Ince hails ‘industry first' with launch of integrated private wealth advisory service
Unveiling of private wealth arm comes as shares resume trading ahead of expected 4.8% increase in first half income
UK listed law firm Ince has unveiled an integrated offering for high-net-worth individuals combining legal advice with wealth management services.
The firm said the launch of Ince Private Wealth, which it says is a first for the legal profession, brings together 80 legal, tax, financial planning and wealth management experts located across Europe, Asia and the Middle East.
In what has been a busy day for the AIM-listed firm, its shares also resumed trading today after its proposed £10m acquisition of its nominated adviser (Nomad) Arden Partners led to the suspension of trading while it sought new advisers
It also set an 8 December date for its half-year results when it expects to report revenue of £47.9m, an 4.8% increase on the previous year when revenue from discontinued operations is excluded.
"Now that trading in our shares has been restored, I am pleased to confirm that current trading is in line with our expectations and we look forward to reporting the full interim results on 8 December 2021,” said chief executive Adrian Biles.
Ince said the launch of its private wealth offering comes at a time of significant change in the private wealth sector, particularly as a result of post-pandemic economic uncertainty and Brexit-related challenges to long-term financial planning.
Services offered through Ince Private Wealth will include legal, tax advisory and compliance, fiduciary and corporate services, wealth planning, merchant banking, regulatory, private and family office and reputation management.
The firm said it would remove the complexity and volume of administration related to wealth management, as well as reduce costs by eliminating the need to deal with multiple advisers.
The group is being led by global head of private wealth Nick Rucker, who joined a year ago from national UK firm Irwin Mitchell with a brief ‘to create a bespoke private wealth advisory offering’.
He said: “It is with great pride that we are bringing the legal sector’s first integrated private wealth offering to market and offering advisory solutions that are in tune with the economic and commercial dynamics that are impacting modern day wealth management in all its forms.”
Biles described the launch as a “natural progression” of the firm’s strategy to formally bring together the range of legal, consultancy and financial advisory services it already offers to its clients.
“This move further strengthens Ince’s position as a fully integrated legal and professional services company and demonstrates our growth plans in complementary areas as part of this,” he said.
The launch continues an ongoing rebranding of Ince’s services around the Ince brand, following Gordon Dadds' acquisition of Ince & Co in December 2019 after the top 50 UK firm went into administration.
In July, the firm reported a 4% rise in revenue to £100.2m for the 2020/21 financial year, but a 59% fall in operating profit to £3.1m, after incurring a series of ‘non-underlying’ Covid-19 related costs, including £3.2m associated with the permanent closure of one of the two floors at its London headquarters at Aldgate Tower in the City of London.
It parted company with its UK managing partner, Mark Tantam, in July when he left the firm to pursue interests outside the legal services sector after just ten months in the role.
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