Wealth manager Utmost Wealth Solutions has reported a second year of net outflows, with total net outflows of £0.4bn in 2024, according to a trading statement released today.

When taken proforma, including the performance of recently acquired asset manager Lombard International, the net outflows for the year were £0.7bn.

Outflows for the wealth manager were consistent with 2023 at £7.5bn (2023 including Lombard: £7.5bn), with £4.3bn in outflows for Utmost and £3.2bn in outflows attributable to Lombard.

The wealth manager reported the negative net flows despite seeing a 8% year-on-year rise in gross inflows to hit £3.9bn in 2024. Utmost attributed the growth in gross inflows to strong equity market performance.

Utmost completed its acquisition of Lombard International in December. The acquisition brought in £45bn in asset under administration, bringing Utmost to total proforma assets at the end of the year of £103.5bn.

Excluding the assets brought in by the acquisition, Utmost assets at the end of 2024 were £58.5bn, a 6% rise year-on-year (2023: £54.6bn).

Paul Thompson, CEO of Utmost Group, said the wealth manager expected to have a good year in 2025.

He said: “After a relatively tough first half, the second half of the year brought greater client focus on wealth planning and investment particularly in the UK, following the changes introduced during the Autumn Budget, which contributed to increased interest in our products and strong inflows.

“This performance is testament to the strength and breadth of our products which offer transparent, compliant wealth management solutions and our team of dedicated specialists who are committed to providing outstanding customer outcomes and supporting our clients in safeguarding their wealth.  

“As we move into 2025, I am confident that we will build on the excellent momentum experienced in the second half of the year.”

Utmost expects to release its full financial results for 2024 in late April.

In its half year results for 2024, Utmost attributed the growth in net outflows to political uncertainty and global conflict.