The group said that despite a “challenging market backdrop” it generated significant new business and grew year-on-year operating income.

Gross inflows of new assets in Q3 ending 30 September were £1.8 billion, 38% higher than in the same quarter last year (Q3 2022: £1.3 billion).

However gross outflows rose from £0.8bn to £1.3bn.

Group operating income in Q3 was £163.6 million, 7.8% ahead of the same period last year (Q3 2022: £151.7 million), with increases in each of its three operating divisions: financial services, professional services and fund solutions.

Year-to-date group operating income for the first nine months of 2023 was £490.8 million, 11% ahead of the same period last year.

In August the company acquired boutique investment manager Dart Capital, adding £755m of assets. The team from Liverpool-based Millen Capital also joined Evelyn.

New group CEO Paul Geddes said: “Despite difficult market conditions, we continued to generate significant new business, with £1.8 billion of gross inflows and £545 million of net inflows during the third quarter. In both cases these are ahead of the same period last year. Over the nine months to end of September, our net new assets have grown at 5.8% of opening assets, compared to 3.8% over the same period last year. 

“Pleasingly, we also saw growth in operating income across each of our three business segments, including continued double-digit growth from our fast-growing professional services business which has seen operating income over the first nine months of 2023 increase by 20.4% compared to the same period last year.

"Having acquired Leathers LLP and Ashcroft LLP in the first half of the year, we continue to explore further opportunities to expand our regional professional services presence by acquiring high quality accountancy and tax advice firms.”