses in 2007 of £7.3m.

Adviser numbers grew from 1,254 to 1,527 and gross commission income was up by 40 per cent from £60m to £84m. The goodwill payment for the Mint acquisition was £1.4m to be written off over 20 years.

IFA firm Clarkson Hill made a loss of £669,000 for the 17 mon-ths to the end of 2008, compared with a profit of just over £25,000 for the 12 months to the end of July 2007. In early 2008, the group changed its financial year-end as its historical year-end of July did not match with its operational timetable.

Turnover increased by 12 per cent to £29m compared with £18.3m at the end of July 2007. New single-premium investment business, rose by 27m to £270m with total funds under advice reaching £989m from £712m.


Trojan warrior

I always find it interesting to meet promising fund management houses not yet on the radar of the average investor or even some brokers. A good recent example is Troy Asset Management, which has quietly been building a good reputation with its fund range and in particular the equity income fund.

Strong start for L&G three

Legal & General has underlined its commitment to the investment philosophy that helped its three multi-manager funds outperform in a challenging first year.


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