Evelyn Partners has seen assets under management and administration grow to a record high of £61.8bn in the first quarter of the year.
In a trading update, published today (May 14), the company said this represented an increase of 4.6 per cent on the previous quarter, when AUMA sat at £59.1bn, and an increase of 13.6 per cent on Q1 2023.
The rise was attributed to a number of other positive developments, such as an increase in gross inflows.
Gross inflows for the first quarter of the year totalled £1.8bn, an increase of 5.9 per cent on the final quarter of 2023.
This is equivalent to an annualised growth rate of 2 per cent based on opening assets.
Evelyn Partners chief executive officer, Paul Geddes, said the figures showed that the business has made a “good start to the year”.
He added that “net flows remained positive at £0.3bn in the quarter, continuing the trend of consistent net inflows every quarter since the merger that created the group in late 2020”.
However, the update pointed out that £0.3bn represents a fall on the £0.7bn of net inflows that was recorded in the first quarter of 2023.
Additionally, the update also reported that group operating income increased to £178mn in Q1 2024 with growth across all three business segments.
Geddes described this as a “strong start to the year for group operating income”, pointing out that it increased 9.5 per cent compared to the same quarter last year.
He added the group is “confident” that its strength in financial planning, investment management, tax advice and other professional services leaves it “exceptionally well placed” to help clients navigate the current challenges.
He additionally stated that Evelyn Partners is “cautiously optimistic” that the macroeconomic environment will gradually improve as inflation eases and with the prospect of rate cuts on the horizon.
tom.dunstan@ft.com
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