Maclay Murray & Spens may have its issues by growing its private equity team in London after the loss of high-flying partner Graeme Sloan to Latham & Watkins, but it has had no difficulty at all growing its profit last year.
Today the Scottish-headquartered firm released its end-of-year figures for 2005-06. The event is a landmark over and above the fact of its 21 per cent rise in profit and 13 per cent hike in revenue. Maclays has traditionally been among the most tight-lipped of firms. But this year, with its conversion to limited liability status behind it, the veils have been ripped off and the truth laid bare.
And the result? Pretty much what was always suspected. Maclays is a tightly managed, appropriately profitable outfit. That won't be enough in itself to kickstart London private equity, but at least now we know for sure it's got a few quid to go partner hunting. Should it want to.