Wealth manager and Financial Planner Evelyn Partners has reported record AUM of £63bn for 2024 in its latest quarterly trading update published today.

The company says it also generated a record £2.6 billion of gross inflows in Q4 although outflows were up on the previous year.

While 2024 figures were mostly strong, like many wealth managers the firm said that the Autumn Budget had unsettled clients.

The company said during the year outflows had also been higher than normal as clients grappled with higher interest rates and borrowing costs.

Gross inflows in Q4 were 36.8% higher than the previous quarter (Q3 2024: £1.9 billion) and 23.8% higher than the same quarter in 2023 (Q4 2023: £2.1 billion).

For the 12-months ended 31 December 2024, the business achieved record gross inflows of £8.0 billion (2023: £7.8 billion), an annualised growth rate of 13.5%.

Net inflows remained positive in Q4 at £0.6 billion, up on the previous quarter (Q3 2024: £0.2 billion) but were lower than the same quarter in the previous year (Q4 2023: £0.7 billion).

For 2024 net inflows overall were £1.3 billion, sharply down on the previous year when they topped £3bn.

AUM at £63bn was up nearly £4bn on the previous year thanks in part to market recovery (31 December 2023: £59.1 billion).

During 2024 the company sold its Professional Services business as part of a refocusing on wealth management. The transaction is expected to complete at the end of Q1 2025.

Paul Geddes, group chief executive, said the firm had seen a positive finish to 2024.

He said: “The final quarter of 2024 was a strong finish to the year for Evelyn Partners, with the highest quarterly gross inflows since the 2020 merger that created the group.

“The Autumn Budget had a significant impact on the business, with very high levels of client engagement and both elevated inflows and outflows as clients reorganised their affairs. On a net new money basis, Q4 was the strongest quarter of 2024, with net inflows of £0.6 billion.

“On a full-year basis, we generated a record £8.0 billion of gross new business, which demonstrates the quality of our propositions and the trust our clients place in Evelyn Partners.

“However, in common with other wealth managers, outflows were also higher than normal in 2024 as clients grappled with higher interest rates and borrowing costs. It was a strong year for markets and investment performance, which alongside continued net inflows, propelled our assets under management to an all-time high of £63.0 billion at the end of the year.”

He added that the recent sale of the professional services division would accelerate the firm’s shift to focusing on wealth management where it sees opportunities.

He said: “The recently announced transactions to sell our Professional Services and Fund Solutions businesses will see Evelyn Partners’ focused solely on wealth management, where we are excited about the opportunities ahead.

“We have conviction in the long-term structural growth of the wealth management sector but are also focused on the compelling near-term demand for advice as a result of the changes in the Autumn Budget. This has underpinned the need for expert Financial Planning advice, alongside a robust investment strategy – evidenced by our strong inflow performance and high level of client engagement in recent months.”