Tavistock boss Brian Raven saw his pay packet increase by more than a quarter last year, despite the firm still turning a loss.
Raven took home £192,000, up 27 per cent from £151,000 in 2016, Tavistock’s accounts for the year to March 2017 released this morning show.
Tavistock Investments, the parent company of the Tavistock Group, which includes financial advice arm Tavistock Financial and investment management business Tavistock Wealth, made a loss of £671,000. However, this was an improvement from the £2.2m loss it made in 2016.
Revenues did improve from £29.9m to £36.4m, as funds under management jumped 332 per cent to £769m on the back of new fund launches and the acquisition of two financial planning firms: Abacus Associates and PB Financial Planning Limited.
The results read: “There can be no certainty that the rapid pace at which funds under management grew in the year under review will continue into the future or that the business will continue to attract new advisers at the same pace. However, a great deal has been achieved by the management team over the last year, including the strengthening of the team itself in areas of particular focus.
“The board remains confident that good progress will continue.”
In the results, Tavistock has said it is could potentially make further “selective acquisitions”, but Money Marketing understands that Tavistock has put its advisory arm up for sale, with a price tag of around £1.5m.