Net inflows held steady at £345m for wealth manager and Financial Planner Evelyn Partners in the first quarter of the year despite a dip in assets under management.

Net inflows have remained positive for Evelyn Partners since it was created from the merger of Tilney and Smith & Williamson in September 2020.

Assets under management and advice at 31 March were £61.9bn (31 December 2024: £63bn), which the firm’s trading update attributed to the impact of adverse market movements.

Gross outflows were also elevated, with clients withdrawing £1.7bn in the first quarter.

However, these outflows were offset by £2bn of gross inflows, an annualised increase of 13% and an increase in the £1.8bn reported in Q1 2024.

Paul Geddes, CEO at Evelyn Partners, said: “Client engagement levels are very high given the combination of tax and pension changes announced at the Autumn Budget, particularly in relation to bringing unused pension assets into the scope of inheritance tax from 2027, and recent market volatility. In times of uncertainty, clients turn to us for trusted advice, and we are being very proactive in supporting them.

“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.

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

The first quarter was a busy time for Evelyn Partners which completed the sale of its professional services business on 31 March. The quarter also saw the firm agree to sell its fund solutions arm as it turns its focus exclusively to wealth management and Financial Planning.

The firm has offices across 25 towns and cities in the UK, as well as the Republic of Ireland and the Channel Islands. It also owns online investment platform Bestinvest.