Evelyn Partners’s assets under management and advice increased to a record high of £62.7bn in the third quarter of the year, a trading update for the group has revealed.
The update detailed that this represented a 12.8 per cent year-on-year increase, rising from £55.6bn in the third quarter of 2023.
Evelyn Partners group chief executive, Paul Geddes, suggested these findings reflects a combination of strong new business generation, continued net inflows of new client money and positive markets.
“It is encouraging to see that gross inflows in the quarter were consistent year-on-year despite the uncertainties around the upcoming Budget,” he added.
Similar growth was observed across each of Evelyn Partners’s three divisions - financial services, which saw its group operating income increase to £122.6mn, professional services, which increased to £56.7mn, and fund solutions, which increased to £2.5mn.
As a result, Evelyn Partners experienced an 11.1 per cent increase in group operating income in Q3 compared to the same period last year.
“We continued to see excellent organic growth momentum in the professional services business, where we were also delighted to welcome new colleagues from Haines Watts following the acquisition,” Geddes stated.
“The purchase is another demonstration of our professional services acquisition programme in action which has seen six transactions completed since the start of 2023.
“The professional services team are actively engaged in discussions about further deals.”
The update revealed that gross inflows of new assets in Q3 reached £1.9bn, higher than in each of the two previous quarters and consistent with the last period last year.
Meanwhile, gross outflows of assets reached £1.7bn in Q3, including £353mn relating to the discontinuation of a legacy execution-only service.
“In-line with other wealth managers, gross outflows have been elevated this year but, excluding the one-off impact on flows of a legacy service we discontinued, there was an underlying reduction in outflows in Q3,” Geddes stated.
“With inflation easing to 1.7 per cent last month and further interest rate cuts on the horizon we expect the flow environment to continue to improve.
“Speculation about tax rises and potential changes to pensions in the new Government’s upcoming Budget on 30 October has seen very high levels of engagement with clients.
“While it is unclear at this stage precisely what changes will emerge, we believe that this will present an opportunity to support even more clients with expert financial planning alongside the management of their investment portfolios.”
tom.dunstan@ft.com
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