View more on these topics

Lighthouse in-house fund flows top £1m a week

Streatfield-Malcolm-Lighthouse-2013
Lighthouse group chief executive Malcolm Streatfield

Lighthouse’s investment arm has almost tripled its assets under management in the first six months of the year to £20m, the firm has reported today.

The news comes as the FCA investigates potential conflict of interests among firms offering both advice and in-house investment services, as well as their value for money.

Luceo Asset Management, the Lighthouse investment arm it launched less than a year ago, has performed “significantly ahead” of expectations, increasing its assets from £8m six months ago to £20m with weekly flows of £1m, the firm states in a trading update.

The board expects these levels to rise further with the launch of new products later in the year, which will include active, passive and income-focused funds to its existing three-fund range.

The company attributes the half year gross revenues to the benefits of pension freedoms.

The firm says in a statement: “The board is pleased with trading to date in 2017 and is confident of further progress over the remainder of the year.”

Lighthouse has also strengthened its balance sheet as the FCA removes its capital asset restrictions, bringing the company’s net cash position to £8.1m as of June, up from £7.5m the same period last year.

Recommended

Streatfield-Malcolm-Lighthouse-2013

Lighthouse profits double despite trail commission hit

Lighthouse Group’s pre-tax profits more than doubled to nearly £2m in 2016, despite a multi-million pound loss of income from the switch-off of trail commission. According to its annual results published today, profits at the national advice business increased 119 per cent to £1.9m from £900,000 the previous year. Revenues increased by just shy of 2 […]

Streatfield-Malcolm-Lighthouse-2013

Lighthouse secures fire brigade advice deal

Lighthouse Group has agreed a three-year deal to provide advice to members of the Fire Brigades Union. Under the deal, Lighthouse will be the Fire Brigades Union’s preferred advice provider covering savings, investments, pensions, protection and mortgages. The Fire Brigades Union has a membership of 36,000, plus 7,000 retired members. Fire Brigades Union national officer […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment