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Record funds under management for JM Finn

31 May 2022

JM Finn has reported record funds under management and administration of £11.7 billion in their Annual Report for full year 2021, an increase of £1.6bn over the previous year.

 

Hugo Bedford, who took over as CEO in January 2021, commented: “Our staff and clients have demonstrated tremendous resilience following the challenges of 2020 and I am delighted that the firm continues to grow as we offer our high quality, personal services to a wider range of clients.”

An increase of 125% in net organic flows contributed to record revenues for the year. Profits were broadly flat, held back by one-off costs associated with the London office move.

During the year, the firm commissioned an independent client survey which formed part of the UK Client Experience Benchmark study.  This is a unique, industry-leading study which presents an overview of the UK wealth management client journey, through the lens of the client, as measured by key performance metrics of the 10 participating firms.

Bedford commented: “We were delighted to learn that our clients scored us more favourably than those of our peers in all the key performance indicators for client service, which is testament to the bespoke model and client focussed approach that underpins our business. This favourable response from our clients is intrinsically linked to our increased organic inflows and gives us a tremendous platform for future growth.

The key metrics for the year were:

  • discretionary funds under management at the year-end were £9.7 billion, 16.9% higher than the prior year
  • discretionary net inflows were £323m for the year
  • net organic flows were up 125% on previous year
  • net fees and commission income were 12.5% higher than the prior year
  • cash on balance sheet of £50m, up 13% on prior year end