Evelyn Partners’ assets under management (AUM) rose to a record high of £62.2bn in the first half of 2024, its interim results report has revealed.

This represents a 13.3 per cent increase year-on-year and growth of 5.2 per cent since 31 December 2023.

Its unaudited interim financial results for the six months to 30 June 2024 showed the firm generated £3.5bn of gross inflows, down from £3.8bn in H1 2023, equivalent to an annualised growth rate of 11.8 per cent.

Net inflows remained positive at £500m, down from £1.8bn in H1 2023, with the firm stating that elevated outflows reflected the impact of higher interest rates on clients.

This inflow, alongside positive markets and investment performance, drove the improvements in the business’ AUM.

Furthermore, growth in operating income and a “disciplined approach” to cost management resulted in an 18.3 per cent increase in adjusted earnings before interest, taxes, depreciation, and amortisation (EBITA) to £103.9m.

Evelyn Partners’ group operating income rose by 10.3 per cent during H1 2024 to £360.8m, including 23.4 per cent growth in professional services operating income and 5.2 per cent growth in financial services operating income.

Commenting on the report, Evelyn Partners group chief executive officer, Paul Geddes, said: “We have made a great start to the year supporting our clients in addressing their financial needs and delivering strong financial performance.

“Healthy top-line growth combined with a disciplined approach to managing our costs, resulted in an 18.3 per cent increase in adjusted EBITDA, which is our key measure for underlying cash profits.

“In professional services, we continued to see strong organic growth in fee income and the benefit of the five acquisitions we completed last year coming through. We will build on this over the coming months, with the recently announced acquisition of the Manchester, Leeds and Newcastle offices of Haines Watts which has brought us 150 new colleagues.

“With inflation having settled back and the first interest rate cut made in the UK, there are good grounds to be positive on the medium-term outlook despite the turbulence seen in global equity markets in recent days.

“Evelyn Partners is well positioned to support clients navigate periods of market volatility and with potential changes to tax and pensions on the horizon we also expect to see strong demand for financial advice in the second half of the year.”

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