UK wealth manager Evelyn Partners has released its financial results for 2022 this week.

Against a backdrop of volatile markets, Evelyn Partners has announced that its assets under management fell by 8 per cent in 2022, compared with the previous year, reaching £53 billion ($63 billion). 

According to the firm, the strength of its financial services and professional services businesses helped contribute to a record operating income of £600.8 million for the year, up 7.1 per cent on 2021 levels. It also generated £5.4 billion of gross new money, representing 9.4 per cent of opening assets, while net flows were positive at £2.3 billion. 

Adjusted earnings before interest, tax, depreciation and amortisation, which reflects the cash profitability of the business, were £184.3 million, a slight decrease of 2 per cent on the previous year which was its best year ever. This was principally due to the impact of weaker markets, as well as continued investment in people to support future growth with headcount increasing 11.2 per cent to 3,600 at year end, the firm said in a statement.

Chris Woodhouse, group chief executive, said: “The group delivered a resilient financial performance in 2022, against a backdrop of challenging macroeconomic conditions and volatile markets. This is a testament to the strength of our business model, the value our clients place on expert advice, and the commitment of our people."

The wealth manager also said that its business made progress in 2022 with its strategic priorities, including the rebrand, its digital and operational transformation programme and further enhancing its service offering.

It is exploring opportunities to enhance growth through acquisitions in both the financial services and professional services sectors. It recently completed the acquisition of Leathers LLP, a firm of chartered accountants and tax specialists with offices in Newcastle-upon-Tyne and Harrogate, which develops its professional services presence in the north of England. Although economic headwinds remain, the firm believes that inflation will continue to slow down, and it is buoyed by equity markets having had an encouraging start to 2023.