National advice firm Tilney has increased its assets under management by 138% in one year, following its high profile acquisition of Towry.
The firm today announced its full year financial results for 2016, which revealed its assets under management (AUM) had increased from £9.4 billion in 2015 to £22.4 billion last year.
The figures were heavily bolstered by the acquisitions of Ingenious Asset Management in April 2016 and the Towry Group in July 2016.
Chief executive Peter Hall (pictured) said: 'In addition to the successful delivery and integration of two major acquisitions in 2016, the year also saw an acceleration of organic growth in the original Tilney Bestinvest business.
'The gross new money per adviser of £10 million demonstrates the strong organic growth achieved at the same time as the Towry and Ingenious integrations were taking place.'
The firm increased its adviser roster from 146 to 328, and recorded a 209%. It has stated an increase in run-rate revenues from £69 million in 2015 to £213.1 million. Run-rate EBITDA ( increased from £17.6 million to £64.7 million (268%).
Hall added: 'We have completed the restructuring of the business and Towry integration, launched a new ‘best of both’ client service proposition and are investing heavily in new technology solutions to enhance client experience.
'We have also initiated a major marketing campaign to raise our profile under the new Tilney branding and have an active recruitment programme for additional advisers.'
Speaking to New Model Adviser® in March this year, Hall said Tilney had set its sights on six acquisitions a year from 2018, targeting regional firms around the UK.