However, outflows saw net new business inflows of £0.5bn for the quarter (Q3 2020: £0.1bn) for the Wealth Management and Financial Planning firm.

Net inflows for the first nine months of the year were £1.8bn, representing 4.7% growth year on year.

Assets under management increased 9.2% to £56bn over the first nine months of the year (31 December 2020: £51.2bn).

Gross inflows for the first nine months of the year for the wealth manager and Financial Planner were £4.5bn, a 11% growth year on year.

Chris Woodhouse, CEO of Tilney Smith & Williamson, said the most recent figures demonstrate the benefits of the merger between Tilney and Smith & Williamson last year. He added that the firm is currently recruiting.

He said: “Collectively our businesses have generated operating income of £395.4 million during the first nine months of the year compared to £175.7 million over the same period in 2020 – demonstrating the significant uplift from the merger, as well as organic growth.

“Alongside healthy new business volumes, we have been actively recruiting additional talent across both professional services and financial services, with further hires on the way. With strong organic growth, the integration substantially completed and excellent progress being made with our key strategic initiatives, we are on track for a successful first full-year as a combined business.”

Group operating income was £133.5m in the third quarter (Q3 2020: £74.0m) and £395.4m during the first nine months of the year, as a result of the combination of merger with Smith & Williamson in September 2020 and organic growth.

Financial services continue to make up the bulk of operating income for the wealth management and Financial Planning firm. The operating income from the financial services division for the third quarter were £104.96m (out of £133.51m).