Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
Tilney Smith and Williamson has announced that its operating income for FY20 increased 47.5% year-on-year to £305.8m.
The group’s adjusted EBITDA also grew 34.8% year-on-year to £115.4m for the 12 months ended 31 December 2020.
The year, which entailed the completed merger of Tilney and Smith and Williamson on 1 September, saw Tilney’s assets under management (AUM) jump from £22.3bn to £51.2bn under the newly combined firm.
Moreover, Tilney Smith and Williamson’s AUM increased to £51.6bn by the end of Q1 FY21, not including £350m worth of assets to be added in Q2 alongside the HFS Milbourne acquisition.
Chris Woodhouse, chief executive at the company, said that the results reflect “just four-months” of combined activities, with the “full-year benefit of the merger” still to come in FY21.
He added: “The merger has created a business with an unrivalled range of expertise spanning both wealth management and professional services.
“The breadth of our services means we can support clients with a wide range of needs including raising capital or restructuring a business, tax advice, putting in place a personal financial plan and managing their investment portfolios.”
Thus far in FY21, the group has added £1.7bn of gross new business inflows, representing a 13.1% opening AUM on an annual basis for the three months to 31 March 2021.
