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Tilney Smith & Williamson (TS&W) has reported its group operating income increased 9.3% to £146.9m in the three months ending 31 March 2022 (Q1), compared to £134.3m in Q1 FY21.
The firm said this was driven by increased assets under management year-on-year, as well as “excellent” performance by the professional services business which saw income surge 18.7% year-on-year from £31.5m to £37.4m.
Additionally, financial services grew 7.6% to £107.2m, compared to £99.6m the year prior. However, fund administration dropped 28% year-on-year from £3.2m to £2.3m.
Overall, TS&W reported gross new business inflows of £1.4bn in Q1 FY22, down from £1.7bn in Q1 FY21. Meanwhile, net new business inflows remained consistent year-on-year at £500m.
The firm also experienced Assets under Management (AUM) dropping to £55.8bn in the quarter, down from £57.7bn on 31 December 2021, as a result of tougher market conditions, with global equities, as measured by the MSCI World Index, declining 5.5% over the quarter.
Chris Woodhouse, group chief executive, said: “The business has continued to perform well despite a more challenging market backdrop, with excellent performance across our Financial Services and Professional Services businesses.
“Earlier this year we announced the consolidation of our brands under a new name – Evelyn Partners. The reception from clients and employees has been very positive, and we remain on track to move to the new brand in the summer.”
He added: “The continued positive new inflows we have seen against the backdrop of recent market turbulence are a testament to the strength of our advice-led model and the value that clients place on sound professional advice and a well-managed investment strategy.”
