Evelyn Partners recorded a rare success story in the asset management industry, bringing in £300m in new money over the first quarter of 2024.
The wealth management and accountancy firm recorded assets under management of £61.8bn by 31 March, up from £59.1bn at the start of the year thanks largely to strong performance.
Market movement added £2.4bn to the group’s assets, with gross new money of £1.8bn being balanced by £1.5bn in outflows.
“In-line with other wealth managers, we also saw higher outflows reflecting the headwinds faced by clients from elevated inflation and higher interest rates,” explained Paul Geddes, group CEO of Evelyn Partners.
The figures represent an annualised organic growth rate of 12.2 per cent in gross new money, or two per cent in net new money.
One of the rare success stories for inflows in the UK asset management industry, Evelyn Partners has recorded consistent net inflows every quarter since the merger between Tilney and Smith & Williamson that created the group in September 2020.
Meanwhile, group operating income jumped 9.5 per cent to £178m, with growth across all three arms of its business, mostly in professional services, which saw operating income grow from £45.2m to £55m over the last year.
Geddes added: “In our fast-growing professional services business, 21.7 per cent growth in operating income reflected both momentum in organic growth and the effect of the acquisitions we made last year.
“We are continuing to explore further acquisition opportunities of high-quality accountancy and tax advisory firms to further build out the regional presence of our professional services business.
“We are confident that our strength in financial planning, investment management, tax advice and other professional services leaves us exceptionally well placed to help clients navigate the current challenges and are cautiously optimistic that the macroeconomic environment will gradually improve as inflation eases and with the prospect of rate cuts on the horizon.”