The company also saw a 40% increase in business revenues to £12.4m, according to results for the six months ending 30 September. Net assets increased 23% to £18.3 million.
According to the latest results, the company’s wealth business saw revenues increase to £1.52 million over the six month period, compared with revenue of £1.66m for the full year to 31 March 2017.
The company announced the launch of three new Acumen funds in June 2017, increasing its total in-house range funds to seven.
Tavistock Wealth, a wholly owned subsidiary of Tavistock Investments, joined forces with Blackrock to launch a new portfolio range called Tavistock Profiles to Tavistock’s financial advisers and clients.
Brian Raven, group chief executive, said: "We are continuing to make extremely good progress. I am pleased with the interim results in general, and with the organic growth of FUM into Tavistock Wealth in particular. Our business model is now firmly established and the company’s prospects are excellent.”
In August Cheltenham-based Tavistock was acquired by Sanlam UK. The acquisition added 158 financial advisers along with 25 staff to Sanlam’s financial network.
The advisers will join Sanlam’s team of 60 Financial Planners and expand the group’s reach across the UK, according to Salam UK. The acquisition will add £1.5 billion to Sanlam UK’s assets under advice.