PROFITS at the wealth management arm of Anderson Strathern were 140 times higher in the year to August 2016 than in the previous 12 months after the business cut out a chunk of costs.
While turnover at Anderson Strathern Asset Management (ASAM), which is wholly owned by the law firm, was up from £1.6 million to £1.7m, pre-tax profits rose from £1,825 to £252,784.
This is largely a result of staff costs decreasing by 22 per cent following a headcount reduction from 22 to 18, while administrative expenses fell by over £50,000 to £812,861.
The latter was a result of the business transferring client assets to a single financial platform, something that fell behind schedule in the previous year, resulting in a drag on profitability.
In a note to the firm’s accounts ASAM chief executive John Brett, who joined the business last year, said: “During 2014/15 we concentrated on transferring client assets to Platform to improve both customer service and risk management. This exercise is now complete and in 2015/16 we are beginning to see some of the benefits flowing through to the bottom line.”
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