Rensburg enjoys leap in funds

The Leeds-based company said that by the end of December funds under management rose 1.5 per cent to 12.31bn.

Investment management fees rose 21.4 per cent and commissions improved by 27.1 per cent in the three months to the end of December.

But net revenue at the investment management unit was up a more modest 3.4 per cent, hit by a 71.8 per cent decline in interest from client deposits.

Chief executive Steve Elliott said: "Rensburg Sheppards continues to be soundly financed and cash generative. Whilst markets in the first few weeks of 2010 have remained uncertain, we believe the strong base from which we operate leaves the group well placed for the future."

The group said during the third quarter of its financial year, from September to December, there was further improvement in its operating environment, with equity markets rising.

"This improvement in the operating environment has been reflected in the revenue figures which show encouraging increa-ses in the key revenue streams of fees and commissions over the last quarter," said Mr Elliott.