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Towry deal helps double Tilney assets

Towry deal helps double Tilney assets

Tilney saw its revenues, earnings and assets grow during 2016 after completing a number of major deals.

Last year saw the company completed its acquisitions of Towry and Ingenious Asset Management.

During 2016 the company’s assets under management increased by 138 per cent to £22.4bn.

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Meanwhile its revenues went up 209 per cent to £213.1m.

Tilney’s earnings before interest, tax, depreciation and amortisation (Ebitda) went up by 268 per cent to £64.7m.

The company has not published its profit figures and has said it regards adjusted Ebitda as the most appropriate measure of its underlying financial performance.

Wadham Downing, Tilney’s chief financial officer, said it had been a record year for the company and the acquisitions had been “transformational”.

He said: “As integration synergies flow through and we bring the combined businesses onto one back office system, this will enable us to continue to grow not only our Ebitda, but also demonstrate operational leverage through growing Ebitda margins up from the record 30.4 per cent level the business achieved in 2016.”

Tilney increased its number of advisers from 146 to 328 by the end of 2016.

There was an increase in gross new money per adviser from £9.8m to £10m.

Peter Hall, chief executive of Tilney, said: “The gross new money per adviser of £10m demonstrates the strong organic growth achieved at the same time as the Towry and Ingenious integrations were taking place.

“Our strategic vision is to become the UK‘s leading wealth management business with a dual expert approach that offers clients a highly professional and personalised service across both financial planning and investment management.

“After a landmark year in 2016 we have also had a great start to 2017.

“With these foundations in place, I am confident that we are exceptionally well positioned to deliver a great service to both existing and new clients right across the UK, whatever their financial needs.”

damian.fantato@ft.com