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Evelyn Partners

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Background Summary

Evelyn Partners is formerly Tilney Smith and Williamson after rebranding in June 2022

For over a century, Smith & Williamson provided financial and advisory services to businesses up and down the country. The firm was founded back in 1881 in Glasgow by David Johnstone Smith and Andrew Williamson in Glasgow. The pair’s first London base of operations opened in 1893.

Over the years, Smith & Williamson grew through a series of significant mergers and acquisitions. In 2001, the firm merged with NCL (Securities) Limited (incorporating Cunningham Coates in Northern Ireland), later merging with Solomon Hare, a UK accounting and financial advisory firm in 2005. Its acquisition of Begbies Traynor in 2011 also helped grow the business.

Currently, Evelyn  has 32 offices across the UK, Ireland and Jersey; employing 3,600 people. As of 31 December 2023, the firm has an estimated £59.1bn of funds under management.

Evelyn offers a variety of services, including but not limited to: assurance and accounting, advisory consulting, business outsourcing, fund administration, and dealing with business tax. Many of the firm’s clients operate in the financial services market, the third sector and real estate.

Financials 

In the year ended 31 December 2022 the company posted an annual turnover of £600m, an increase of 7%. Alongside this, the company posted an operating profit of £53.5m with an adjusted EBITDA of £184.3m, down from £188.4 the previous year.

Recent Coverage

Most recently, the company took new positions to afford its portfolios new exposure to UK government bonds and US equities. The company took new positions in the Miton US Opportunities fund and two ETFs, iShares Up To 10 Years Index-Linked Gilt Index and iShares Up To 10 Years Gilts Index. The re-balance saw US equities increased while exposure to UK equities and, to a lesser degree, Europe was reduced.

Evelyn Partners also partnered with The Alfred Dunhill Padel Classic, becoming the Official Community Partner of this prestigious sports event held at London’s Hurlingham Club. This partnership underscores Evelyn Partners’ commitment to modern wealth management and community engagement, aligning with the event’s blend of tradition and innovation. The tournament promises to bring together corporate partners, industry guests, and sports professionals in a unique setting.

Additionally, Evelyn Partners expanded its team with the appointment of Rick Shaw as a partner in the employer solutions team at its Birmingham office. Shaw, with extensive experience in global mobility tax and consulting services, will contribute to expanding Evelyn Partners’ geographical footprint and enhancing its professional services offerings in the Midlands. This appointment reflects Evelyn Partners’ commitment to delivering comprehensive solutions tailored to clients’ needs.

In terms of financial performance, Evelyn Partners reported robust results for FY23, with gross inflows of £7.8bn in new assets and adjusted EBITDA of £188m. The firm’s total value of assets under management (AUM) grew by 11.5% to £59.1bn, driven by strong fee growth and operational enhancements. Evelyn Partners’ focus on operational and digital transformation, including cloud migration and automation, has significantly improved client experience and business scalability.

Moreover, Evelyn Partners has expanded its financial planning team with the appointment of Mickey Armstrong as a financial planner in its Knutsford office. Armstrong brings valuable experience from his previous roles in Dubai and Cheshire, specialising in retirement and lifestyle planning. His appointment underscores Evelyn Partners’ commitment to offering holistic financial planning services tailored to clients’ needs.

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