Towry has reported a 55 per cent decline in pre-tax profits in its full-year results statement for 2014.

UK-based wealth manager Towry saw its pre-tax profit plunge 55 per cent year-on-year to £4.4 million ($6.5 million) in 2014.

Exceptional regulatory costs, relating to responses to the UK's Financial Conduct Authority, were up 78 per cent from 2013 to £3.7 million. Restructuring costs climbed 83 per cent to £5.4 million. The latter were largely down to staff termination and integration costs, the firm said. 

Despite the slide in profit, Towry hiked its assets under management by 15.4 per cent to a record £6.4 billion last year. Revenues also rose, increasing 10.8 per cent from £82.4 million in 2013 to another all-time high of £91.3 million.

Earnings before interest, taxes, depreciation and amortisation grew 6 per cent year-on-year to £24 million, representing a margin of 26.3 per cent.

Last year was the firm's seventh consecutive year of growth in assets under management. The year included the acquisition of Baker Tilly’s private client arm, which saw the firm absorb over 4,500 private clients with around £1.5 billion of client assets. 

“This momentum has continued into 2015 with our offer to acquire Ashcourt Rowan [see here], a transaction which will create one of the largest companies in the wealth management sector,” said Towry's chief executive, Rob Devey, in the results statement.

“Looking forward, we will be well-positioned to take advantage of a growing market where demand for professional, transparent and trusted advice is only set to increase. Our focus will remain on continuing to evolve our proposition to meet our clients’ needs whilst harnessing innovation to broaden the way in which we deliver our services.”

Towry provides financial planning, wealth advice and investment management services to private individuals, families and trustees. For a recent interview by this publication with chief executive Devey, click here.