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Bestinvest profits boosted by 39%

Bestinvest’s profits have leapt by 39 per cent to 3.6m this year and the firm says it plans to remain independent without investment from product providers.

Turnover rose sharply by 53 per cent from 6.6m to 10.1m, in part boosted by Bestinvest’s acquisition of SMA group last November.

The SMA companies were incorporated for only six months in this set of accounts, with the name now dropped and the 40 staff fully integ-rated within Bestinvest.

Bestinvest’s net tangible assets are 5.4m. The firm’s discretionary management business has more than doubled to 300m and it has invested more than 50m into venture capital trusts, which it says makes it the biggest single VCT introducer.

Chief executive John Spiers says: “Unlike much of the industry, Bestinvest continues to prosper and is in no danger of jeopardising its independence by having to raise capital from life insurance companies.

“Looking ahead, I am con- fident of a further year of strong organic growth and our strong financial position means we can cherrypick profitable acquisition opportunities should they arise.”

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