Ashcourt Rowan Q1 turnover up 16%

Ashcourt Rowan has reported a 16% increase in turnover for the first quarter as the wealth manager looks to expand its footprint in the intermediary space ahead of RDR.

Whilst like-for-like turnover in operations increased 16.6% from April 1 to June 30 compared to the same period last year, the group's flagship wealth management division recorded a 24.4% increase in turnover.

Its financial planning division also saw revenues grow 67.6% following the integration of the Co-Op Independent Financial Advisers business, acquired in October 2010.

The company said it has committed significant resources to the intermediary space and is now strongly positioned to offer solutions to IFAs restructuring their fund management business models ahead of the Retail Distribution Review (RDR).

It has recently moved to beef up its intermediary channel with this month's appointment of Kleinwort Benson's David Archer as a director of intermediary sales following the hire of Parmenion's Paul Miles in May.

The firm has also expanded its presence in the north of England with the opening of an office in Newcastle, bringing to nineteen the number of offices across the country.

"We are deeply encouraged by the strong progress being made within our core Ashcourt Rowan branded activity," said group CEO Mark Cheshire (pictured).

"This is a direct result of the change programme we have implemented across the Ashcourt Rowan business over the last 18 months which has allowed us to transition rapidly to a performance based culture where quality of service and financial performance are now properly aligned."

Release of the robust financials comes in the wake of a number of staff leaving the group. Earlier this month, it emerged group investment director Guy Stephens and head of collectives research Tim Cockerill will leave the firm for Rowan Dartington.

This followed Ashcourt Rowan AM director David Hanrahan joining Brewin Dolphin.

In January, the group completed a strategic review, followed by the disposal of its institutional fund management activities in February.