Tilney Smith & Williamson Limited 2020 Results and Q1 Update
The 2020 results represent a full-year of Tilney Group and a four month contribution from Smith & Williamson with the merger having completed on 1 September 2020. The full-year impact of the merger will therefore be reflected in the 2021 results but on a pro forma basis, i.e. had the two businesses merged at the start of the year rather than in September, the business would have generated £505.6m in operating income and £165.2m in adjusted EBITDA.
Alongside the significant uplift in AUM, operating income and adjusted EBITDA in 2020, it was also a strong year for organic growth with £3.3bn of gross inflows and £704.1m of net flows.
The three months to 31 March have got off to a good start with £1.7bn of gross inflows, representing 13.1% of opening assets under management on an annualised basis and net inflows of £489m, equivalent to 3.8% of opening AUM on an annualised basis. AUM at 31 March 2021 was £51.6bn, excluding circa £350 million to be added this quarter from the recent acquisition of HFS Milbourne.