Tilney invests £15m in new platform

Data-Corporate-Finance-Business-Pen-Graph-Growth-700x450.jpgTilney has invested more than £15m in its new platform as it eyes further acquisitions.

The wealth management group released its 2017 results today, reporting a 68 per cent increase in revenue to £226.5m.

Tilney chief executive Chris Woodhouse calls the platform, which is expected to be completed soon, a “strategically important project”.

The results follow Tilney extending its platform contract with SEI for another six years in June last year.

The business also reported a 62 per cent increase in gross net inflows, which reached £3.2bn.

Average assets under management rose 60 percent year on year to £24.1bn, with 75 per cent of these in discretionary mandates and funds.

Towry name axed in Tilney rebrand

Woodhouse says Tilney is confident about the business’s ability to continue scaling up.

He says: “The wealth management profession has of course had to respond to a considerable amount of new regulation in recent years and that is a particular challenge for such a fragmented profession. Against this backdrop the benefits of scale are becoming increasingly apparent.”

Woodhouse adds: “We will continue to look to accelerate our growth further through both hires of talented financial planners and investment managers who see the attractions of our model as well as exploring potential acquisition opportunities where the fit is right.”

Tilney says it has completed integrating the Towry Group into its business after acquiring it in 2016.

Woodhouse’s appointment was announced in October last year and he replaced Peter Hall, who is set to join Schroders to run its wealth management arm.

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