Evelyn Partners posts record quarter as Autumn Budget drives demand for financial services

Paul Geddes, group chief executive officer of Evelyn Partners, said: “The Autumn Budget had a significant impact on the business, with very high levels of client engagement and both elevated inflows and outflows as clients reorganised their affairs.

“On a net new money basis, Q4 was the strongest quarter of 2024, with net inflows of £0.6bn.

“We have conviction in the long-term structural growth of the wealth management sector but are also focused on the compelling near-term demand for advice as a result of the changes in the Autumn Budget.”

Evelyn Partners generated record £2.6bn of gross inflows in the final quarter 2024, with assets under management closing the year at an all-time high of £63.0bn.

In last year’s Autumn Budget, Chancellor Rachel Reeves announced a rise in employer’s National Insurance contributions, as well as a lowering of the threshold at which businesses begin paying the contributions.

Though many businesses have since responded negatively to the rises, the Government has said the changes will help “fix the foundations of the public finances and invest in public services”, arguing that the move will raise revenue for the NHS and help to fund state pensions.

Corporate restructuring specialist Begbies Traynor, however, said in November that the changes in employment costs brought about by the Budget could leave more companies facing insolvency.

Begbies Traynor said that “increased employment costs and the prospect of higher for longer interest rates” are likely to extend the period of high business insolvency levels, which began in the wake of the pandemic.

Mr Geddes added that the final quarter of 2024 had been a “strong” finish to the year for Evelyn Partners.

Gross inflows for the firm were 36.8 per cent higher than the previous quarter and 23.8 per cent higher than the same quarter in the previous year.

For the 12-months ended 31 December 2024, the business achieved record gross inflows of £8.0bn, up from £7.8bn in 2023 and reflecting an annualised growth rate of 13.5 per cent.