Shareholders' funds in the company that took over the former Aberdeen Asset Management business doubled to over €300,000 last year, the latest figures show.

Appian Wealth Management, the company set up as a result of the management buyout of Aberdeen, ended 2005 with €307,408 in shareholders' funds, up from €151,390 a year earlier, according to accounts lodged with the Companies' Registration Office (CRO).

Appian is focused on managing assets for high-net worth individuals who are cautious about risk. It has also advised credit unions, which have to guard their exposure to risk carefully, about investing members' money.

The company puts their cash in mainly blue-chip investments, but aims for returns ahead of inflation.

Last year, the period to which the current CRO figures relate, Appian was understood to have had around €200 million under management.

The chief executive is Pat Lawless, formerly of Aberdeen Asset Management. He and his brother Greg hold shares in the company.

The company is chaired by Donal Roche, senior partner with Matheson Ormsby Prentice, which Independent group chief, Sir Anthony O'Reilly, chairs.

Mr Roche holds a stake in Appian through another company, Rockhill Investment.

One of its directors is Bernard Somers, a close associate of Sir Anthony O'Reilly. He is the principal of Somers & Associates, a liquidation and corporate restructuring practice.

He is also a director of industrial holding company, DCC. He was on the board of the Central Bank.

The accounts show that Patrick Lawless and Rockhill each loaned the company €173,250, while Greg Lawless loaned it €38,500 in October 2005.

These loans are subordinated, which means that the interests of all other creditors take precedence over them. The Irish Financial Services Regulatory Authority has to give approval before these loans can be repaid.

The financial regulator approved the repayment of a similar loan to Patrick Lawless and Rockhill during the year.