Tavistock Investments has broken into a profit of £221,000, after a restructuring of its advice operations.
For the 12 months to 31 March 2018 Tavistock increased revenues by 47%, from £19.5 million to £28.8 million.
Revenues generated by ongoing advice business increased 41% to £25.2 million (from £17.9 million).
The period saw Tavistock dispose of network subsidiary Tavistock Financial, for £1 million. Tavistock Financial was created by the acquisition of Standard Financial Group in February 2015. During the period, the business had made a loss of £25,000 from gross revenues of £7.7 million.
Following the sale of the Tavistock Financial, however, the company retained 58 advisers, who were transferred into The Tavistock Partnership prior to disposal. Tavistock said these advisers 'are keen to develop a closer commercial relationship with the company, including recommending the use of its centralised investment proposition to their clients when appropriate to do so.’
It said 23 firms outside of the group's ownership have now signed up to use Tavistock Wealth's investment services. Funds under management in its discretionary business increased 44% from £603 million to £866 million.
In June last year Tavistock Wealth launched three new Acumen funds; the Bond Portfolio, Equity Portfolio and Strategic Portfolio. Later in the year, it launched a range of US Dollar denominated and Euro denominated share classes to facilitate the introduction of funds from overseas investors.
Brian Raven, group chief executive, said: 'We are continuing to deliver increases in funds under management and to develop our advisory business. The strong organic growth we have seen this year is recognition of the trust our clients, advisers and strategic partners are placing in our business. Our commitment to develop new products and services that respond to evolving investors' needs, such as greater capital protection, will continue to be a key driver for the group. I am very proud of what the team has achieved this year and confident in our future growth prospects.'