Succession unveils DFM plans as platform profits rise to £1.4m

Succession Advisory Services is set to apply for discretionary permissions as the company looks to extend its offering.

The platform and consultancy business, which has reported profits of £1.4m for 2014, said it plans to apply to become a discretionary fund manager (DFM) within the next 12 months. Announcing its 2014 full-year results, the group, which is majority owned by private equity group Inflexion, posted pre-tax profits of £1.4m, up from £384k the previous year. This was based on revenues of £6.26m, which were 24% higher than the £5.1m recorded in 2013, the company said. Funds under management rose from £1.6bn in 2013 to £2.1bn last year. Succession to launch 'lite' version of platform for s...