Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Tilney Bestinvest welcomes Towry with £17.6m profit

1 Comment
Tilney Bestinvest welcomes Towry with £17.6m profit

Tilney Bestinvest has reported a profit of £17.6 million as it prepares to welcome Towry to it ranks.

In the 12 months to December 2015, Tilney Bestinvest saw its asset under management grow by 4.5% to £9.4 billion in the face of volatile equity markets. Revenue rose from £67.6 million to £69 million.

The figures were the first full-year numbers since Tilney and Bestinvest merged in August 2014.

Staffing costs increased by 17% as a result of its expansion programme, which has seen Tilney Bestinvest’s headcount rise by 20%.

These are likely to increase further after it struck a £600 million deal to buy rival wealth firm Towry, which will go through in the second half of the year, subject to regulatory approval.  

The combined firm with have 240 financial planners and 120 investment managers on its books, operating from over 30 locations across the UK. It will have £20 billion of assets from across the wealth spectrum.

The Towry deal came hot on the heels of its acquisition of Ingenious Asset Management.

Tilney Bestinvest chief executive Peter Hall (pictured) sees the performance of his firm over the year as providing a great platform to integrate these new businesses.

‘Both Tilney Bestinvest and Towry have made strong progress in recent years on a standalone basis but together the combination will be transformational,' Hall (pictured) said.

'[Together] we will create a market leading firm...as well as a state-of-the-art online investment platform for self-directed investors.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Citywire 20: Investec's du Toit on managing the 'jerk factor'

Citywire 20: Investec's du Toit on managing the 'jerk factor'

Investec boss Hendrik du Toit believes he has become far more decisive over the last 20 years, especially when it comes to managing 'jerk' factor.

Play Citywire 20: Hugh Young's bleak lesson

Citywire 20: Hugh Young's bleak lesson

In the latest video to mark Citywire's 20th birthday, Aberdeen Standard Investments Asia head reminisces about one of the toughest periods in his career.

Play IWD 2019 video: fund and wealth figures define diversity

IWD 2019 video: fund and wealth figures define diversity

To mark International Women's Day, we have spoken to a variety of top fund houses and wealth managers about their definition of diversity, and how they hope to achieve a more inclusive workplace.

Read More
Wealth Manager on Twitter