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Evelyn Partners has welcomed a “very strong” start to the year, as the first quarter saw a record £1.7bn of gross new assets added, while net inflows of £673m were 45.1% higher than the prior year.
Group operating income in Q1 hit £162.5m, up by 10.6% against last year, driven by strong performances from both its Financial Services and Professional Services businesses. Its “fast-growing” professional services business saw operating income rise by 20.9% to £45.2m, for example.
Meanwhile, Assets under Management and Advice rose by £1.4bn to £54.4bn over the quarter, up from the £53bn reported at the end of the previous quarter.
In its latest update, the group noted it has been less than a year since the group rebranded to Evelyn Partners, and that its new brand has been “quickly established”, supported by marketing, advertising campaigns and media coverage.
Chris Woodhouse, group CEO, said: “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.
“Evelyn Partners’ strength lies in our ability to give integrated advice: we believe that the combination of having financial planners and investment managers working together to support clients is very powerful. Similarly, the rising UK tax burden is generating demand for our Professional Services business across both our private client and business tax advice teams, where we are able to provide clients with joined-up thinking.”
He added: “We have consistently demonstrated the ability to grow the business through different market environments. Our strength is rooted in the quality of our people and our distinctive model which integrates investment management and financial planning and our ability to support clients with their personal wealth and business interests.
“We see the business as exceptionally well-positioned to continue growing at a time when there is high demand for expert advice from individuals, families and businesses.”
