WH Ireland’s efforts to bring greater focus to its Wealth Management and Corporate Broking businesses had a positive impact on H1. Wealth Management fee income grew 55% y-o-y with discretionary AUM up 16% from the year end. Retainer fee income and client numbers in Corporate Broking also increased. Improvement on profitability is still needed and management plans to lift the operating margin (just 2% in H1) towards the industry norm (we estimate 15%) through further revenue growth and cost efficiencies. Existing measures will positively affect H2 with further efficiencies in 2016.