Adviser support services provider Adviser Services Holdings Limited's Sense and Lyncombe networks have passed the 400 adviser mark with over £5bn in assets under influence.

According to the firm’s 2020 financial results released this morning, overall revenue across both networks was up 8% to £42m.

Revenues for the Sense network increased to £37.95m (2019: £36.01m) and profits increased to £894,000 (2019: £670,000).

Revenues for the Lyncombe network increased to £4.47m (2019: £3.05m) and profits more than doubled to £180,000 (2019: £80,000).

ASHL acquired the two networks in 2020 with 280 advisers combined. At the end of 2020 ASHL also facilitated the transition of 60 advisers from Network Direct.

Overall group operating profits after tax were up 40% to £1.1m.

Michael Couzens CEO of ASHL said: “Despite a backdrop of the Covid pandemic, we are delighted to announce such strong results.  As a start-up, our group costs included various acquisitions, transitioning advisers, supporting the consolidation of processes across the piece, and establishing a DFM, Rockhold Investments. 

“During the year, we managed not to furlough or make redundant any staff and instead, have continued to recruit advisers and senior management to support our growing Group. And, all tax liabilities have been made throughout this period - on time with no deferral of PAYE or VAT liabilities.  The overall group is making steady profits on a monthly basis and will deliver another strong result this year.”

In the annual results the provider added that newly-launched DFM Rockhold investments is expected to reach £200m in assets under management by the year end.

As part of the launch last month, ASHL also acquired iFunds Asset Management. 

iFunds is an investment manager which until recently offered a range of fund and portfolio solutions for retail investors.

The acquisition means that ASHL will have a business with investment management permissions within the group which will allow it to expand its investment offering to advisers and clients including a Rockhold fund proposition expected to launch later this year. iFunds will be renamed to sit under the Rockhold brand.

Designed to dovetail with the advice processes and risk framework adopted within the Lyncombe network restricted advice proposition, Rockhold Investments has over £170m in assets under management with assets expected to exceed well over £200m by the end of the year.

• Editor's Note: In an earlier version of this story Sense network revenues were reported incorrectly. This has now been corrected. Apologies for the error.