Company shrugs off global shockwaves; Profits rise for wealth management group.

Byline: BY ALEX TURNER Daily Post Business Staff

LIVERPOOL-BASED wealth management group Rensburg Sheppards shrugged off the difficult market conditions to announce a 9% rise in half-year profits.

The firm, which began life in Liverpool in 1873, and still employs 190 people at its city centre office, recorded pre-tax profit of pounds 16.4m for the six months to September 30.

Jonathan Seal, executive director of Rensburg Sheppards, in Liverpool, said: "It's been an extraordinarily difficult market for anyone in the investment management industry. We are delighted to have increased profits in the way we have.

"In many ways, October and November have been more difficult in terms of the market itself. There were seismic shocks at the end of September, with Lehman Brothers and the Government bail-out of the banks, and they have carried on through into October.

"The Liverpool market has a strong investment culture. Many of our clients have been through difficult markets before, some were even with us in 1974.

"They realise the way to invest is through a well-balanced and diversified portfolio."

The group's total funds under management were pounds 11.45bn, of which more than pounds 1bn is managed from Liverpool.

The group's managed funds have dropped by pounds 1.5bn, or 11.6%, since the end of March, although this compares with the decreases of 9.5% in the FTSE APCIMS Private Investors Balanced and 15.1% in the FTSE All-Share indices over this time.

Steve Elliott, Rensburg Sheppards' chief executive, said: "We will continue to maintain our strong client relationships as well as focusing on maximising net organic growth of funds under management. Overall, I believe we have the right business model to successfully trade through the current difficult market conditions."

In addition to its Liverpool office, Rensburg Sheppards Investment Management has a regional network of 11 offices across the UK.

Rensburg merged with Carr Sheppards Crosthwaite in 2005 to create one of the UK's largest private wealth management firms.

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Jonathan Seal, of Rensburg Sheppards - 'delighted' at company's latest results