Tilney Bestinvest, a UK-based investment and financial planning group, has registered profits of £17.7m for the 12-months to 31 December 2014, compared to from £8.8m that Bestinvest registered as a stand-alone company.
The combined group posted revenues of £67.6m, up 79% compared to £37.7m posted by the standalone Bestinvest business a year ago.
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As of 31 December, the group’s assets under management and administration increased about 76% to £9bn from Bestinvest’s AUM of £5.1bn a year earlier.
Tilney Bestinvest chief executive Peter Hall said: "The integration of the two businesses has gone exceptionally well and it is pleasing to note that almost half of our staff have invested in the business. Our greater scale means we are now investing heavily in new systems and people which will further enhance the services we provide to clients. Importantly investment performance has remained strong."
Hall said that the group will continue to eye acquisitions. The firm has recently also unveiled a joint venture with private equity firm Saga for the over-50s group, slated for the end of this year.
"Alongside the excellent outlook for organic growth, we will continue to explore potential further acquisitions where we believe the fit with our business is right and the services we can offer clients will be enhanced, " remarked Hall.
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By GlobalDataTilney, Deutsche Bank’s regional wealth management business, and Bestinvest were acquired by private equity firm Permira and merged last year.
