Evelyn Partners is pleased to report highlights of its 2024 financial results for its continuing business (excludes its Professional Services and Fund Administration businesses which are being sold). The wealth management business delivered another strong year in 2024, with £8.0 billion gross inflows, AUM closing the year at a record high of £63.0 billion and Adjusted EBITDA rising to £174.3 million.
Commenting on the results, Paul Geddes, 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.”
2024 Key Financial Measures
| 2024 | 2023 |
Closing AUM (£ billions) | 63.0 | 59.1 |
Gross new inflows* (£ billions) | 8.0 | 7.8 |
Net new inflows* (£ billions) | 1.3 | 3.1 |
Gross new money growth rate (%) | 13.5 | 14.7 |
Net new money growth rate (%) | 2.2 | 5.8 |
Operating income (£ millions) | 497.4 | 467.6 |
Adjusted EBITDA (£ millions) | 174.3 | 155.9 |
Adjusted EBITDA margin** (%) | 35.0 | 33.3 |
All figures represent the continuing business, i.e. excludes Professional Service and Fund Solutions which are being sold.
*Gross and net inflows represent organic growth in assets and exclude acquisitions
** Defined as Adjusted EBITDA as a percentage of operating income
Business highlights
· A record AUM of £63.0 billion at year-end 2024, driven by £1.3 billion of net inflows and £2.6 billion gains from positive market movements and investment performance.
· We reached an agreement to sell our 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.
· In line with our repositioning of the Group, post the reporting period, we announced the sale of our Fund Solutions business to Thesis Holdings Limited, with the transaction expected to complete in the first half of 2025.
· We strengthened our senior leadership team to help us deliver on our financial services strategy, with the 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.
· We continue to leverage technology to enhance client experience and increase productivity. Significant developments include 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 our investment managers work more effectively.
· The strength of our capabilities continued to be validated externally, with 2024 another strong year for winning industry awards, including recognitions from PAM Awards, STEP Private Client Awards, and the Financial Times and Investors Chronicle Celebration of Investment Awards.
