wh ireland benefits from osbornes

Private wealth manager WH Ireland announced a return to profit for the year to 30 November, thanking Chancellor George Osborne’s supportive EIS legislation for a growth in business.

wh ireland benefits from osbornes


The firm said pre-tax profit for the full year was £2.2m, compared to a loss of £300,000 last year and turnover was up 25.9% from £18.4m in 2010 to £23.1m.

WH Ireland said it had made a number of significant new hires to strengthen the team across both its private wealth management and corporate broking divisions, with individuals coming over from Collins-Stewart, Investec and Altium among others.

Rupert Lowe, chairman of the company, said: "We have improved our position relative to many of our competitors and attracted many new and able members of staff to join our existing team.

"The new Enterprise Investment Scheme (EIS) legislation introduced in the 2011 budget by Osborne plays to the strengths of a broker such as WH Ireland with both private and corporate clients. With this in mind we have set up a fund to allow our private clients to benefit from the tax breaks available when we invest their money in fast growing and exciting AIM-listed businesses."

Funds under nominee control for the private clients division were up at £1.4bn, with an expected increase of 25% through the acquisition of the client list from Pritchard Stockbrokers.

The board at WH Ireland also said it remained confident of the "validity" of building up the wealth management activity of the firm ahead of the likely impact of RDR on small independents.



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