In the year ending 31 March 2017, the family office reported a pre-tax profit of £4.1m, up from the previous year’s loss of £1m following historic costs and the cost of its merger with Fleming Family and Partners in 2015.
While revenue remained largely flat, increasing from £29.62m in 2016 to £29.7 in 2017, lower overall costs help push profits back to the black.
As well as returning to profit, assets under management at the firm were also up according to the results posted on Companies House this week, standing at £6.9bn, up by about 30% on March 2016.
The firm reported recurring revenues from its asset management and trust services were up during the year, as was the level of discretionary funds.
Stonehage Fleming acquired FF&P Wealth Planning in 2016, making it a full subsidiary of the firm. The deal cost £1.4m, according to the results.
