Financial services firm announces record assets of £59bn

Financial services firm Evelyn Partners had record assets of £59.1bn under its management at the end of the year.

The Bristol business has published a trading update for the final quarter of the year.

The company said that in the final quarter it continued to attract significant inflows of new client assets, and benefitted from rising markets.

That resulted in record assets under management and advice of £59.1bn. Both the group’s financial services and professional services businesses grew their operating income, driving group operating income 9.3% higher to £656.6m.

Chief executive Paul Geddes said: “We ended 2023 with a strong quarter, driven by rising markets and continued sizeable inflows of new client money which together increased our assets under management and advice by 6.1% to a record £59.1 billion at year end.

“Market movements added £2.7bn to AUMA in Q4 and we also saw £2.1bn of gross inflows in the quarter which, alongside Q2, was our joint best quarter since the merger of Tilney and Smith & Williamson in 2020. On a net flow basis, we delivered £0.7bn of inflows.

“For the full year, we saw strong demand for our services and expertise during what was an undoubted time of uncertainty for the economy and markets, as well as a period where the tax burden increased. This demonstrates the value clients place on our services and the strengths of our two core businesses, Financial Services and Professional Services, in their respective markets.

“In our Financial Services business, we generated gross inflows of £7.8bn and net inflows of £3.1bn during 2023, both of which were record levels for the group.

“Our focus here is to offer more of our clients, where it is appropriate for them, the option of being supported by both a financial planner and investment manager working together to provide a holistic wealth management service. Alongside this, we have also been making great progress growing our presence working as a trusted provider of investment services to IFAs.”He added: “Our fast-growing professional services business had a good fourth quarter and registered another excellent year. Its full year operating income increased 14.6% to £183.2m.

“Alongside strong organic growth in 2023, we also acquired four accountancy and tax advisory firms as part of our strategy of building out the regional presence of our Professional Services business. In Q4 this included the acquisitions of Creaseys in Tunbridge Wells and Harwood Hutton in Beaconsfield, both of which are now completed.

“While the economic outlook remains weak, the headwinds of last year are easing as inflation subsides and interest rate cuts are on the horizon. This should support both improved confidence from clients and the markets during 2024. Evelyn Partners has already performed well in tough market conditions and is well-positioned to benefit from improving sentiment given the strength and breadth of our propositions and the quality of our people.”