INVESTMENT MANAGER Hargreave Hale has reached more than £55m assets under management (AUM) in less than 12 weeks at its York office.
The UK network this week recruited David Clinkard from rival Brewin Dolphin, in order to service growing demand at its first Yorkshire office.
Tom Holliday, head of York office for Hargreave Hale , told The Yorkshire Post the firm has seen strong interest after opening in July.
He said: “The York office has been open 11 weeks and four days and we’ve booked £55m from 134 new client accounts. There’s a further £10m in processing.
“We’ve got a really good team and there’s certainly been no resistance in finding clients.
“York is the jewel of the north. It’s the second-fastest growing city outside of London. It’s an excellent opportunity.”
The office is likely to reach its first milestone of £100m AUM “in the next few months”, Mr Holliday said.
“It’s just the first milestone, we have the potential to go a lot further,” he added.
York’s latest recruit Mr Clinkard joins from Brewin Dolphin’s Newcastle office, where he was divisional director.
Hargreave Hale chairman Giles Hargreave said the company is at an “exciting stage” in its expansion, which will be supported by Mr Clinkard’s “invaluable knowledge”.
“He is a talented investment director who will add value to our offering and support us in providing a high quality service to clients in the regions,” he said.
Hargreave Hale’s stockbroking and asset management network dates back to 1897.
It has offices in Bangor, Blackpool, Carlisle, Lancaster, London and Worcester, in addition to its York base.
It employs 190 people across its seven locations, with £3.9bn AUM and a successful range of small and mid-cap unit trusts through its Marlborough funds.
The firm is committed to a personalised approach, Mr Holliday said.
While some providers have moved away from smaller client portfolios and tailored services, it focuses on client engagement, with accounts ranging from around £50,000 to £10m in value.
He said: “Hargreave Hale is about personal service and individual stock ownership.
“Some managers have moved away from individual stocks for a more collective approach, and often only with very large companies.”
The service provided in York is “a hybrid of London stockbroker and a local office”.
“We have immediate access to analysts and a tremendous flow of information coming from UK plc,” he said.
“It’s the same service as in London, but with better prices. In a low inflation environment, how much you lose in fees is incredibly important.”
Mr Holliday said there was a “great amount of opportunity” in the north, which has an under-served and wealthy market.
However, while York is poised to grow, the focus going forward is to support its customers.
“Our priority is always to look after the client,” he said.
“It’s got to be the first and second priority.”