AN AMBITIOUS fund management firm has celebrated 10 years in business with a 75 per cent hike in turnover and huge growth in assets.

Ashcourt Holdings, based in Kings Hill, West Malling, has capitalised on an upturn in the global stock market, the acquisition of new businesses and the expertise of staff to increase revenue from £2.6m to £4.56m in the 12 months ending April 30.

The Group's funds under management also increased by 91 per cent from £233m to £444m in the same period, a figure that has since risen to more than £538m.

The fast-growing investment and financial planning firm provides through its subsidiaries a wide range of services to individuals, trusts, charities and pension funds. Its main investment management business is Ashcourt Asset Management, which increased revenue by 59 per cent in financial year ending April 30.

The company, founded by partners of Brachers, the Maidstone law firm, launched on the Alternative Investment Market (AIM) in June. It valued Ashcourt at around £6m. A recent private share placing raised £500,000 for expansion.

Geoffrey Dearing, chairman of Ashcourt Holdings and former managing partner at Brachers, said turnover and profits growth were partly down to the upturn in the global stock market. But he also paid tribute to "the longstanding commitment and expertise of our staff and success of our strategy of acquisition that aims to reduce the unavoidable effects that the volatility of global stock markets has on our investment business."

John Morton, chief executive of Ashcourt Holdings who joined Brachers as investment director in 1994, said: "Our successful launch on AIM, alongside such household names as Center Parcs, Majestic Wine and Domino's Pizza, has helped to raise our profile among potential investors which will in turn fund the on-going growth of Ashcourt Holdings.

"The last twelve months have, once again, seen considerable progress in the development of the Group within a much improved economic climate."

Ashcourt, whose latest acquisition was Horder and Company, a specialist financial tax planning and pensions adviser with offices in London and Ipswich, also has offices in London, Brighton, Hitchin, Ipswich, Winchester and Guernsey.