Bright spot from wealth management

Monday 18th August 2008, 2:30PM BST.

COLLINS Stewart Wealth Management has returned a solid performance in the first six months of this year. This comes despite the rest of the Collins Stewart enterprise recording a profits plunge of 82% since January.

The figures for the wealth management division show that revenue stands at £23.2m. so far this year with an operating profit of £5.7m.

The results are in line with management expectations considering the turbulent market conditions, according to head of Collins Stewart Wealth Management Neil Darke.

The division has offices in Guernsey, London, the Isle of Man, Jersey and Geneva. Its results will come as some relief considering profits for the firm overall for the six months ending June 20 nosedived from £52m. to £9.6m. as revenues fell by 31% to £89.2m.