The balance-sheet at C. Hoare & Co remains “very strong,” and reflects healthy profits in the year ending this March, according to the latest letter to clients by partner Alexander S. Hoare.
“We continue to attract a good inflow of high quality new customers and attractive new business, despite concerns over asset prices,” he wrote.
It was noted that Rennie Hoare, 32 became a partner at the end of May. His early training was at Threadneedle Investments and subsequently at T. Rowe Price. He is also head of philanthropy and oversees Messrs. Hoare Trustees, which is seeing “something of a renaissance” with its donor-advised fund, the letter noted.
In a Delphic nod at Brexit and other challenges, Mr Hoare goes to observe that the last year has seen “a considerable amount of internal change and reorganisation.”
He says, “This is somewhat unfamiliar to us, but may well become the new norm if we are to rise to the disruptive challenges facing financial services imminently.”
Meanwhile, the Hoare partner issues an apology, at a time of increasing red-tape from rules and regulations, “for the amount of written communications about routine matters from the bank recently.”
He adds cryptically, “Harper’s law postulates that all progress results in inconvenience.”
As already reported, the bank’s continuing operations in the latest year made a pre-tax profit of £28.8 million, a 38.8 percent increase on the £17.6 million recorded for the previous year - ignoring the impact of the sale of its wealth management operations to Cazenove.