National IFA Towry has announced "record" profits for 2011, after poor performance in 2010.
The firm reported an increase in operating profit to £10.2m in 2011, compared with a £5.5m loss in the previous year, which Towry said was as a result of acquiring former rival Edward Jones.
Discretionary assets under management were also up 6% to £4.5bn, compared to £4.2bn in 2010.
CEO Andrew Fisher praised "another year of record income, assets under management and earnings".
"This built upon significant growth in 2010 when the Edward Jones business was successfully integrated and 11 new offices were opened," he said.
Fisher added 96% of advisers were already qualified to level 4 or above, with the remander expected to pass by June.
"Going into 2012, our business model is fully compliant with the requirements of the Retail Distribution Review," he said.
The news comes following speculation over Towry's long-awaited initial public offering (IPO).
The firm, majority-owned by private equity firm Palamon Capital Partners, is expected to list in the next 18 months, Fisher told the Financial Times.
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