Evelyn Partners increased its assets under management (AUM) from £53bn to £59.1bn in 2023 to a record high AUM for the company.
The performance followed a weaker 2022, when AUM fell from £57.7bn to £53bn. However, 2023 brought £2.2bn in growth from market performance, as well as net £3.1bn inflows and £800m in acquisitions and disposals.
Evelyn Partners saw a bump in operating income across both its financial services business, from £431.9m to £464.3m for a 7.5% increase, and professional services from £159.8m to £183.2m for a 14.6% increase. Fund solutions remained at £9.1m.
Paul Geddes (pictured), group chief executive officer, 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.
See also: Evelyn Partners launches financial planning graduate scheme
“This demonstrates the value clients place on our services and the strengths of our two core businesses, Financial Services and Professional Services, in their respective markets. In our Financial Services business, we generated gross inflows of £7.8bn and net inflows of £3.1bn during 2023, both of which were record levels for the Group… Alongside this, we have also been making great progress growing our presence working as a trusted provider of investment services to IFAs.”
The final quarter of the year was particularly advantageous for Evelyn Partners, with £2.7bn in market growth in the final three months of 2023, compared to £400m in the same period in 2022. Net new money was up 5%, compared to 5.8% for the entire year.
“We ended 2023 with a strong quarter, driven by rising markets and continued sizeable inflows of new client money which together increased our assets under management and advice by 6.1% to a record £59.1bn at year end,” Geddes said.
Geddes marked easing inflation and rate cuts as improving conditions looking ahead to this year.
“This should support both improved confidence from clients and the markets during 2024,” Geddes said. “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.”
This article was written for our sister title Portfolio Adviser
