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Cavanagh announces partnership with Bar Council- profits down 35 per cent

Cavanagh Group profits were down by 35 per cent with profits falling from £1m in the first half of 2008 compared to £0.7m in the first half of 2009.

Cavanagh Asset management – the Group’s discretionary fund management service which was recently set up – had £69m of funds on the platform by the end of June up from £18m at the end of December last year.

The firm has tendered for a new partnership with the Bar Council and it will be the preferred wealth management adviser to their members commencing in September.

Chief executive Andrew Fay says: “Under the circumstances I am pleased with our performance in the first half of the year which has been aided by our ongoing focus on our internal business processes and a reduction in our overheads that commenced in 2008.”

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