Wealth management firm sees 5.9 per cent increase in new business

Bristol wealth management firm Evelyn Partners saw revenues of £1.8bn in the first three months of the year.

Trading was 5.9 per cent higher than the same quarter last year and equivalent to an annualised growth rate of 12.2% based on opening assets.

Group operating income in the first quarter increased 9.5% to £178m with growth across all three business segments.

Paul Geddes, Group Chief Executive Officer, said: “The business has made a good start to the year with £1.8bn of gross inflows of new assets in quarter one, up 5.9% on the same period last year.

“In-line with other wealth managers, we also saw higher outflows reflecting the headwinds faced by clients from elevated inflation and higher interest rates. Net flows nevertheless remained positive at £0.3bn in the quarter, continuing the trend of consistent net inflows every quarter since the merger that created the group in late 2020.

“Alongside resilient new business generation, market movements and investment performance were also positive in quarter one and together drove the assets we manage for clients to a record high of £61.8bn, an increase of 13.6% over the last year.

“It has also been a strong start to the year for group operating income, which increased 9.5% compared to the same quarter last year. Pleasingly, all three of our business segments – Financial Services, Professional Services and Fund Solutions – have seen a year-on-year increase in their operating income.”

He added:  “In our fast-growing Professional Services business, 21.7% 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.”