Evelyn Partners’ assets under management (AUM) increased by £3.9bn in 2024 to a record £63bn, as the firm focused in on his wealth business, its annual report has revealed.

During the year, Evelyn Partners announced it was selling its professional services and fund administration businesses, which were excluded from the financial results.

The sale of its professional services business to Apax Partners is expected to complete at the end of March, and the sale of its fund solutions business to Thesis Holding Limited is forecast to complete during H1 2025.

Its wealth management business reported £8bn gross inflows in 2024, while its adjusted EBITDA rose by 11.8 per cent to £174.3m and its generated operating income rose by 6.4 per cent year-on-year to £497.4m.

Evelyn Partners said the increase in AUM was driven by £1.3bn of net inflows and £2.6bn of gains from positive market movements and investment performance.

However, its gross new money growth rate fell slightly during the year, from 14.7 per cent to 13.5 per cent, and its net new money growth rate decreased from 5.8 per cent to 2.2 per cent.

“Despite geopolitical change and uncertainty, 2024 was very good year for Evelyn Partners, in terms of both business performance and also strategic transformation with the sales of our professional services and fund solutions businesses,” commented Evelyn Partners chief executive officer, Paul Geddes.

“With the business now refocused on solely on wealth management, I am very excited about the opportunities ahead for Evelyn Partners.

“Our ability to provide clients with the combined expertise of a financial planner and an investment manager from multiple locations is our flagship offering and a key differentiator.

"Broadening adoption of this ‘dual expert’ service model, where it meets the needs of clients, is a key component of our strategy and we have started to see an increased take-up of this from existing clients in 2024, while also targeting new clients and building out our relationships with IFAs and other professional partners.

“The Autumn Budget was a pivotal moment for the business to support our clients, with the changes underlining the importance of expert financial planning advice alongside a robust investment strategy.

“With our rich pool of talented professionals, Evelyn Partners is exceptionally well placed to help both existing and new clients adapt to the changing macroeconomic and financial landscape in 2025 and beyond.”

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