Boutique wealth firm Hurley Partners has seen its pretax profit jump 271% over the year to 30 April.
The firm, which now has £625 million in assets under management, revealed that its profit was up to £1.1 million on a turnover of £5.6 million, a 32% increase year-on-year.
Over the period, the number of shareholders in the business also increased to 14, who are all employees. There are a total of 32 employees at the firm, compared to 28 in 2017.
Peter Collier, business development director, told Wealth Manager that Hurley will continue to look to recruit both graduates and senior personnel.
Administrative expenses were only slightly up, from £3.2 million to £3.8 million. The business has a cash balance of £1.7 million. Of the firm’s assets, £450 million is managed on a discretionary basis.
Like many other wealth firms, the company has also completed a review of its systems in the year, moving from Pershing to Platform Securities.
Collier added that a lot of growth in the business has come from referrals and that the biggest investment the firm has made is ‘building and continuing to build relationships with a small group of professional intermediaries’.
The company offers its services to clients who have assets as low as £250,000 but Collier said that the firm’s aspiration is £500,000, while its ‘sweet spot’ is between £1 million and £5 million.
Elsewhere, in Manchester, Hurley has been operating out of serviced offices since it launched five years ago and will now be moving into its own premises.
Earlier this year, the business had a number of changes at the top. Director David Johnston, who was responsible for overseeing the Ssas and Sipp teams retired.
Charlotte Aspinall, who was recruited as an investment manager from Charles Stanley in January was promoted to head of investment management.
Aspinall and operations director Caroline Henry (pictured), took over Johnston’s responsibilities following his exit.