Financial Planner and wealth manager Evelyn Partners has reported that AUMA ended the three months to the end of March at a record high of £61.8bn, an increase of 13.6% over the last year.

In a trading update today the firm said the first quarter had been a “good start to the year” with £1.8bn of gross inflows of new assets.

That was 5.9% higher than £1.7bn in the same quarter in 2023 and equivalent to an annualised growth rate of 12.2% based on opening assets, the firm said.

However withdrawals were higher, but net inflows continued to be positive at £0.3bn, although down from £0.7bn in the same quarter in 2023.

Paul Geddes, group chief executive officer, said: “In-line with other wealth managers, we saw higher outflows reflecting the headwinds faced by clients from elevated inflation and higher interest rates.

“Net flows nevertheless 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.”

He said market movements and investment performance were also positive in the quarter.

All three of the firm’s business segments – financial services, professional services and fund solutions – saw a year-on-year increase in their operating income. Group operating income in the first quarter increased 9.5% to £178m, up from £162.5m in 2023.

Mr Geddes said: “We are confident that our strength in Financial Planning, investment management, tax advice and other professional services leaves us exceptionally well placed to help clients navigate the current challenges and are cautiously optimistic that the macroeconomic environment will gradually improve as inflation eases and with the prospect of rate cuts on the horizon.”  

Evelyn Partners is a wealth management and professional services group, created following the merger of Tilney and Smith & Williamson in 2020. With £59.1bn of assets under management (as at 31 December 2023) it is one the largest UK wealth managers and also the seventh largest UK accountancy firm ranked by fee income (source: Accountancy Age 50+50 rankings, 2023).

It has a network of offices across 29 towns and cities in the UK, as well as the Republic of Ireland and the Channel Islands. Through its operating companies, the Group offers financial and professional services to individuals, family trusts, professional intermediaries, charities and businesses.

It has been on the expansion trail in 2024 appointing Chartered Financial Planner Mickey Armstrong as a Financial Planner in its Knutsford, Cheshire office in March.

In February it recruited Certified Financial Planner Reinoud Noorduijn for its Guildford office and hired Declan Kirby as a Chartered Financial Planner for its Birmingham office.

In January it appointed Matt Dickens as Financial Planning director for the South of England.