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Tilney assets double as acquisitions boost coffers

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Tilney chief executive Peter Hall

Tilney saw its assets under management and revenue more than double last year on the back of major acquisitions.

Assets were up 138 per cent and revenues up 209 per cent, boosted by the acquisitions of Ingenious Asset Management and Towry Group, which completed in April and July respectively.

Assets under management were £22.4bn in 2016 compared to £9.4bn in 2015, the full year results to the period ended 31 December show.

Revenues rose to £213.1m compared to £69m in 2015, while Ebitda increased 268 per cent to £64.7m from £17.6m in the previous year.

Strong investment returns also played a role in AUM more than doubling, says chief financial officer Wadham Downing.

He says: “This has had a transformational effect on our turnover and earnings both on a reported and run-rate basis. Had both businesses been owned by Tilney for the entirety of 2016, then adding on those earlier months on a pro forma basis Ebitda would have been £65m – a threefold increase on 2015. 

“As integration synergies flow through and we bring the combined businesses onto one back office system, this will enable us to continue to grow not only our Ebitda, but also demonstrate operational leverage through growing Ebitda margins up from the record 30.4 per cent level the business achieved in 2016.”

Chief executive Peter Hall says the firm’s aims to become a “dual expert” for clients in financial planning and investment management.

“We have completed the restructuring of the business and Towry integration, launched a new ‘best of both’ client service proposition and are investing heavily in new technology solutions to enhance client experience.

“We have also initiated a major marketing campaign to raise our profile under the new Tilney branding and have an active recruitment programme for additional advisers.”


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