Evelyn Partners has just released its trading update for the last three months of 2023.

Evelyn Partners has just released its trading update for the last three months of 2023. The firm announced that it attracted inflows of new client assets in the last quarter of 2023 – benefitting from rising markets – resulting in record assets under management and advice of £59.1 billion at the end the quarter.

In the full year, both the group’s financial services and professional services businesses grew their operating income, driving group operating income 9.3 per cent higher to £656.6 million ($831.6 million).

Gross inflows reached £2.1 billion in the fourth quarter, 50 per cent higher than the same quarter last year, which was equivalent to an annualised growth rate of 15.1 per cent based on opening assets. The business also achieved gross inflows of £7.8 billion in 2023 compared with £5.4 billion in 2022, the firm said in a statement.

Net inflows increased to £0.7 billion in the fourth quarter of 2023, compared with £0.6 billion last year, equivalent to an annualised growth rate of 5 per cent based on opening assets. On a full-year basis, net inflows in 2023 were a record £3.1 billion, a growth rate of 5.8 per cent based on opening assets, the firm added.

“We ended 2023 with a strong quarter, driven by rising markets and continued sizeable inflows of new client money which together increased our assets under management and advice by 6.1 per cent to a record £59.1 billion at year end. Market movements added £2.7 billion to AuMA in the fourth quarter and we also saw £2.1 billion of gross inflows in the quarter which, alongside the second quarter, was our joint best quarter since the merger of Tilney and Smith & Williamson in 2020. On a net flow basis, we delivered £0.7 billion of inflows.

“For the full year, we saw strong demand for our services and expertise during what was an undoubted time of uncertainty for the economy and markets, as well as a period where the tax burden increased. This demonstrates the value clients place on our services and the strengths of our two core businesses, financial services and professional services, in their respective markets.

“In our financial services business, we generated gross inflows of £7.8 billion and net inflows of £3.1 billion during 2023, both of which were record levels for the group. Our focus here is to offer more of our clients, where it is appropriate for them, the option of being supported by both a financial planner and investment manager working together to provide a holistic wealth management service. Alongside this, we have also been making great progress growing our presence working as a trusted provider of investment services to IFAs.” Paul Geddes, group chief executive officer, said.