Tavistock funds more than double to £690m

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Tavistock Investments has seen its funds under management more than double to £690m over the six month period ending September.

Ebitda has improved from a loss of £63,000 in the same period last year to a profit of £109k this year.

The investment management business attributes the April acquisition of Abacus Associates Financial Services for the successful period. The number of advisers within Abacus has increased 45 per cent over the period.

Last month Tavistock also received FCA approval to complete its acquisition of Price Bailey Financial Services.

Chief executive Brian Raven says: “The Board will continue to focus on improving the operation efficiency of the Group’s existing businesses, removing cost and reducing risk where possible.

We will also grow the advisory businesses through additional recruitment and the wealth management business by increasing the level of funds managed on a discretionary basis. This will be achieved both within the Group and by offering our investment management services to outside firms.

“It remains a strategic objective to introduce a dividend stream for the benefit of the Company’s shareholders at the earliest opportunity.”