The increase in FUM pushed the total past the £10bn mark for the first time, with chief executive Caroline Connellan, who joined the firm in April, hailing the firm’s “strong” underlying results for the year ending 30 June.
The sale of Braemar Estates, its property management arm, aimed to streamline the business following a review and net the firm £1.9m.
Connellan said: “I am encouraged by the strong underlying results we are reporting for the year, with FUM reaching £10.5bn and underlying profitability up by 19%, reflecting the strength of our core offering and relationships.
“We are making progress on the initiatives I outlined in July, to invest in our risk and operational framework and to proactively deal with certain legacy matters. In addition, to support the focus on our core business and our drive to improve margins, today we have announced the sale of Braemar Estates, our property management business.
“We have started our new financial year with positive momentum and look forward with confidence, notwithstanding our relative caution around markets and client sentiment.”
New business was up 11.5% over the year, with the firm taking on an extra £1bn.
Its investments also performed well and outstripped the returns of the the FTSE UK Private Investor Balanced Index by 3%.
