View more on these topics

Falling redress boosts Chase de Vere profits

Stephen_Kavanagh

Pre-tax profits at Chase de Vere increased by 34 per cent year-on-year, from £4m to £5.4m in 2015.

In addition, fee income grew from £48m to £49m and average fee income per adviser increased from £205,000 to £216,000.

The firm says the improved profit figures are a result of “a combination of a reduction in the annual costs associated with client redress in respect of legacy business, increased revenue and continued control of overheads.”

Following a review of a 2014 settlement with the FCA over the sale of Keydata products, the firm is reducing its provision against claims by £127,000.

Chief executive Stephen Kavanagh says: “As can be seen from these results, any legacy issues of the past are now firmly behind us. We are a strong, robust and profitable company with our focus on providing high quality advice and service to our clients and, with most larger firms now giving restricted advice, we are aiming for Chase de Vere to be the flag bearers of independent financial advice in the UK.”

He adds: ” see further opportunities for expanding both our private and corporate advice services, due in large part to a reducing supply of independent advice on the market. We are using this foundation to grow our business organically and also by hopefully persuading like-minded, service-focused, good quality advisers and adviser firms to come and join us.”

Recommended

Portfolio-Bonds-Investment-Business-700x450.jpg

Asset allocation: Chase de Vere’s Connolly backs strategic bonds amid monetary policy uncertainty

Chase de Vere’s Patrick Connolly admits he is “more nervous about fixed income than anything else”, given that global markets are on tenterhooks over when monetary policy will eventually start to tighten. As result, the certified financial planner says he is pretty much exclusively using strategic bonds funds, “run by managers with good track records” […]

Financial advice-planning-advice-cashflow-analysis

Chase de Vere returns to profit

Chase De Vere has posted a profit of £4m for 2014, following a loss of £1.8m in the previous year. Although administrative expenses climbed from £6.1m to £6.8m, this was offset by a reduction in exceptional costs which fell from £3.7m to £440,000. The larger 2013 costs included settlements with the Financial Services Compensation Scheme […]

Global income: preparing for a rate rise…

In the five years since we launched the Artemis Global Income Fund, its manager Jacob de Tusch-Lec has built a distinctive portfolio that is first among its peers. Here he explains why his “quality, cyclical and value yield” stocks, and flexible approach, leave the fund better placed to benefit from uncertainty than funds that depend […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com