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.'