It attributes some of this to the integration of Co-Op Independent Financial Advisers it acquired in October and says it intends to further increase its presence in the intermediary channel.
The group also notes its flagship wealth management division saw a 24.4% increase in turnover during the quarter while like-for-like turnover in operations has improved 16.6% from this point last year. Early indications also suggest the first quarter’s performance has continued into July.
During the period to 30 June, Ashcourt Rowan continued to expand its geographic reach in the North of England, opening of its first office in Newcastle. The group now has 19 offices across the country compared to 17 this time last year.
In January the group completed a strategic review and in February announced it would dispose of its institutional fund management activities.
Mark Cheshire, group chief executive officer, says the revenue improvements are a direct result of transitioning the Ashcourt Rowan business to a performance-based culture where quality of service and financial performance are properly aligned.
However, as part of the changes at the group several key personnel have left the asset management business, including its former head of collectives research Tim Cockerill and group investment director Guy Stephens.
