Ascot Lloyd’s total group revenue and funds under management (FUM) have both increased over the past 12 months.
Its 2023 results, published today (25 July), reveal the independent financial adviser firm saw total group revenue rise from £80.6m in 2022 to £84.6m in 2023.
Total FUM came in at £10.7bn in 2023, up from £9.6bn in 2022, with five acquisitions successfully completed in 2023.
Ascot Lloyd has made 40 acquisitions since 2017, which has taken the number of core clients to almost 25,000.
Ascot Lloyd has already completed two acquisitions in 2024.
However, the IFA’s earnings before interest, taxes, depreciation and amortisation (EBITDA) fell from £20.8m in 2022 to £18.8m in 2023.
Ascot Lloyd CEO Nigel Stockton said: “Against a continually challenging market backdrop, we are pleased to report another year of strategic progress and revenue growth, including the completion of five acquisitions in 2023.
“We also continued to invest in our business, most notably in our technology and digital capabilities to enhance our existing offering, as well as our ability to onboard and organically acquire new clients.
“While the volatile market environment continued to impact our performance in 2023, I believe that our results also demonstrate the resilience and strength of our business, with steady topline growth and overall increases in client numbers.
“This is underpinned by a relentless focus on service and client outcomes and, against continued market uncertainty, our ability to effectively advise clients to help them achieve their investment objectives is central to achieving our strategic goals.
“The regulatory environment we operate in continues to be robust and our business is geared to the regulator’s stated aims of providing the best outcomes for all of our clients.”
In February 2024, Stockton announced he will step down from his role as CEO, which he has held since 2015. He will remain in the role until his successor is found.
Private equity firm Nordic Capital completed its acquisition of Ascot Lloyd from Oaktree Capital Management in 2022.
