Wealth manager Evelyn Partners has just released its unaudited interim financial results for the first six months of 2023.

UK-based wealth, accountancy and business advisory firm, Evelyn Partners said yesterday that it had delivered record growth in both gross and net new assets in the first half of 2023. It reported a 12.6 per cent increase in its operating income to £327.2 million ($420.6 million), with 9.7 per cent growth in financial services, showing that clients value expert advice.

There was very strong organic growth in the first half of 2023, the firm said in a statement, with gross inflows of £3.8 billion, up 40.7 per cent year-on-year. Net flows increased by 63.6 per cent to £1.8 billion, compared with £1.1 billion in the first half of 2022.

Evelyn Partners' assets under management and advice reached £54.9 billion by 30 June, compared with around £52.7 billion at the same time last year. Adjusted earnings before interest, taxes, depreciation and amortisation increased to £87.8 million, compared with £86.2 million in the first half of 2022.

The firm said that it has a strong focus on organic growth, helping clients navigate a higher tax environment through financial planning, private client and business tax services, and maximising available allowances including ISAs and pensions.

Acquisitions
It has also been pursuing its mergers and acquisitions strategy, completing three professional services transactions and signing an agreement to acquire boutique wealth manager Dart Capital. “The addition of these businesses will bolster our regional presence and add complementary capabilities,” the firm added.

Continuing with its expansion, Evelyn Partners said it completed the ninth deal under its scheme for retiring owners of advice businesses, and welcomed the team from discretionary manager PPM Wealth in its Glasgow office. The firm has a strong pipeline of potential deals under the scheme in the second half of the year.

In June, subject to regulatory approval, the firm also announced that Paul Geddes would be succeeding Chris Woodhouse (pictured) as group CEO.

“Despite the continued challenges in the macro-environment of high inflation and rising borrowing costs, we had an excellent start to the year in delivering strong organic growth. As part of our growth ambitions, we also continued to make progress augmenting organic growth with M&A," Woodhouse said: