The total amount of assets managed on behalf of financial services firms grew from £17bn in 2013 to £22bn last year.
Paddy Byrne, chief executive at Target Group, said: “We have had a very successful year which included migrating several portfolios across a range of asset classes in seamless well managed processes and collecting cash in excess of clients’ expectations, all in a compliant and customer centric manner.”
Byrne said Target had taken on several new clients which, combined with growth in the portfolios of its existing clients, has led to a 29% increase in assets on Target’s systems and a 33% increase in turnover.
A new venture for the group is the development of retail structured products, which it plans to distribute through intermediaries under the brand Hartmoor Financial.
Retail structured products are investment accounts which have pre-set formulas for calculating returns and risk so the account holder knows the market or asset their investment is linked to.
To support the launch, Target has hired senior figures from Investec and BNP Paribas.
“Our success has been underpinned by our people, all UK based, in our servicing and software development operations,” said Byrne. “We have also increased the quality of our team through a number of significant hires in key positions. These hires, combined with our strong existing team, underline our determination to improve what are already exceptional outcomes for our clients and position Target for further profitable growth.”
