Financial Planning and wealth management firm Evelyn Partners reported a 12% rise in profits for 2024 despite a 68% drop in net inflows (year-on-year).

Adjusted EBITDA (the most commonly used measure for profits) rose to £174.3m for the year (2023: £155.9m) as Evelyn Partners refocused its business on wealth management having sold its professional services and fund administration businesses.

While gross inflows rose slightly to £8bn (2023: £7.8bn), net inflows for the year fell 68% to £1.3bn (2023: £3.1bn).

Assets under management rose 7% year-on-year to £63bn (2023: £59.1bn), driven by gross inflows and rising markets. The wealth manager reported £2.6bn in gains from positive market movements and investment performance for the year.

Operating income rose 6.4% year-on-year to £497.4m.

Paul Geddes, CEO of Evelyn Partners, said 2024 was a good year for the wealth manager despite geopolitical change and uncertainty.

He said: “With the business now refocused on solely on wealth management, I am very excited about the opportunities ahead for Evelyn Partners. Our ability to provide clients with the combined expertise of a Financial Planner and an investment manager from multiple locations is our flagship offering and a key differentiator.

“Broadening adoption of this ‘dual expert’ service model, where it meets the needs of clients, is a key component of our strategy and we have started to see an increased take-up of this from existing clients in 2024, while also targeting new clients and building out our relationships with IFAs and other professional partners.”

He added that Evelyn Partners has introduced a new tool produced by generative AI to build summary reports of new client meetings.

Evelyn Partners has said it is evolving into a, "pure-play wealth management firm." Along with the forthcoming disposal of its professional services arm it is involved in an active recruitment process to add to its nationwide Financial Planning and investment management teams.

Earlier this month it appointed a new Financial Planning director for its London team, as well as two Financial Planners and an investment manager to its Leeds and Newcastle offices.

Last month Evelyn Partners International, the Jersey subsidiary of Evelyn Partners, moved to a new office in St Helier and boosted its team with new hires.

In December it added a new Financial Planner in London to boost its near 300-strong national Financial Planning team.