Smith & Williamson interim profits jump 14%

Smith & Williamson posted record profits for the six months to 31 October last year, helped by the performance of its investment management division.

The company reported operating income of £103.3m, up 6% year-on-year, and adjusted profits of £19.1m, a 14% rise. The company did not reveal underlying earnings. The former private bank, which opened its funds to intermediaries in 2009, saw a 4% growth in funds under management in its investment management and banking arm during the six months period. The rise bought the company's total funds under management to £15.3bn. Operating profit for the division rose by 11% in the same period. Smith & Williamson has been rapidly expanding its investment arm over the last year. Former M&...