UK wealth manager Evelyn Partners has just released its third quarter trading update for the three months ending 30 September 2024.

UK-based Evelyn Partners' assets under management and advice (AuMA) hit a record high of £62.7 billion ($81 billion) in the third quarter of this year while operating income rose 11.1 per cent year-on-year. 

AuMA increased to £62.7 billion in September, climbing 12.8 per cent year-on-year from £55.6 billion, the firm said in a statement.

Gross inflows of new assets of £1.9 billion were higher than in each of the previous two quarters and consistent with the same period last year. Year-to-date gross inflows of £5.4 billion are also equivalent to an annualised growth rate of 12.2 per cent based on opening assets, the firm added.

Gross outflows of assets of £1.7 billion included £353 million relating to the discontinuation of a legacy execution-only service, the effect of which will be one-off in nature in this quarter.

Net new asset inflows were also positive at £0.2 billion, but less than the same time last year which stood at £0.6 billion.

Group operating income of £181.8 million was 11.1 per cent, ahead of the same period last year at £163.6 million, with increases across each of the three operating segments – financial services, professional services and fund solutions.

Group operating income for the first nine months of 2024 meanwhile reached £542.6 million, which is 10.6 per cent ahead of the same period last year.

As part of the firm’s professional services acquisition programme, it completed the acquisition of Haines Watts’ Northern offices in August. 

“We’re pleased with this positive third-quarter performance, with clear growth across each of our three divisions: financial services, professional services and fund solutions. We continued to see excellent organic growth momentum in the professional services business, where we were also delighted to welcome new colleagues from Haines Watts following the acquisition of their business in Leeds, Manchester, and Newcastle in August,” Paul Geddes, group chief executive, said. “The purchase is another demonstration of our professional services acquisition programme in action which has seen six transactions completed since the start of 2023. The professional services team are actively engaged in discussions about further deals.” 

“Speculation about tax rises and potential changes to pensions in the new government’s upcoming budget on 30 October has seen very high levels of engagement with clients. While it is unclear at this stage precisely what changes will emerge, as an advice-led business we believe that this will present an opportunity to support even more clients with expert financial planning alongside the management of their investment portfolios, as well as tax advice for both businesses and private clients,” Geddes said.