Towry, in the process of being acquired by a rival UK wealth management house, issued the kind of figures that are likely to impress its new owner.

Tilney Bestinvest, which is buying rival UK wealth management firm Towry as previously reported, is getting its hands on a business that has chalked up sharp rises in profits, assets and revenues for 2015, as reported by the latter firm today. 

Towry's assets under management surged 42 per cent in 2015 from a year earlier to stand at £9.1 billion ($12.92 billion). Revenues rose 33 per cent year-on-year to £121.1 million.

Earnings before interest, tax, depreciation and amortisation rose 52 per cent to £36.4 million, Towry said in a statement. There was an operating profit of £4.2 million (2014: £8.3 million) despite £19.5 million of acquisition and restructuring costs following the acquisition of wealth manager Ashcourt Rowan, it said.

“The recent announcement of the acquisition of Towry by Tilney Bestinvest is testament to our standing as one of the leading planning-led wealth management firms in the industry and moving forwards the combined business will be able to offer an ever wider range of services for clients on a national scale,” said Rob Devey, chief executive of Towry.

(Editor's note: These are robust results considering the more difficult market environment of late; of course, to some degree Towry has itself grown not just organically but through its own acquisitions, such as that of Ashcourt Rowan. The test will come for Tilney Bestinvest, which has made a number of acquisitions and developed new business areas, to keep a ruthless focus on results and client service with so many more moving parts of its business. Its private equity owners will certainly want to ensure this process goes on smoothly.)