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Evelyn Partners has reported a record number of Assets Under Management (AUM) reaching £63bn at year-end 2024.
The wealth management business’ AUM was driven by £1.3bn of net inflows and £2.6bn gains from positive market movements and investment performance.
Adjusted EBITDA also increased to £174.3m.
During the year, the business reached an agreement to sell its Professional Services business to funds advised by Apax Partners, with the transaction expected to complete at the end of March 2025.
In addition, it also announced the sale of its Fund Solutions business to Thesis Holdings Limited, with the transaction expected to complete in the first half of 2025.
Commenting on the results, Paul Geddes, chief executive officer, said: “Despite geopolitical change and uncertainty, 2024 was a very good year for Evelyn Partners, in terms of both business performance and also strategic transformation with the sales of our Professional Services and Fund Solutions businesses.
“With the business now refocused solely on wealth management, I am very excited about the opportunities ahead for Evelyn Partners. Our ability to provide clients with the combined expertise of a financial planner and an investment manager from multiple locations is our flagship offering and a key differentiator.”
He added: “Broadening adoption of this ‘dual expert’ service model, where it meets the needs of clients, is a key component of our strategy and we have started to see an increased take-up of this from existing clients in 2024, while also targeting new clients and building out our relationships with IFAs and other professional partners.”
