Tavistock Group 

Tavistock Investments sees funds under management double

Tavistock Investments sees funds under management double

Tavistock Investments has seen its funds under management double over the past year, according to its latest results.

Its funds under management reached £690m at the end of September, with a total of £540m of these funds are being managed on a discretionary basis.

Earlier this year, Tavistock Investments bought Price Bailey Financial Services as a wholly owned subsidiary, in a deal worth up to £3.6m.

Today's (23 December) results show adjusted earnings before interest, tax, depreciation and amortisation profits have improved, from a loss of £63,000 in the equivalent period last year to a profit of £109,000 this year.

Reported loss from operations has fallen by 16 per cent from the equivalent period last year to £688,000.

Tavistock attributed its positive results to the acquisition of Abacus Associates Financial Services in April 2016, with advice operations have seeing "spectacular" organic growth and the number of advisers within Abacus increasing by more than 45 per cent.

Brian Raven, chief executive of Tavistock, said: “The board will continue to focus on improving the operation efficiency of the group’s existing businesses, removing cost and reducing risk where possible.

"We will also grow the advisory businesses through additional recruitment and the wealth management business by increasing the level of funds managed on a discretionary basis. This will be achieved both within the group and by offering our investment management services to outside firms.

“It remains a strategic objective to introduce a dividend stream for the benefit of the company’s shareholders at the earliest opportunity”.

At the end of September this year, the group had net assets of £14.91m, up from £10.33m on 30 September 2015.

This included cash resources of £3.8m, down £200,000 from £4m in 2015.

ruth.gillbe@ft.com