Evelyn Partners attracted £531m in net new asset inflows in Q3 2022, up 6.2% from a year ago, but negative market movements saw assets under management and advice (AUMA) end the quarter down £4bn compared with Q3 2021.
The wealth manager reported AUMA of £52bn as of 30 September this year, a drop of £0.7bn from the end of June, but significantly below the £56bn reported at the end of Q3 2021.
But the current market conditions have not been confined to the third quarter, with Evelyn Partners’ AUMA down £5.7bn since the start of the year. Net inflows of £1.7bn were subsumed by negative market movements of £7.4bn.
Despite low investor confidence this year, the firm has managed to maintain a positive flow of client money that has been, for the most part, in line with that of last year. The first three quarters of 2022 saw net inflows from clients down just 6% compared to the same period last year, and the gross inflows and outflows from Q3 this year matched those of last year.
In addition, group operating income reached £152m for the three-month period, up 8% on the £140m accumulated in Q3 2021.
CEO Chris Woodhouse (pictured) acknowledged the “challenging macroeconomic environment” but was encouraged by the fact that the firm was still able to generate net inflows from clients. He said that the firm had “delivered a robust performance”, and that net inflows of £531m in the quarter were up 6.2% on the same period last year (Q3 2021: £500m).
Woodhouse added: “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 £151.7m 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.
“Sound financial advice is particularly highly valued in difficult macroeconomic conditions, and we continue to guide our clients through this period of uncertainty. 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.”
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