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

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.