Raymond James cements return to profit

Advisory and wrap business Raymond James Investment Services has consolidated its return to profit, generating almost £235,000 in 2013.

The US-owned company, which launched in 2000, returned pre-tax profits of £234,591 in the 12 months to 30 September last year, against £17,479 over the same period in 2012. That itself followed an £827,000 loss in 2011. Turnover was up 10% to £22m, while net assets under management rose 18.2% from £2.9bn to £3.5bn. The company said it is seeing significant interest in its proposition - which comprises investment management, financial planning and wrap elements - because the "ever-increasing" cost of regulation had reduced the attractiveness of direct authorisation to small-to-medium s...