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Banker joins wealth manager

Tilney hires financial planner in Glasgow

Investment management and financial planning group Tilney has appointed James Diack as a financial planner. Mr Diack will join the team in Glasgow.

He has been advising clients on their financial affairs for more than 25 years and joins from Bank of Scotland where he has spent the past four years as a private banking and advice manager covering the West and Southern Scotland.

He developed and built relationships with SMEs well as private banking clients. Prior to that, he held a number of adviser and client manager positions, including nine years as a wealth management adviser to high value clients at Lloyds Bank.

In Tilney’s Glasgow team, he will deliver advice as part of the firm’s ‘two expert’ approach which sees financial planners paired alongside the firm’s investment managers to provide an integrated wealth management service to clients.

Paul Frame, head of Scotland at Tilney, says: “James brings a wealth of experience from a long and varied career within financial services. He has an impressive track record and has developed a loyal customer base over the course of his career. He will be an invaluable addition  to the team and I am delighted to welcome him on board.

“Tilney has seen strong growth in recent years and the business is really well positioned for the future with a depth of expertise in both investment and financial planning. Both in Scotland and across the rest of the UK will continue to look for high calibre candidates to our team.”

Record year

The group announced that its underlying earnings had doubled in the last year to £86.6 million while revenues grew by 68% to £226.5m.

Gross new inflows were up by 62% to a record £3.21bn and the firm highlighted assets under management (AUM) of about £24.1bn, a rise of 60%.

During the period, Tilney completed the integration of Towry Group and pushed ahead with the roll-out of a “major new technology platform”.

Chief executive Chris Woodhouse said: “2017 was another record year for Tilney with our average AUM up 60 per cent year-on-year and ending 2017 at over £24bn.

“Importantly, we saw a 62 per cent increase in gross new business, demonstrating our ability to grow organically as well as by acquisitions.

“With our past acquisitions of Towry and Ingenious Asset Management now fully integrated, our scalable business model delivered a doubling of [earnings before interest, tax, depreciation and amortisation, or Ebitda] to £86.6m whilst growing our Ebitda margin up to 43 per cent.”

He added: “The wealth management profession has, of course, had to respond to a considerable amount of new regulation in recent years and that is a particular challenge for such a fragmented profession.

“Against this backdrop the benefits of scale are becoming increasingly apparent. We will continue to look to accelerate our growth further through both hires of talented financial planners and investment managers who see the attractions of our model as well as exploring potential acquisition opportunities where the fit is right.”

Paul Frame, the firm’s head of Scotland, said: “Tilney has grown to become one of the largest wealth managers operating in Scotland… where we manage or advise on circa £3.5bn of assets on behalf of private investors and charities.

“We see excellent potential to grow further in Scotland given the strong demand for expert advice created on the one hand by increased tax and pension complexity and on the other the need to navigate increasingly uncertain investment markets.”

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