Wealth manager Tilney Smith & Williamson reported a 6.7% increase in net inflows to £704.1m for 2020, in its first full year financial results since the merger.

The growth continued into the first quarter of 2021 with net inflows of £489m (Q1 2020: £109m).

The firm reported record gross new business inflows of £3.3bn (2019: £2.8bn), representing 12.5% of opening assets.

Assets under management increased to £51.2bn as at 31 December (2019: £26.3bn) including £22.3bn acquired through the merger with Smith & Williamson.

Tilney and Smith & Williamson completed their merger on 1 September.

Assets under management increased to £51.6bn in the first quarter, excluding £350m of assets relating to the acquisition of Financial Planning firm HFS Milbourne which will be added in the second quarter. 

Operating income increased 47.5% in 2020 to £305.8m, inclusive of a four-month contribution from Smith & Williamson as part of the combined group.

Operating profit increased by 34.8% to £115.m (2019: £85.6m).

On a pro forma basis, had the two business been merged since the start of 2020, rather than since  September, the firm would have generated £505.6m in operating income and £165.2m in adjusted EBITDA.

Chris Woodhouse, chief executive for Tilney Smith & Williamson, said the firm has made a strong start to 2021 with £1.7bn of gross new business in the first quarter and the acquisition of HFS Milbourne.

He added that the integration has made “good progress” and that the firms “digital development agenda is gathering pace”.