Wealth management income at newly re-listed independent UK stockbroker, Collins Stewart, was £13.1 million, up from £8.9 million in 2005. Along with capital markets business, which was up 33 per cent, the Channel Islands wealth management business was up 41 per cent, having benefited from the acquisition of Insinger in September 2005. Revenue at the division achieved a record year with growth of 34 per cent against a benign market background. The integration of the Insinger business was successful, and delivered the expected cost savings over the combined operation that were forecast at the time of purchase with no disruption, according to the company. The settlement operations for the London Wealth Management business were also transferred to Guernsey. Both the Insinger integration and the reorganization of the settlement function contributed to the 2.3 per cent improvement in operating margin in 2006 and further benefits are expected in 2007. London activity continues to focus on converting clients from commission to fee based remuneration. A new Charities team joined during the year, leading to a number of new portfolios. Last year also saw the launch of the AIM Realisation Fund, and a specific Inheritance Tax service aimed at providing IHT effective portfolios for investors. During the year £0.5 billion of low margin fund management contracts were either sold or subcontracted to Elysium Fund Management for £1 million. During the year fee income grew by 28 per cent. Total assets under management were down from £3.2 billion in December 2005 to £3.1 billion in December 2006 with the disposal of the fund management contracts being mitigated by a £0.4 billion increase in other assets under management. Discretionary funds increased in value during the year by the net addition of new accounts with a value of £0.2 billion.