For both, half-year profits are down from last year. Arbuthnot Latham, the private banking subsidiary of the Arbuthnot Group, made pre-tax profit of £1m compared to £1.4m in the first half of 2012.
The firm’s discretionary assets under management grew by 28% to £430m while its loan portfolio increased to £307m, an 8% increase, and its deposit book by 12% to £453m. James Fleming, chief executive of Arbuhtnot Latham, said that its AUM was split roughly between two thirds from new money (form new and existing clients) and one third as a result of positive market moves.
He added that while his focus is on the discretionary market, there is also £250m of assets run on an advisory basis.
It has also continued to grow its number of senior bankers since January, hiring Dan Saxby (director), Adam Patten (senior private banker), Liz Bottomley (head of private banking) and Kieran McDonnell (senior chartered financial planner) from Coutts.
The parent company’s pre-tax profits in the first half of last year were £10.8m while the equivalent figure for 2013 is £2m with an underlying profit of a further £7.2m.
Its provider of structured products, Gilliat Financial Solutions, under managing director Adrian Neave, grew its sales by 25% to £74m.
In terms of continued expansion, Arbuthnot Latham is looking to take advantage of the first overseas office it opened in May in the Dubai International Finance Centre.
"We will continue to build on the foundation of our business by concentrating on growing our client base and assets under management," added Fleming. "Clients today are open to a conversation about diversification – i.e. using more than one bank – and we are benfiting from this client fluidity."
