New figures released today by Tilney have shown the firm has arrested a decline in assets, but inflows were still down.

The wealth management group’s financial results for the year ended 31 December revealed assets under management had fallen from £24.1bn in 2017 to £23bn at the end of last year, but had since rallied to £24.4bn as of 31 March this year.

They also showed gross new inflows of £2.9bn at the end of 2018, down from £3.2bn in the previous year.

Elsewhere EBITDA was down from £90.1m in 2017, to £87.4m.

Despite the drops Tilney hailed the results as “a strong year”, but conceded it was “a challenging year for financial markets and investor sentiment”.

Chris Woodhouse, chief executive, said: “2018 was another year of strong underlying financial performance and continued strategic progress for Tilney against the backdrop of volatile markets and political uncertainty.

“We have reinforced our financial position, completed a major systems upgrade and continued to invest in the business.

“We have a broad range of award winning services and our investment track records are highly competitive and among the best in our industry.

“This has enabled us to achieve healthy net business generation in a challenging environment.

“We have added to our talent pool through new hires and acquisitions and we will continue to seek further opportunities to expand our teams over the coming year.

“Tilney has a truly scalable platform for future growth and I believe is exceptionally well-positioned to capitalise on the opportunities ahead.” 
 
The firm highlighted business acquisitions “that are a strong cultural fit with Tilney”.

A statement read: “We have considerable experience successfully integrating both Financial Planning and investment management businesses, having combined eight businesses of varying sizes since 2014.

“At the end of 2018 we announced two further acquisitions with cumulative assets under management of over £500m: Index Wealth Management, a Sutton Coldfield based firm, and the London based wealth management division of accountancy firm Moore Stephens, by way of a business transfer agreement. 

“Both deals completed in early 2019.”