Tilney Bestinvest assets rise to £9.4bn

Hall-Peter-Tilney Bestinvest-2014-700x450.jpgTilney Bestinvest saw its assets rise 4.5 per cent to £9.4bn in the 12 months to the end of 2015.

The financial planning firm has released its first set of full year results since the merger of Tilney and Bestinvest in August 2014.

In the year, the firm generated £17.6m in profits, on revenues of £69m. This compares to pro-forma full year revenues of £67.6m in 2014 from the two businesses.

The business also saw £630m of net new assets, representing 7.2 per cent growth.

The results come ahead of the acquisition of Towry, which Tilney announced last month. Subject to regulatory approval, the move will see private equity owned Tilney Bestinvest buy the entire company, including Palamon Capital Partners’ majority stake and shares owned by Towry staff, for £600m.

In February this year Tilney Bestinvest also announced it plans to acquire £1.8bn investment manager Ingenious Asset Management. The move gives Tilney Bestinvest access to high-net-worth and ultra-high-net-worth clients in London, says Peter Hall, chief executive of Tilney Bestinvest.

In 2015, Tilney Bestinvest also saw growth in its managed portfolio service and multi-asset funds, with 62 per cent of its assets now run through the accounts. In addition 15 per cent of assets are through advisers while 32 per cent are execution only.

Hall says: “In 2015 we made excellent progress towards achieving our strategic vision of becoming the UK’s leading provider of financial planning and investment services.

“Our investment performance has continued to be very good, organic growth has been strong and we have been investing for the future which will enable us to further enhance the service we provide to clients and accelerate future growth.”