UK national IFA business Ascot Lloyd has reported an increase in revenues of 28% for 2021 to £380.3m, up from £62.6m the previous year.

Its 2021 full-year results also said adjusted EBITDA at the business was £23.1m compared to £14.2m in 2020, a 63% increase.

It added total funds under management stood at £9.8bn in 2021, up from £9.4bn in 2020.

Ascot Lloyd was bought out by private equity house Nordic Capital in April this year.

The transaction, subject to regulatory approval, will see the European private equity firm Nordic Capital acquire Ascot Lloyd from funds managed by Oaktree Capital Management. Ares Management Corporation also has an interest in the national adviser.

Oaktree has invested in the business since 2013 and acquired Ascot Lloyd in 2017. The advisory firm has since seen considerable growth, Nordic said when the deal was announced.

Nigel Stockton, CEO of Ascot Lloyd, said the firm's annual results were "very strong"

"I am particularly encouraged to see us deliver on our strategy of growing both organically and through acquisition," he said.

"Last year we added a number of high-quality IFA businesses that represented fits with our existing culture and values.

"Growth through acquisition will continue to be the foundation to our strategy but, now we are at scale, we are also accelerating our own organic growth activities through greater client referral, lead generation and extending our client introducer network."

He added that its discretionary fund manager Avellemy continued to grow both revenues and profitability. Its funds under management increased to £2.6bn in 2021.

The CEO said: "In 2022 we are also planning further investment in technology to enhance both our offering and the accessibility of this."

Stockton added that Ascot Lloyd was now one of the leading "independently owned IFAs and our successful growth has been underpinned by a relentless focus on service and client outcomes".

"Notably, the pandemic has seen us evolve how we interact with clients as we incorporate new technology alongside face-to-face meetings. Given the continued market uncertainty, our ability to effectively advise clients to help them achieve their investment objectives is central to achieving our strategic goals.

"Our recently announced acquisition by Nordic Capital will give us significant new firepower to further invest in expanding our UK footprint. As we look ahead, Ascot Lloyd is in great shape and our commitment to client excellence will be the foundation for the continued growth we expect to achieve in 2022."

Elsewhere, the results said net organic growth hit 6.9% excluding market movements.

On the acquisitions front, Ascot Lloyd bought three businesses in 2021 making more than 30 since 2017.

It added that in 2022 two acquisitions had already been completed "with a number at a very advanced stage".