Evelyn Partners has reported that its gross inflows totalled a record £8bn across 2024, with an annualised growth rate of 13.5%.

The group’s gross inflows reached £2.6bn in Q4 alone, a 36.8% jump compared with the previous quarter, and also 23.8% higher than Q4 2023.

Evelyn Partners was announcing a Q4 trading update for the three months to the end of 31 December, to complete its full-year assets under management (AuM) and asset flows profile for 2024.

The results also revealed that net inflows remained positive for the group in Q4 at £600m, a significant increase on the £200m it reported in Q3.

Evelyn Partners said the combination of £600m of net inflows and positive market movements in Q4 increased its AuM to a record high of £63bn at the end of December 2024 – up from £59.1bn at the end of 2023.

“The Autumn Budget had a significant impact on the business, with very high levels of client engagement and both elevated inflows and outflows as clients reorganised their affairs,” Evelyn Partners CEO, Paul Geddes, said. “On a net new money basis, Q4 was the strongest quarter of 2024, with net inflows of £600m.

“On a full-year basis, we generated a record £8bn of gross new business, which demonstrates the quality of our propositions and the trust our clients place in Evelyn Partners. However, in common with other wealth managers, outflows were also higher than normal in 2024 as clients grappled with higher interest rates and borrowing costs.”

Q4 also saw Evelyn Partners announce the sale of its professional services business in November, as part of a strategic refocusing of the group on wealth management. This transaction is expected to complete at the end of Q1 2025.

Geddes added: “The recently announced transactions to sell our professional services and fund solutions businesses will see Evelyn Partners’ focused solely on wealth management, where we are excited about the opportunities ahead.

“We have conviction in the long-term structural growth of the wealth management sector but are also focused on the compelling near-term demand for advice as a result of the changes in the Autumn Budget.”

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