Investment manager attracts €75m since April

PRIVATE CLIENT investment manager Smith Williamson is now managing €75 million on behalf of 80 families after starting to operate in the Republic in April.

According to Chris Kenny, the Dubliner who heads its Irish operation, Ireland was a natural first step in expanding its investment services outside Britain.

“It’s English speaking and has similar compliance and legal regimes,” he said. He said the firm was “quite chuffed” with the response.

It is now managing assets valued at about €75 million on behalf of 80 families. The amounts vary from under €100,000 to more than €10 million.

Smith Williamson has been in business since 1881 and is one of the largest independent investment advisers in the UK. It has £12 billion in assets under management.

The company has an accountancy and banking business. The investment side of the business specialises in advising private clients. Each client is managed independently and the advice is tailored to their needs, according to Mr Kenny.

“We want our managers to get to know the clients and to understand their concerns and needs,” he said.

Its accountancy arm took over local firm Oliver Freaney two years ago and now trades as Smith Williamson Freaney. The firm already owns Cunningham Coates stockbrokers in Belfast.

Smith Williamson Investment Management is the private clients’ advice arm which launched here in April. Since it began trading, it has been building up its complement of advisers, hiring from established local firms.