Evelyn Partners  

Tilney S&W reports drops in AUM

Tilney S&W reports drops in AUM
Chris Woodhouse, Tilney Smith & Williamson's group chief executive

Tilney Smith & Williamson has reported a drop in its assets under management at £55.8bn for the three months to March 31, 2022.

In its trading update today (May 12), the wealth manager saw a fall from December 2021 when AUM stood at £57.7bn, albeit it was still up from £51.6bn when compared to the same period last year. 

Group chief executive Chris Woodhouse, 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.

“We reported a small dip in AUM in the first three months to £55.8bn as a result of tougher market conditions, with global equities, as measured by the MSCI World Index, declining 5.5 per cent over the quarter.”

Meanwhile, the firm reported net new business inflows of £0.5bn in the first quarter, which was the same as Q1 2021, representing 3.2 per cent of opening assets on an annualised basis.

Group operating income in Q1 was up 9.3 per cent on last year at £146.9mn, compared to £134.3mn.

Tilney S&W said this was driven by increased assets under management year-on-year, as well as “excellent performance” by the professional services business.

The firm said the financial services segment generated £107.2mn of operating income, compared to £99.6mn last year.

The professional services segment, and the fund administration segment, generated £37.4mn and £2.3mn, respectively. 

This is compared to £31.5mn and £3.2mn in Q1 2021.

In the summer, Tilney S&W will rebrand to Evelyn Partners to reflect “consolidation” following its 2020 merger.

Woodhouse said: “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. 

“Ahead of this, we have also just completed our move into our new headquarters at 45 Gresham Street in the heart of the City of London.”

Last October, Tilney S&W also introduced the succession programme offering to take over the client banks of retiring financial advisers in October and said it was keen to talk to advisers who do not have a succession plan in place but want “an orderly and gradual handover” of the client relationships they have built once they retire.

Yesterday (May 11), it added Edinburgh-based advice firms Capital Risk Management and MP2 Financial to the group, as part of its succession programme.

Woodhouse added: ““I’d like to thank colleagues across the group for their continued efforts to deliver for our clients and the support provided to them during a period of market volatility and economic uncertainty. 

“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.