Wealth manager and Financial Planner Evelyn Partners, formerly Tilney Smith & Williamson, has reported a sharp rise in group operating income in the third quarter due to strong new business inflows.

The company reported today that group operating income in Q3 was £151.7m, up over £10m on the same period last year (Q3 2021: £140.4 million).

The company said it had seen continued growth in its financial services and professional services arms despite challenging conditions.

Net new asset inflows were £531m in Q3, up by 6.2% compared to the same period last year (Q3 2021: £500m).

Market declines hit Assets Under Advice and Management (AuMA), however, which were down in line with most recent figures from wealth managers. The company reported AuMA for the quarter of £52bn, down £4bn on the same period last year (30 September 2021: £56bn).

Evelyn Partners said it had seen an “uplift” in operating income and continued strong new business inflows despite ongoing macroeconomic uncertainty and market volatility.

Chris Woodhouse, group chief executive, said: “The challenging macroeconomic environment continued into the third quarter, with adverse market movements impacting AuMA, which declined to £52 billion. However, despite this we delivered a robust performance and continued to generate significant new asset inflows from clients, with net inflows of £531 million in the quarter, up 6.2% on the same period last year (Q3 2021: £500 million).

“Alongside new business and operating income growth from our financial services division, our professional services business continued to deliver excellent performance. Progress across both our key divisions fed through to group operating income of £151.7 million in Q3, up 8% compared to the third quarter of 2021, and 6.2% ahead for the nine-months to 30 September compared to the same period last year. The performance demonstrates the resilience of our unique business model, and the importance of our role as trusted adviser to both our private and business clients.  

“As a firm we are continuing to invest in growing the business and believe that the breadth of our offering and the calibre of our team positions us well for the future.”

Evelyn Partners was formed following the merger of Tilney and Smith & Williamson in 2020. It is one of the largest UK wealth managers. It has offices in 26 towns and cities in the UK, as well as the Republic of Ireland and the Channel Islands.