LOM Financial Limited saw assets under administration rise to $870 million last year, that compares to $684 million at the end of 2016.

The financial services company’s management and advisory fee revenues rise by 33.8 per cent to $4.16 million, while broking fees were up 54.6 per cent at $3.18 million. LOM’s total revenues rose 34.7 per cent to $10.76 million last year. Its net equity at the end of December was $18.4 million.

Scott Lines, chairman and CEO, in a letter to shareholders yesterday said assets under administration have since risen to $914 million.

Regarding the 2017 performance, he said: “We grew our client base, raised additional assets and continued to improve our financial performance. We are continuing our focus on winning new clients and recruiting top-level financial advisers and private bankers. To this end we have added experienced staff in our Bahamas office and our new Cayman office.”

The addition of new offices and staff contributed to increased operating costs which, ex-commission payments, rose 17.3 per cent. Operating costs are expected to create a drag on earnings this year. However, Mr Lines said: “We have high hopes that the investments we are making in our people and facilities will continue to win greater assets for our group.”

Mr Lines noted the beneficial effect of strongly rising equity markets around the world last year, but warned: “We believe that we are entering a more volatile global environment where both populist and established politicians are going to respond to populist pressure that has been driven by underlying economic forces that have been building for years.

“Rapid globalisation driven by technology and the internet has disrupted lives and business models in almost all developed countries. This rapid change and the economic shocks associated with it are causing the normal political landscape to warp and shift.

“The pace of economic change will only accelerate with the coming revolutions in robotics, artificial intelligence and biotech. As a result, we expect that we will continue to see a significant involvement of populist politicians implementing policies and economic incentives that keep risk premium elevated.”

The company’s book value per share as of December 31 was $3.09.