Full details: Q3 2025 results
- Assets under Management (AUM) reached £67.0 billion at 30 September 2025, up 3.8% on the prior quarter and 7.3% year-on-year (vs ~£62.5bn at 30 Sept 2024). (Evelyn Partners)
- Gross inflows in Q3 totalled £2.1 billion, representing a 17.6% increase over Q2 2025 (which was £1.7bn) and a 5.6% increase over Q3 2024 (which was £1.9bn). (Professional Adviser)
- Net inflows (new money minus outflows) in Q3 were £269 million, up about 20.5% year-on-year (vs £223m in Q3 2024). (Professional Adviser)
- The firm is also in the final phase of a major systems-integration project, which aims to bring all client-facing Financial Planning and Investment Management teams onto a single unified platform by early 2026. (Evelyn Partners)
- A note on methodology: The AUM numbers include a restatement to capture previously un-recognised MPS (Managed Portfolio Service) assets on third-party platforms that were omitted in earlier periods. (Evelyn Partners)
Commentary: What this means
Strengths & positive signals
- The growth in AUM (~7.3% y/y) in a challenging macro environment suggests that Evelyn Partners is attracting new clients and/or benefiting from market appreciation in client portfolios.
- The jump in gross inflows (17.6% q/q) indicates momentum in acquisition/growth of new assets. Strong gross inflows reduce reliance on market appreciation alone.
- Consistent record of positive net inflows every quarter since the firm’s creation (post-merger) supports the stability of the business model and attractiveness of its proposition. (Professional Adviser)
- The systems integration project indicates a strategic focus on efficiency, client experience and scalability — once completed, this may reduce cost-base, improve service and support future growth.
- The favourable inflows‐to‐AUM ratio signals potential for fee income growth (assuming fees scale with AUM), which may underpin profitability improvements.
Strategic implications
- Evelyn Partners is positioning itself as a “total wealth management” business (financial planning + investment management) rather than purely asset-manager. The integration of the technology platform underlines that ambition.
- With AUM hitting £67bn, the firm is in a scale position to compete meaningfully in the UK wealth-management space, potentially enhancing its attractiveness for distribution partnerships, advisor networks or even a future sale/acquisition. Indeed, the market is already discussing potential M&A interest. (Reuters)
- The positive flows may reflect increased engagement by clients amid regulatory/tax/pension changes (e.g., upcoming Budget, pension/inheritance tax changes) which often drive advisory demand.
Risks & watch-points
- AUM growth is partly market-driven (portfolio appreciation) and partly new flows. Rising markets help, but if markets soften, growth could slow — the net inflow trend is more resilient but still modest (£269m in Q3).
- Outflows remain a risk: although net inflows are positive, outflows (client withdrawals, structural attrition) could increase in adverse conditions. The firm noted previous elevated outflows due to tax bills, mortgage repayments and gifting. (Evelyn Partners)
- Execution risk around the systems integration project: Technology transformations often carry cost, complexity, and change-management risk. Delays or operational disruption could weigh on service or cost base.
- Fee pressure: As asset managers scale, there is continual pressure on fee levels, especially in the UK/Europe where competition is strong and clients increasingly sensitive to cost. Evelyn will need to show value proposition (advice, planning, service) to justify fees.
- Macro/tax/regulatory environment: Client behaviour is influenced heavily by tax/pension/interest-rate changes. While this can drive engagement (good), it also adds volatility to flows. For example, accelerated gifting to avoid tax or required drawdowns may trigger one-off outflows.
- Cost base and profitability: Growth in AUM does not immediately translate into higher profitability unless cost discipline, margin expansion and fee conversion are strong. While AUM is growing, we’d need to monitor operating income, margins and EBITDA trends (the firm reported an 11.8% rise in adjusted EBITDA in 2024). (Evelyn Partners)
Concluding thoughts
Evelyn Partners’ Q3 2025 performance offers a very positive snapshot: record AUM, healthy inflows, and strategic technology investment. The firm appears to be executing well on its growth and transformation agenda.
