Wealth manager and Financial Planner Tilney Smith & Williamson has completed its rebrand to Evelyn Partners from today.

The firm started the rebranding process in March.

Bestinvest, the firm’s online investment platform and hybrid digital advice service, has remained a separate brand and is now known as Bestinvest by Evelyn Partners.

According to the Financial Planning and wealth management firm, the rebrand to Evelyn Partners reflects the business becoming ‘one firm with a single purpose’ following the Tilney and Smith & Wiliamson merger.

The brand is named after Evelyn Gardens, the 1893 London address of one of the business’ founders.

Chris Woodhouse, chief executive of Evelyn Partners, said: “Today marks a new chapter for the business, one that celebrates the integration of our heritage businesses and reflects that we are one firm united by our purpose - to place the power of good advice into more hands.

“I’d like to take this opportunity to thank all our staff, clients and intermediaries who’ve given their time to provide their thoughts on our brand and those who have assisted in its development and implementation. We look forward to upholding our high standards for client service under our new name and brand identity.”

Tilney and Smith & Williamson merged to become one firm in September 2020. The firm has since made a number of smaller acquisitions, mainly of advice firms.

The wealth manager and Financial Planner saw a £1.9bn fall in assets under management to £55.8bn in the first quarter of this year due to challenging market conditions. 

In a trading update for the three months ended 31 March the group reported operating income of £146.9 million, up 9.3% compared to the same period last year (Q1 2021: £134.3 million). This was driven by increased assets under management year-on-year, as well as good performance by the Professional Services business, it said.

Gross new business inflows, however, were £1.4 billion in the first quarter, down on the £1.7bn seen in Q1 2021.

Net new business inflows were £0.5 billion in the first quarter, the same as Q1 2021.