Continuing a string of recent hires, Stonehage Fleming has recruited a new director for its wealth planning team from Handelsbanken Wealth Management.

Kate Boswell has joined the multi-family office in London. At Heartwood, which later became Handelsbanken, she worked as a client director and head of private office – North.

Head of wealth planning Susie Hillier (pictured) said: ‘We are very pleased to welcome Kate as a director at Stonehage Fleming.

‘She has considerable experience in advising entrepreneurs on the management of their wealth outside of their business as well as private equity individuals at all stages of their financial journey. Her experience will contribute significantly to our existing talented and dedicated team.’

Boswell added: ‘I am very pleased to join Stonehage Fleming’s wealth planning team and look forward to adding value to both existing and new clients by providing strategic wealth planning advice in conjunction with the wider Stonehage Fleming family services.’

Earlier this week the company announced the appointment of Glenn Murphy from Schroders as COO. Back in September the firm also hired Mona Shah, former head of collective research at Rathbones as a director.

In results published on Companies House last week, the business said pre-tax profit fell 73% to £1.1 million over the year to 31 March 2018, as a result of higher costs across the business.

Despite enjoying revenue growth of 11% year-on-year, pre-tax profits at Stonehage Fleming’s UK business were £3 million lower during the 12-month period.

The drop was attributed to foreign exchange costs of £1.5 million, a £600,000 increase in revenue-related costs, and a £2.7 million increase in the fees charged by parent Stonehage Fleming Group for management and other services. The latter cost repleted its asset growth.

The directors said they expected the group’s underlying results to improve over the next financial year, buoyed by continued revenue growth. However, they noted that costs were expected to rise due to plans to hire more staff and invest in systems.

Growing recurring revenues, investment performance and the retention of profitable funds under management and increased shareholder returns were identified by the board as the three main drivers of success.