Evelyn Partners achieves ‘record’ AUMA of £59.1bn in FY23

Evelyn Partners has reported “record” assets under management and advice (AUMA) of £59.1bn by the end of the fourth quarter, as the firm continued to attract inflows of new clients and benefitted from rising markets. 

For the full year ended 31 December 2023, both the group’s financial services and professional service businesses also grew their operating income, which drove group operating income 9.3% higher than 2022 to £656.6m. 

Financial services in particular saw gross inflows of £2.1bn in Q4, 50% higher than the same quarter the year prior and equivalent to an annualised growth rate of 15.1% based on opening assets. 

For the entire financial year, the firm also achieved record gross inflows of £7.8bn compared with £5.4bn in 2022. 

Meanwhile, net inflows increased to £700m in Q4 from £600m the year prior, which is equivalent to an annualised growth rate of 5% based on opening assets. 

The firm also revealed at its professional services business saw operating income reach £48.2m in Q4 compared with £47.7m in the year prior. On a full year basis, this part of the business saw an increase of 14.6% to £183.2m. 

During Q4, the acquisitions of accountancy and tax advisory firms Creaseys and Harwood Hutton were also officially completed.

Paul Geddes, group CEO of Evelyn Partners, said: “For the full year, we saw strong demand for our services and expertise during what was an undoubted time of uncertainty for the economy and markets, as well as a period where the tax burden increased. This demonstrates the value clients place on our services.

“While the economic outlook remains weak, the headwinds of last year are easing as inflation subsides and interest rate cuts are on the horizon. This should support both improved confidence from clients and the markets during 2024. Evelyn Partners has already performed well in tough market conditions and is well-positioned to benefit from improving sentiment given the strength and breadth of our propositions and the quality of our people.” 

He added: “I would like to thank everyone at Evelyn Partners for achieving strong growth in assets and income in 2023 and for their ongoing dedication to our clients.”