Evelyn Partners booked a £500m net inflow from £3.5bn gross in the first half of the year, sending its total assets under management (AUM) to a record £62.2bn.
Positive markets and investment performance also helped drive the 13.3% year-on-year rise in AUM, with £2.6bn attributable to this.
Strong growth in operating income combined with cost management resulted in a 18.3% increase in adjusted earnings to £103.9m.
The gross inflow of £3.5bn was £300m down on the £3.8bn recorded in the first half of 2023.
Net flows were £1.3bn lower than the £1.8bn booked in the same period last year. The firm said this reflected the impact of higher interest rates on clients.
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Paul Geddes, group chief executive (pictured), said: “We have made a great start to the year supporting our clients in addressing their financial needs and delivering strong financial performance. Healthy top-line growth combined with a disciplined approach to managing our costs, resulted in a 18.3% increase in adjusted EBITDA, which is our key measure for underlying cash profits.
“In our financial services business, positive market movements in the first half and resilient new business generation have delivered higher AUM and operating income.
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“In professional services, we continued to see strong organic growth in fee income and the benefit of the five acquisitions we completed last year coming through,” he continued. “We will build on this over the coming months, with the recently announced acquisition of the Manchester, Leeds and Newcastle offices of Haines Watts which has brought us 150 new colleagues.”
Turning to the rest of the year and beyond, Geddes said that reduced inflation and the first interest rate cut in the UK provides good grounds to be positive on the medium-term outlook, despite the turbulence seen in global equity markets
He added that potential changes to tax rates and pensions rules should drive strong demand for financial advice in the second half of the year.
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