Plans to refocus and build its investment management business by Walker Crips Group is “well advanced”, the group has revealed in its half-year results.
The group sold its Walker Crips Asset Management business to listed asset manager Liontrust earlier this year.
Chief executive Rodney FitzGerald says: “The implementation of our clear strategy to grow from being a traditional firm of private client stockbrokers to an asset gathering investment and wealth manager is now in full swing.
“As we introduce new services and modern practices, it is refreshing to see that by also holding on to our core traditional values, the many advisers who have joined us recently have found a very attractive home for their clients and a special firm for themselves.
“They see an established and exciting environment with proactive support from management.”
Walker Crips chairman David Gelber adds: “The group has been implementing a strategy to refocus and build its investment management division. This process is now well advanced.
“We are very encouraged that twelve advisers, along with their clients, have joined the company since the beginning of the financial year bringing with them substantial new revenue streams, most of which will take effect in the second half of the year.
“Further recruitment is in prospect. The group has traded profitably since the period end and remains in a strong financial position following receipt of theWalker Crips Asset Manager disposal proceeds.”
The group announced half-year operating loss of £700,000 in its unaudited results for the six months to 30 September 2012. However, it revealed an increase in its non-broking revenue and announced its cash balances had more than doubled since April.