Tilney Smith & Williamson posted a 47 per cent increase in operating income in 2020 as the firm began to reap the benefits of its merger.
The merger of Tilney and Smith & Williamson completed on September 1 last year, increasing the combined group’s operating income to £306bn for the year.
Assets under management increased to £51bn in 2020 from £26bn in 2019, including £22bn acquired through the merger.
Gross new business inflows hit £3.3bn, compared with £2.8bn in 2019, and resulted in a 6.7 per cent increase in net inflows to £704m.
Chris Woodhouse, chief executive of Tilney Smith & Williamson, said: “The merger has created a business with an unrivalled range of expertise spanning both wealth management and professional services.
"At a time when the pandemic has caused so much disruption and uncertainty for both individuals and businesses, we are uniquely well-equipped to help clients with both the management of their personal wealth and business interests.
“We have made good progress with integration projects and our digital development agenda is gathering pace, which will both improve client experience and support the scalability of the business.”
In a statement this morning (May 11) the group also provided an update on the first quarter this year, posting net inflows of £489m, compared with £109m in the same period last year. Gross new business inflows were £1.7bn, compared with £1.5bn last year.
sally.hickey@ft.com
