Wealth management firm sees revenue grow by £163m
Bristol wealth management firm Evelyn Partners said it is continuing to grow its business despite the tough economic conditions.
The firm has announce a trading update for the three months ended 30 September 2023.
Gross inflows of new assets in the third quarter of £1.8bn were 38 per cent higher than the same quarter last year.
Year-to-date gross inflows of £5.7bn are equivalent to an annualised growth rate of 14.3 per cent based on opening assets.
Group operating income in the third quarter of £163.6m was 7.8 per cent ahead of the same period last year of £151.7m.
The acquisition of Dart Capital completed on 31 August, adding £755m of assets.
Paul Geddes, group chief executive, said: “It’s a privilege to be the new chief executive of Evelyn Partners.
“These strong results for the third quarter are testament to the team’s expertise and hard work for our clients.
“Since joining in July, I’ve visited 14 of our offices to meet many of our talented people and fully immerse myself in our business. I’ve been impressed to find a company with a clear purpose and colleagues who are highly professional and committed to delivering the best outcomes for clients.
“Our purpose of ‘placing the power of good advice into more hands’ explains everything you need to know about what we do and what we are trying to achieve. During a challenging period for both the economy and financial markets, we’re putting our experience to work to help people and businesses shape and protect their futures.“Despite difficult market conditions, we continued to generate significant new business, with £1.8bn of gross inflows and £545m of net inflows during the third quarter. In both cases these are ahead of the same period last year.
“Over the nine months to end of September, our net new assets have grown at 5.8 per cent of opening assets, compared to 3.8 per cent over the same period last year.
“Pleasingly, we also saw growth in operating income across each of our three business segments, including continued double-digit growth from our fast-growing Professional Services business which has seen operating income over the first nine months of 2023 increase by 20.4 per cent compared to the same period last year.
“Having acquired Leathers LLP and Ashcroft LLP in the first half of the year, we continue to explore further opportunities to expand our regional Professional Services presence by acquiring high quality accountancy and tax advice firms.
“We also made further progress with both selective wealth management acquisitions and our succession planning programme for adviser-owned businesses seeking a long-term home for their clients and teams. In August, we completed both the acquisition of Dart Capital in London and a deal which has seen the team from Millen Capital join us in Liverpool. We are delighted to welcome both teams and their clients to Evelyn Partners.”
