The firm saw profits of £5.4m for the year.

Revenues were £28.5m.

However, operating costs increased by 2% as inflation started to take effect in the final quarter.

David Loudon, joint-chief executive at Redmayne Bentley, said: “Against the macroeconomic and geopolitical uncertainty, the sector continues to remain positive and at Redmayne Bentley we are well-positioned to benefit given our independent financial strength and our concentration on individual client needs.

“Our focus is on bespoke and personalised client service alongside investment in the high quality systems and people required for the growth of our business. These are both crucial to our service proposition and its delivery.”

Mr Loudon added that cash levels remain strong for the firm, enabling it to take advantage of “new opportunities” this year as it considers potential acquisitions.

In July Redmayne Bentley launched a white-labelled centralized investment proposition for Financial Planners.

The Your Portfolio Service is designed to reduce ongoing administration and resource costs for advisers.

All portfolios are mapped to a variety of risk-profiling solutions and cover accumulation, decumulation and ESG.

The CIP can be hosted on the adviser’s preferred platform.

The investment manager will create a range of portfolios for financial advisers using the solution as well as running on-site investment committee meetings to allow advisers to have meaningful ongoing input into the investment proposition.

The proposition was initially soft launched with a small number of advisers in 2019.

Established in 1875, Leeds-based Redmayne Bentley is an investment manager, Financial Planner and stockbroker offering a range of personal investment services including bespoke discretionary investment management, managed portfolio service and traditional stockbroking services.