A NORTH-EAST wealth management firm has enjoyed a record year after seeing turnover increase.

The tax and trust department at Pearson Jones, in Bishop Auckland, County Durham, says turnover rose by 13 per cent in 2013.

It revealed 120 new trusts came to the ten-strong department, which operates nationally, helping generate £883,000 turnover, the highest since the department started in 2000.

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Most of the trusts are family trusts to protect assets, with others including healthcare trusts for the benefit of staff at large national companies.

Jonathan Lee, Pearson Jones' tax and trust departmental manager, said: “We’re hoping to sign a major agreement this spring which will bring a further 200 trusts to the department.

“The main reason for the increase in business has been individuals wishing to protect their wealth more carefully and ensure that assets do not get taxed where it can be avoided.

“External referrals have also increased as we are continually adding further Society of Trust and Estate Practitioners qualified individuals to make us one of the key tax and trust teams in the North.

“There has also been an increase in deaths which means that we receive recurring fees.”

Pearson Jones also offers pensions and employee benefits and has sister offices in Sheffield, Leeds and Reading.