Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
Tilney Smith and Williamson have announced its gross inflows increased by £4.5bn in the first nine months of the year.
According to the company’s trading update for Q3 2021, assets under management for the company also increased by 9.2% to £56b during the first nine months of the year, aided by the £4.5bn of gross new business year to date.
The group also revealed operating income was £395.4m during the first nine months of the year. It was £133.5m in the third quarter, compared to £74m in Q3 2020, following the merger with Smith and Williamson in September 2020 and organic growth.
In addition, Tilney Smith and Williamson’s net new business inflows were £0.5b in the first nine months, compared to £0.1b in Q3 2020. Net inflows during the first nine months were £1.8b, representing 4.7% organic growth on an annualised basis.
Chris Woodhouse, chief executive, said: “While assets under management are a key driver of our revenues, we also earn fees from our Professional Services business, financial planning and fund administration too.
“Collectively our businesses have generated operating income of £395.4m during the first nine months of the year compared to £175.7m over the same period in 2020 – demonstrating the significant uplift from the merger, as well as organic growth.
He added: “Alongside healthy new business volumes, we have been actively recruiting additional talent across both professional services and financial services, with further hires on the way.
“With strong organic growth, the integration substantially completed and excellent progress being made with our key strategic initiatives, we are on track for a successful first full-year as a combined business.”
