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Smith & Williamson, a UK-based investment management, accountancy and tax group, has posted operating income of £117.5m for the first half of fiscal 2017, up 10% compared to £106.5m a year ago.

Adjusted operating profit for the year stood at £17.7m, a surge of 22% from £14.5m in the prior year.

Smith & Williamson co-CEO and managing partner of tax and business services Kevin Stopps said: “Looking ahead, investing in our people, platform and resources, including strategic acquisitions, for the long term benefit of our clients, remains a priority. We are particularly excited about opportunities to support Britain’s scale-up businesses, our active partnership with the ScaleUp Institute and our family office initiative.”

Adjusted operating profit for tax and business services rose to £2.4m from £1m in the previous year, and up by 21% for investment management and banking.

Funds under management and advice during the period were £17.8bn, an increase of 11% compared to £16bn as at 30 April 2016.

Smith & Williamson co-CEO and head of investment management and banking David Cobb said: “While volatile, we saw higher stock market levels than the equivalent period in the prior year. 

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“We expect further stock market fluidity over the coming months due to likely uncertainty arising from elections in Europe, a new US President and the much anticipated triggering of Article 50 throughout which the firm will continue to guide clients’ business and wealth planning activity.”