Evelyn Partners’ assets under management and advice (AUMA) jumped to £54.4bn during the first quarter of 2023, continuing the progress it made during the final quarter of 2022.
The Q1 trading update revealed a record £1.7bn of gross inflows, with the influx of client money driving a 45% year-on-year increase in net inflows, which totalled £673m. This, combined with more than £700m added by a positive investment performance, resulted in a £1.4bn increase in AUMA.
This marked an improvement on Q4 2022, when the firm added £400m to AUMA, but as of 31 March assets still sat £1.4bn below where they were at same point last year.
Operating income for the quarter, at £162.5m, grew by more than 10% year-on-year, with the larger Financial Services arm of the firm contributing £115m to that figure.
CEO Chris Woodhouse (pictured) lauded the firm’s strong first-quarter performance: “Our strong new business generation is testament to the strength of our advice-led model and the value that both private clients and businesses place on trusted expertise during a period of economic uncertainty and rising taxation.
“We see the business as exceptionally well-positioned to continue growing at a time when there is high demand for expert advice from individuals, families and businesses.”