Wealth firm sets a record

Jun 12 2008 by Alex Turner, Liverpool Daily Post

STRONG measures taken by central bankers during the economic crisis in recent months were yesterday hailed by wealth management firm Rensburg Sheppards as they announced a 21% increase in pre-tax profits.

A volatile year in the financial markets failed to prevent the firm, which began life in Liverpool in 1873 and today employs 185 people in its Old Hall Street office, from recording profits of £31.2m for the year to March 31.

And the firm praised those in charge of major economies and companies for their actions which, it said, “have enabled markets to begin to re-focus on the fundamental issues and drivers, ie, profit and dividend growth”.

Funds under management by the group were down from £14.4bn to £12.95bn because of the weakening of the financial markets. Its Liverpool office, one of 11 UK offices, looked after funds of £1bn.

Jon Seal, executive director of Rensburg Sheppards in Liverpool, said: “Liverpool, like many major cities across the UK, is feeling the impact of the UK’s economic slowdown and the knock-on effect on investor confidence.

“However, Liverpool’s ability to attract and retain leading businesses and successful entrepreneurs is creating sustained demand for strategic investment and financial planning solutions.

“Liverpool as a city is looking beyond the credit crunch and is laying the foundations to create new opportunities and promote economic growth.ŠThis is evident in the opening of Liverpool One, continued regeneration across the city, and the burgeoning link with Shanghai.Š We remain cautiously positive in our outlook and are well positioned for any upturn.”

The group, which includes Rensburg Sheppards Investment Management and Rensburg Fund Management, increased its total dividend to 25.5p, an increase of 13%.

Chief executive Steve Elliot said the firm remained “cautiously positive” about the future, believing it was well-positioned in the event of an economic upturn.

He said: “The year going forward will, in our view, remain unpredictable due to the slowing down of the broader economy, influenced in part by rising costs of commodities, energy and food prices, which will have an adverse effect on inflation. This in turn will have an impact on the savings ratio in the country.”

alex.turner