Evelyn Partners saw record growth in gross and net new assets during the half year to 30 June, the firm reported today (25 July).
The wealth manager and investment platform booked gross inflows of £3.8bn, up 40.7% year-on-year, while net flows increased by 63.6% to £1.8bn. This implied an annualised growth rate of 14.3% versus 9.4% the previous year.
The firm said “new business momentum gathered pace” in the second quarter, resulting in a record quarter for new asset gathering, with £2.1bn of gross inflows and £1.1bn of net inflows. The annualised rate was 15.8%.
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The inflows combined with positive market movements to lift assets under management and advice to £54.9bn at 30 June, versus £52.7bn at the same point last year.
The half year update comes as the firm adjusts to a change in the occupant of the top job. Paul Geddes has joined the company to succeed Chris Woodhouse as group chief executive.
Woodhouse is set to retire later this year following a transition period over the summer.
He commented: “Despite the continued challenges in the macro-environment of high inflation and rising borrowing costs, we had an excellent start to the year in delivering strong organic growth.
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“We had a record quarter for new business in Q2, which followed a very strong Q1. Over the first half of the year, we delivered £3.8 billion of gross inflows, and on a net basis we saw inflows of £1.8bn, demonstrating the value of the advice we provide.
“As we announced on 9 June, I will shortly be retiring as CEO of Evelyn Partners and handing the baton over to Paul Geddes, who brings a wealth of experience as a business leader to the role,” Woodhouse continued. “Paul joined the business as CEO designate at the start of July and we have been working closely on an orderly handover of responsibilities.
“It has been a huge privilege to have worked with so many talented people and to see the business develop and grow these last several years. Evelyn Partners has an unrivalled range of expertise and considerable growth opportunities ahead, and I wish Paul every success as he leads the Group through the next stage of its journey.”
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