Evelyn Partners’ assets under management and advice reached a record high of £62.7bn at the end of the third quarter, the company has reported.
This came despite many clients raising concerns with the firm over the implications of the upcoming Budget.
The net rise in assets resulted from gross inflows of £1.9bn against outflows of £1.7bn, as well as market movements. While still positive, it represented a £400m drop from net flows of £600m in the third quarter of 2023.
Total assets were up 12.8%, versus the £55.6bn logged on 30 September 2023.
The firm’s third quarter operating income rose 11.1% year-on-year to £181.8m. This was generated across all three of the firms operating units; financial services, professional services and fund solutions.
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Group operating income for the first nine months of 2024 was £542.6m, 10.6% ahead of the same period last year.
Paul Geddes, group chief executive (pictured), said: “We continued to see excellent organic growth momentum in the professional services business, where we were also delighted to welcome new colleagues from Haines Watts following the acquisition of their business in Leeds, Manchester, and Newcastle in August.
“We’re also pleased to see the assets we manage for clients in our financial services business reach a record high of £62.7 billion. This reflects a combination of strong new business generation, continued net inflows of new client money and positive markets.
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“It is encouraging to see that gross inflows in the quarter were consistent year-on-year despite the uncertainties around the upcoming Budget,” he continued.
“Speculation about tax rises and potential changes to pensions in the new Government’s upcoming Budget on 30 October has seen very high levels of engagement with clients.”
