British wealth manager Tilney said that its assets under management (AuM) at the end of December 2018 totalled £23bn, compared to £24.1bn in 2017.

The fall was said to be driven by volatile markets.

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However, the AuM increased to £24.4bn as at 31 March 2019.

Gross new inflows at the end of December 2018 were £2.9bn, versus £3.2bn a year ago.

The firm’s revenues were £228.9m in 2018, up 1% from the 2017 figure of £226.5m.

Adjusted EBITDA dropped to £87.4m in 2018 from £90.1m in 2017.

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Tilney CEO Chris Woodhouse said: “2018 was another year of strong underlying financial performance and continued strategic progress for Tilney against the backdrop of volatile markets and political uncertainty.

“We have reinforced our financial position, completed a major systems upgrade and continued to invest in the business.”

“We have a broad range of award winning services and our investment track records are highly competitive and among the best in our industry. This has enabled us to achieve healthy net business generation in a challenging environment.”

In the last 12 month year, Tilney has made various appointments.

This includes the appointment of a new team to serve UHNW clients.

Then, Andy Grant was named as the new head of the firm’s financial planning unit.

According to the firm, bolstering talent tool will continue to be “an ongoing priority”.

Tilney also intends to continue its buying spree.

Last year, the firm announced the acquisitions of Index Wealth Management and accountancy firm Moore Stephens’ UK wealth management unit.