Our Growth Agenda

“The Group has been able to progress our strategy of growth and financial strength in 2009 and completed two significant investments in the development of the fixed income agency business and the large-cap equity business. Both these investments add significant potential for the Group to grow further in the future."

Martin Gray,

Chairman, 2009 Report & Accounts

As a result of the Group being well positioned going into and through the downturn relative to many peers, we were able to complete three significant business initiatives in the space of nine months:

• The acquisition of the investment management team of Singer & Friedlander Investment Management Limited (“SFIM”) has brought over £1 billion of new assets under management.
• The development of our fixed income agency business within Evolution Securities Limited which has significantly expanded the range of products the Group covers and the number of institutional clients the Group services; and 
• The build out of a large-cap Pan-European equity research and sales business resulted in net hires of 56 people within the business during the year.

The Group’s focus in 2009 has been on these three key initiatives, while continuing to develop the Group’s other business in accordance with the strategic aims and core principles, namely:

Financial Strength
• Underpinned by a disciplined approach to investment;
• Focus on an agency model; and
• High Balance Sheet liquidity.

Partnership culture
• Proper alignment and reward sharing between employees and shareholders; and
• Long-term view focussed on relationships not transactions.

The Group has stayed true to these values throughout the downturn of 2008 and 2009, both in growing our existing businesses and in developing new ones.

The Group aims to maintain a high cash generation and low fixed cost agency model to deliver high margin and low risk returns.

The heart of the Group’s business is building long term client relationships and developing a true partnership culture.