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Evelyn Partners H1 profits fall 6% amid ‘challenging conditions’

Meanwhile, operating income increased 5.3% to £290.5m (H1 2021: £275.9m), with growth across both Financial Services and Professional Services

Evelyn Partners has posted adjusted EBITDA of £86.2m, down 6%, during the first half of the year as it dealt with rising costs and reduced fees from managing clients assets.

Despite this, the firm, formerly known as Tilney Smith and Williamson, said it experienced trong new business generation in Financial Services, with gross inflows of £2.7bn, equivalent to 9.3% of opening assets on an annualised basis.

In addition it confirmed net new business flows of £1.1bn were 12% higher than in H1 2021 and represented 3.9% of opening assets on an annualised basis.

Meanwhile, operating income increased 5.3% to £290.5m (H1 2021: £275.9m), with growth across both Financial Services and Professional Services.

However, it reported assets under management decreased 8.7% to £52.7bn at 30 June (31 December 2021: £57.7bn) reflecting the impact of market declines.

Chris Woodhouse, group chief executive, said: “The war in Ukraine, high levels of inflation and rising borrowing costs have created a challenging backdrop this year, with both equity and bond markets down during the first six months of 2022. During this period our relative investment performance has been strong compared to peers.

“Despite this tough market environment, we continued to generate significant new business, with £2.7bn of gross inflows and net flows of £1.1bn, which were up 12% compared to the first half of last year. This growth is a testament to the strength of our proposition, the breadth and reach of our distribution, and the quality of our people.”

He added: “Our unique breadth of services spanning D2C platform, financial planning, discretionary investment management, specialist tax advice and professional services, creates a strong competitive advantage.

“Given the strength of our business model, the unrivalled breadth of our proposition and the quality of our people we are confident in the prospects for Evelyn Partners despite near-term headwinds.”

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