Ascot Lloyd assets near £10bn

Ascot Lloyd assets near £10bn

Advice firm Ascot Lloyd has seen its group revenue increase 24 per cent following a string of acquisitions, as assets approached the £10bn mark.

In its annual results published today (August 26), the firm said group revenue in the year was £63m, up from £51m in 2019. However, the firm made a loss after tax of £30.5m as acquisition and financing costs came to bite.

The group saw its assets under management rise from £6.8bn to £9.4bn with Avellemy, the group’s discretionary fund manager, responsible for £1.8bn of these assets at the end of the year.

The DFM transferred to another another company within the wider Ascot LLoyd group during the year and as such the £30m loss does not take into consideration revenue or profits from Avellemy.

Ascot Lloyd added 12 acquisitions in 2020 which added more than £6.5m of earnings before interest, taxes, depreciation and amortisation, with group revenues now over £60m. 

The firm said the results demonstrated “resilience” to the impact of the coronavirus pandemic on equity markets and subsequent new business.  

Nigel Stockton, group chief executive officer, said: “I am pleased to report a positive year for Ascot Lloyd despite the impact of the pandemic. These results are testament to the resilience and quality of our business, our people, and the national platform we have built. 

“All our staff quickly embraced remote working and reoriented the business to ensure our clients benefitted from continued excellent customer contact and service during a period when they needed this more than ever."

In February Ascot Lloyd said it was set to boost its acquisition plans after securing financing from investment manager Ares Management.

The financing increased the capital available for acquisitions to more than £100m. 

In today’s update, Stockton added: “In 2021 we expect Ascot Lloyd to achieve strong further growth against our 2020 published numbers.

"This year we have already completed three transactions and are working on a number of further significant acquisitions.

"Indeed, just last month we added Central Investment Services (Scotland) Ltd to our list of recent acquisitions. This excellent Aberdeen business with eight advisers makes us one of the largest IFAs in Aberdeen and increases our footprint in Scotland.”

Stockton added: “Our majority shareholders, funds managed by Oaktree Capital Management L.P., also continue to be extremely supportive as we grow and we look to the future with confidence.”

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