Wealth manager and Financial Planner Evelyn Partners has reported a record £1.7bn of gross new money in Q1.
Chris Woodhouse, group chief executive, said that the firm had seen a “very strong start” to 2023.
While the figures were positive and helped by market improvements, overall assets were down year on year.
Assets under Management and Advice (AuMA) rose £1.4bn to £54.4bn during the quarter (31 December 2022: £53bn) but were down over £1bn year on year from £55.8bn in Q1 2022.
Opening assets for the quarter fell to £53bn (£57.7bn in Q1 2022).
In terms of organic new business flows, the firm reported a year on year rise in gross outflows from £900m to £1bn for the quarter.
In a three month trading update today, the firm said it saw net inflows of £673m – 45.1% higher than the prior year and growing at an annualised rate of 5.1%. It said this was a significant increase from the 3.2% rate reported for Q1 last year.
Group operating income in Q1 was £162.5m, up 10.6% from £146.9m in the same period last year, with strong performances from the financial services and professional services businesses.
Gross inflows of new assets in Q1 were £1.7 billion, up 20.3% compared to last year and equivalent to an annualised growth rate of 12.8% on opening assets.
Mr Woodhouse said: “The three months to the end of March saw gross inflows of new assets at £1.7b, which was a record quarter for the business. Our fast-growing professional services business also experienced continued excellent momentum, generating 20.9% higher operating income in the first quarter than the same period last year.
“Our strong new business generation is testament to the strength of our advice-led model and the value that both private clients and businesses place on trusted expertise during a period of economic uncertainty and rising taxation.
He said Evelyn’s strength was in its ability to provide integrated advice, with Financial Planners and investment managers working together to support clients.
The firm’s relaunched hybrid advice business Bestinvest also gained increased recognition in the quarter, he said.
The firm acquired accountants and tax specialists Leathers LLP during the quarter. It has recently also acquired Cambridge-based accountancy firm Ashcroft, as well as onboarding a forensic disputes team from KPMG UK to develop its professional services business.
Evelyn Partners was created following the merger of wealth managers Tilney and Smith & Williamson in 2020. It has £53bn in assets under management and offices in 28 towns and cities in the UK, the Republic of Ireland and the Channel Islands. It provides a range of financial and professional services to individuals, family trusts, professional intermediaries, charities and businesses.
