Relative to benchmarks such as the MSCI WMA Stock Market Balanced Index and the FTSE 100, which rose 15.2% and 15.4% within the year respectively, the firm’s own 17.5% rise in FUMA compared favourably, it said.
Adjusted operating profit also came in 12.8% higher relative to the previous year, growing from £36.0m to £40.6m, driven by the record highs achieved by stock markets.
The group also posted 16% higher adjusted earnings per share of 60.2p.
Though David Cobb, co-chief executive of Smith & Williamson and managing partner of investment management and banking, admits that stock markets could be negatively impacted by political and economic uncertainty in the coming year, he reiterated the group was in a good place to handle potential challenges.
He said: “We are very well positioned to help clients navigate these uncertainties and take advantage of any opportunities that may arise.”
The tax planning and business services side of the firm, which the wealth manager has been strengthening with a series of recent hires and promotions, also delivered double-digit growth in operating profit to £10.5m (+19.3%) and saw FUA expand by close to 40% to £9.2bn, effectively doubling in two years.
Kevin Stopps, co-chief executive of Smith & Williamson and managing partner of tax and business services, said he was “delighted by the momentum in the business, which has been building over the past few years as our significant and ongoing investment programme starts to bear fruit”.
“By continually improving our infrastructure and making key strategic hires to support the broadening of our services, we are well placed to further consolidate our position as a leading independent financial and professional advisor to private clients and their business interests,” he said.
