Succession, the wealth manager platform business, has reported turnover and operating profits up strongly this year.

Funds under management have risen to £5.6bn, a compound annual growth rate of 34% since the company was formed in January 2014. The news comes despite the Plymouth-based company’s founder Simon Chamberlain - a leading industry figure - dying unexpectedly earlier this year.

Nine advisory firms have been acquired in 2017, says the company, with further growth planned.

Employee headcount has increased by 16% to over 470 in 2017 with three additional regional offices established. Succession now has 143 qualified financial advisers using its five-step wealth planning process.

The growth in operating profit and turnover comes against a backdrop of rising pre-tax losses which rose from £4.6m in 2015 to just over £6m in 2016 due to the cost of paying for loans and investment in the fast-growing business.

Ray Pierce, executive chairman of Succession Holdings Ltd, said: “Succession has achieved outstanding H1 2017 performance following its excellent financial results in 2016. With the support of our committed shareholders, we continue to execute our long-term strategy of creating the UK’s largest privately-owned wealth management business.”

The company says the strong momentum established in 2016 has continued through the first half of 2017.

Operating Profit (before goodwill and intangible asset amortisation in the year) increased by 69% to £2.3 million (2015: £1.3 million). Turnover increased by 49% to £36.3 million (2015: £24.5 million).