Profits power to record at Trinity Street

Rising stock markets and surging asset inflows helped power profits at London-based global and international specialist equity manager Trinity Street Asset Management to £9 million in the 12 months to the end of March - more than the combined profits in the previous decade since its launch.

Revenues at Trinity Street, which was set up in December 2002 by former GLG manager Richard Bruce, nearly trebled in its latest 12-month reporting period from £4.1 million in the previous year to £11.1 million, according to the firm's latest accounts filed at Companies House.

Profits surged to £9 million, up from £3 million a year earlier, helped by the surge in revenues. That exceeds the £8.9 million in cumulative profits generated by the equities manager since its launch, according to an analysis of Companies House accounts.

Costs rose to £2.1 million from £1.2 million the previous year, driven by higher "commission payments directly linked to fees receivable", according to the accounts.

The limited liability partnership, whose members comprise the firm's three portfolio managers, Bruce, Ed Bell and Sarah Lavers, as well as risk, back office and compliance chief Craig Thompson, said in the accounts: "The members continue to keep tight control of the LLP's overheads with a view to increasing the profitability. Fees due to the LLP increased significantly in the year due to a combination of new funds under management and increases in the level of stock markets in the year."
They added that the firm would explore further opportunities with regard to adding new funds under management and "expect to raise new funds in the next six months", according to the accounts, which were signed off in July by Bell.

Trinity Street, which declined to comment on the accounts, began 2012 with roughly $400 million in assets under management, but that has since grown, with assets hitting $1.7 billion by December last year.