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Evelyn Partners has reported that gross inflows hit £1.8bn in Q1 ended 31 March, with AUMA ending the quarter at a “record high” of £61.8bn – spelling an increase of 13.6% over the last year.
In-line with its peers, withdrawals at the firm were higher in Q1, while net inflows continued to be positive at £0.3bn despite falling from £0.7bn in Q1 2023.
The combination of new business and “positive” market movements and investment was attributed to AUMA rising 4.6% higher over the quarter to a record £61.8bn.
In addition, the group’s operating income in Q1 increased 9.5% to £178m, with growth across all three business segments.
Paul Geddes, CEO of Evelyn Partners, said: “The business has made a good start to the year with £1.8bn of gross inflows of new assets in Q1, up 5.9% on the same period last year. In-line with other wealth managers, we also saw higher outflows reflecting the headwinds faced by clients from elevated inflation and higher interest rates.
“We are continuing to explore further acquisition opportunities of high-quality accountancy and tax advisory firms to further build out the regional presence of our Professional Services business.”
He added: “We are confident that our strength in financial planning, investment management, tax advice and other professional services leaves us exceptionally well placed to help clients navigate the current challenges and are cautiously optimistic that the macroeconomic environment will gradually improve as inflation eases and with the prospect of rate cuts on the horizon.”
