The Bristol office of accountancy and investment management group Smith & Williamson has contributed to the business’s strong annual growth.
Funds under management and advice for the group rose by 5.6% in the year to April 30, reaching £15bn for the first time – a rate of growth double the 2.8% of the FTSE WMA Stock Market Balanced Index over the same period. Year-on-year operating income grew by 3% with profits up by more than 16% due to careful management of the cost base.
The firm’s investment management and banking divisions and tax and business services divisions also reported solid results.
Partner and head of investment management at Smith & Williamson in Bristol, John Erskine, pictured, said: “The group’s performance reflects organic growth together with increased market confidence and activity, which has been supported by a focus on careful management of our cost base and ongoing investment in the business. We are delighted that this combination has enabled a strong financial performance across the firm. 
“We have seen an increase in demand for our services, boosted by improvements in the stock market and investor sentiment. Our Bristol office, along with all Smith & Williamson’s other offices which provide private client investment management advice, saw a growth in funds under management during the year.
“We remain cautiously optimistic about the outlook for the UK economy. Although a more balanced recovery appears to be taking hold, significant imbalances remain. We are investing in infrastructure and staff development to further improve efficiency and client service.”
Bristol office managing partner Mike Lea added: “Client service is at the very centre of our business culture and we remain indebted to our clients and professional contacts. We are in a unique position for a firm of our size, with the skills to manage the financial affairs of private clients and their business interests across investment management, tax and the full range of accountancy services.”
The Bristol office employs around 180 people.
