Evelyn Partners reveal that they generated £3.7 billion of gross new assets in H1 2025, with AUM reaching an all-time high of £64.6 billion. Their Chief Executive, Paul Geddes, has shared his thoughts.
Paul Geddes, Chief Executive, commented:
“Against a backdrop of global macroeconomic uncertainty and outbreaks of market volatility, we’ve had a good performance year to date in 2025 while also successfully completing the sales of our Professional Services and Fund Solutions businesses. The first six months of the year saw gross inflows of £3.7 billion. Outflows, however, were also elevated reflecting the challenges faced by clients, including paying tax bills, reducing mortgages and gifting to reduce IHT liabilities; but we did see a reduction in outflows in Q2 compared to the prior quarter. As a proportion of AUM, Q2 outflows were lower than in both Q1 2025 and Q2 2024. Net flows in H1 2025 remained strongly positive at £692 million, a 62.1% increase on the same period last year (H1 2024: £427 million) and we have maintained our track record of consistently delivering net inflows every quarter since the merger to create Evelyn Partners in 2020.
“In May 2025, we launched a number of proposition initiatives to support both direct clients and grow our presence in the financial adviser market. These included launching our Cash & Cautious Bond strategy and our low-cost Index MPS range into the IFA market. These solutions have attracted strong interest and will help drive further growth in the second half of the year.
“The changes to personal taxation announced in the October 2024 Budget, including the planned inclusion of unspent pension assets within the scope of Inheritance Tax (IHT) from April 2027, continue to be key areas of discussion with clients. With speculation mounting about further tax raising measures, there are high levels of engagement across new and existing clients and strong growth in our dual expert proposition where clients receive the support of both a financial planner and investment manager working together to deliver an integrated and holistic wealth management service.
“The continued success of our business bears testament to our strength and scale in both financial planning and investment management, the high quality of our people and our UK wide presence. These enable us to provide clients with valued, expert advice and investment management as they navigate both changes to the tax system and a period when markets are adjusting to major upheavals in the global trade system in the short term, while helping them achieve their longer-term goals.”
Assets under Management & Advice (£ billions)1
| 2025 quarterly assets and flows | 6 months to 30 June | 12 months to 31 December | |||
| Q1 | Q2 | 2025 | 2024 | 2024 | |
| Opening assets | 63.5 | 62.5 | 63.5 | 59.7 | 59.7 |
| Organic new business flows | |||||
| Gross new money | 2.0 | 1.7 | 3.7 | 3.5 | 7.9 |
| Gross outflows | (1.6) | (1.4) | (3.0) | (3.1) | (6.7) |
| Organic net new money | 0.4 | 0.3 | 0.7 | 0.4 | 1.2 |
| Acquisitions & disposals | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Market movements & performance | (1.4) | 1.8 | 0.4 | 1.9 | 2.6 |
| Closing assets | 62.5 | 64.6 | 64.6 | 62.0 | 63.5 |
| Gross new money2 | 12.8% | 11.1% | 11.8% | 11.7% | 13.2% |
| Net new money2 | 2.3% | 2.1% | 2.2% | 1.4% | 1.9% |
1 Due to improved data collection, the prior period numbers presented have been restated to reflect the inclusion of AUM and flows relating to MPS assets on third-party platforms that had not previously been recognised in prior reporting.
2 Organic growth rate represents new money as a percentage of opening assets, then annualised.
