Evelyn Partners’ wealth management business today (27 March) reported £8.0bn gross inflows, AUM closing the year at a record high of £63.0bn and Adjusted EBITDA rising to £174.3m in financial year 2024.
The AUM growth to year-end 2024 was driven by £1.3bn of net inflows and £2.6bn gains from positive market movements and investment performance.
The figures exclude its professional services and fund administration businesses which are being sold.
Paul Geddes (pictured), chief executive officer, said: “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. Assets under management (AUM) closed at an all-time high of £63.0 billion (2023: £59.1 billion), driven by positive net new money and rising markets.
“This generated operating income in the continuing business of £497.4 million – up 6.4% from last year. Adjusted EBITDA, which we regard as the key measure for cash profitability, increased 11.8% to £174.3 million.
“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.”
It further highlighted how it had reached an agreement to sell its Professional Services business to funds advised by Apax Partners, with the transaction expected to complete at the end of March 2025. This will simplify the business by refocusing on our core wealth management activities, where we believe the long-term growth potential is compelling.
The sale of its fund solutions business to Thesis Holdings Limited was also agreed with the transaction expected to complete in the first half of 2025.
The senior leadership team saw additions of Andrew Middleton as chief marketing and commercial officer, Edward Park as chief asset management officer, Scott Kirk as interim CFO for the financial services business, as well as Bids Mahvelati as chief operations officer.
Significant tech developments included the introduction of a new tool powered by generative AI to produce summary reports of client meetings and a pilot programme for a new risk and data analytics platform to enable its investment managers work more effectively.
