Tilney spends £15m on platform upgrade

Tilney spends £15m on platform upgrade

Wealth management firm Tilney spent £15m on upgrading its platform in the 2018 calendar year, the company has revealed.

Tilney's annual results released yesterday (April 11) showed Iress had carried out the work.

The platform will be used both by the retail clients of the Bestinvest platform and the advisers in the Tilney business.

Article continues after advert

A representative of the company said due to the upgrade functions such as getting client valuations and portfolios will be much easier.

Jason Hollands, managing director for business development and communications at the platform, said: "The completion of the implementation of Xplan last year has provided us with single wealth management technology platform across financial planning, portfolio management, trading and market data, client engagement and reporting.

"The solution incorporates integration to multiple third-party platforms and executing custodians. This has enabled us to vastly reduce manual processes, improving efficiency, enabling client facing advisers to focus even more time on clients and enhancing the output we provide to clients."

Tilney also spent £1.3m on implementing the Mifid and GDPR regulations in 2018.

The latest set of financial results from the company showed assets under management across the business were lower at the end of December 2018, compared with the same period in 2017.

Total Aum at the end of 2018 were £23bn, compared with £24.1bn for 2017. At the end of March 2019, total assets under management were £24.4bn.

The company did not publish a figure for net inflows.

Revenues were £228m, compared with £226.5m for the previous year, with 87.6 per cent of the revues being recurring.

Chris Woodhouse, chief executive of Tilney said: "2018 was another year of strong underlying financial performance and continued strategic progress for Tilney against the backdrop of volatile markets and political uncertainty.

"We have reinforced our financial position, completed a major systems upgrade and continued to invest in the business.

"We have a broad range of award winning services and our investment track records are highly competitive and among the best in our industry. This has enabled us to achieve healthy net business generation in a challenging environment.

"We have added to our talent pool through new hires and acquisitions and we will continue to seek further opportunities to expand our teams over the coming year.

"Tilney has a truly scalable platform for future growth and I believe is exceptionally well-positioned to capitalise on the opportunities ahead."