Smith & Williamson posts profit increase despite 'political and economic uncertainty'

FUM increased by 17.5%

Smith & Williamson has seen double-digit growth in adjusted operating profits during the year to 30 April, while rising stockmarkets helped drive the firm's assets under management despite the "heightened sense of political and economic uncertainty".

The firm has seen adjust operating profit jump 12.8% to £40.6m, compared to £36m for the 2016 financial year, while the investment management division's adjusted operating profit increased 21.2% to £32m. The group's operating income was also on the rise, climbing 9.9% to £244.6m as rising stockmarkets helped drive the firm's performance. Meanwhile, funds under management increased by 17.5% to £18.8bn during the year, versus a 15.2% increase in the MSCI WMA Stock Market Balance index and a 15.4% increase in the FTSE 100 over the period. David Cobb, co-chief executive of Smith & Will...