JM Finn has been active in the job market again, the latest addition to its team is Senior Investment Manager Jonathan Marsh, who was formerly with Investec, and before that Raphael Zorn Hemsley.
Mr Marsh will be based at the firms Coleman Street HQ in the heart of the City of London.
Who else has JM Finn recruited?
The new appointment marks the 5th senior hire that JM Finn has made in the last year and follows on from a raid on rivals Rathbone’s in 2019 which saw three managers jump ship to join JM Finn. They included Stephen Wright and Steve Thornton who were reunited with long-standing Rathbone’s alumni Marcus Holden-Craufurd and Clare Gore Langton.
JM Finn has also recently recruited from Brewin Dolphin, although they have seen some departures too with Cranley Macfarlane heading off to Tellson Investors after being at Finn’s for almost 10 years and David Stevens leaving to rejoin his former colleague, David Roblin, at Raymond James.
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How is the business doing?
JM Finn has seen its cost rise faster than profits and despite growing both revenues and income the bottom-line performance was dented by growing costs including a doubling of the firms contributing to the FSCS levy to £1.0 million.
JM Finn has a headcount of around 250 staff, managing just under £10.0 billion in assets for around 18,500 clients. The business is well funded with around £40.00 million in cash on its balance sheet.
Is JM Finn still in the market?
It’s not clear whether JM Finn has done its business or still on the lookout for additional talent. Traditional wealth management as practised by the likes of JM Finn is very much a people and relationship-based business, in which the assets effectively walk out of the door each evening.
Keeping clients and money managers happy whilst maintaining performance and getting costs under control is the ideal recipe for success but that’s something that’s a lot harder to do than it is to say.
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