Evelyn Partners’ assets under management and advice (AUMA) fell by £1.1bn to £61.9bn in the first quarter of 2025, its latest trading update has revealed.

The wealth management firm said that the reduction in AUMA reflected the impact of adverse market movements in the first three months of the year.

Its gross inflows were £2bn in Q1 2025, an increase of 11% compared to the first quarter in 2024, equivalent to an annualised growth rate of 12.7% based on opening assets.

Net flows remained positive at £345m, up from £266m in Q1 2024, although withdrawals continued to be “elevated” due to the macroeconomic and fiscal environment.

"In Q1 we continued to generate significant volumes of gross new money despite volatile markets, generating £2bn of gross inflows,” commented chief executive officer at Evelyn Partners, Paul Geddes.

"Outflows remained elevated as some clients drew down on portfolios to fund goals including paying down mortgages, paying tax bills and gifting assets.

"Despite this, net flows remained positive at £345m, up from £266m in Q1 last year. This continues our track record of consistent net inflows every quarter since Evelyn Partners was created from the merger of Tilney and Smith & Williamson in September 2020."

Geddes noted that client engagement levels were very high due to the tax and pension changes announced in the October Budget, particularly in relation to bringing unused pension pots into scope of inheritance tax from 2027 and recent market volatility.

"Alongside direct contact between clients and their financial planner or investment manager, in Q1 we saw a fivefold increase in the average number of attendees at our events compared to last year and email open rates were double the industry benchmark," he added.

"While portfolios have been impacted by equity market volatility, our diversified, multi-asset approach has helped clients to weather recent turbulence."

At the end of Q1, Evelyn Partners completed the sale of its professional services business to funds advised by Apax Partners, as the firm looked to focus solely on wealth management.

"The first quarter marked an important milestone for us,” said Geddes. “On 27 January we announced a deal to sell our fund solutions arm and on 31 March we successfully completed the sale of our professional services business.

"These transactions see Evelyn Partners now focused exclusively on wealth management, supporting clients with both financial planning advice and investment management."

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