However, growth in AUM and flows is just one part of the story. The key will be sustaining this momentum, effectively integrating the platform, converting scale into higher profitability, managing cost and service quality, and navigating market/tax/regulatory headwinds. For investors, partners or acquirers looking at Evelyn, the strong numbers in Q3 provide encouragement—but the execution of the next phase (platform integration + fee/operating margin upside) will determine how compelling the proposition is.
Here’s a detailed breakdown of Evelyn Partners’ Q3 2025 results — including case-study style observations and commentary on what it implies for the business.
Key Figures & Highlights
- AUM (Assets Under Management) reached £67.0 billion at 30 Sept 2025, up 3.8% over the quarter and 7.3% year-on-year. (Evelyn Partners)
- Gross new assets (inflows) in Q3 were £2.1 billion, an increase of 17.6% compared to Q2 2025 (≈ £1.7 billion) and up 5.6% versus the same quarter last year (Q3 2024 ~ £1.9 billion). (Professional Adviser)
- Net inflows (i.e., after outflows) were £269 million, up 20.5% year-on-year. (moneyage.co.uk)
- The group emphasised this quarter marked the final phase of its major systems‐integration initiative, which will bring all its financial planning & investment management teams onto a unified platform by early 2026. (Evelyn Partners)
- The firm announced a new Chief AI Officer (to join 1 December) to lead its AI strategy, which is tied to the unified platform rollout. (Evelyn Partners)
What this Means — Commentary & Context
- The AUM growth of 7.3% year-on-year is a good result in the current environment — wealth management, especially in the UK, is facing macro-headwinds (inflation, rate rises, market volatility). That Evelyn grew above those challenges suggests decent resilience.
- The growth in gross inflows (+17.6% quarter-on-quarter) suggests the firm is gaining some momentum in new business or additional asset capture. However, the net inflow (£269 m) remains modest relative to the total AUM base (£67 bn) — meaning that much of the growth is still from existing assets appreciating as well as new inbound flows, rather than large structural shifts.
- The fact that Evelyn emphasises the integration of planners + investment managers onto one platform is strategic. Unified platforms can reduce duplication, improve cross-sell (financial planning + investment), and position the firm for better client experience. The move to appoint a Chief AI Officer signals a tech-led push.
- AUM increases are partly driven by “positive market movements and continued net inflows” (per the CEO comment). (Evelyn Partners) In rising markets, that helps; in a downturn, the pressure will be whether flows can sustain.
- The backdrop: Evelyn was formed via the merger of major UK wealth/advisory firms (Tilney + Smith & Williamson) and has been shedding non-core activities (professional services, fund administration) to focus on wealth/asset management. This quarter’s results suggest the strategy is paying off.
Case Study-Style Example
Here’s a hypothetical illustrative case of how a firm like Evelyn might translate these results into client/fund flows:
- Suppose Evelyn wins a new high-net-worth client with £10 million of investable assets. The integrated platform (financial planner + investment manager) means the client is offered a financial plan (retirement, tax, estate) and investment management all within one relationship. Because the firm has the new platform, the adviser can draw in data, deliver portals/easier digital service, and the investment manager can see the full client picture (via the unified system).
- Over time, that client might add further assets (inheritance, sale of property, pension drawdown). Suppose in a 12-month period they add £2 million more. That cash flow contributes to gross inflows. If many such clients are won or add assets, then gross inflows rise (as the £2.1 bn number suggests).
- Then consider retention: If the integrated platform improves service and reduces advisory churn (clients leaving or transferring to competitor), then outflows drop and net inflows rise. The fact Evelyn has delivered net inflows every quarter since its creation (as they note) is a strong signal. (Evelyn Partners)
- Finally, scale matters: On a base of £67 bn, pulling in £269 m net in one quarter is ~0.4% incremental growth. While positive, it underscores that to materially move the business they’ll want higher net-flow percentages or be in stronger markets. The quarter’s results show solid progress but not outsized leaps.
Risks & What to Monitor
- Flow quality: Are the inflows concentrated in certain client segments (e.g., affluent but not mass HNW), or are they broad? For sustainable growth they’ll need diverse and scalable inflows.
- Execution of systems integration: Rolling out a unified platform across 600+ advisers and investment managers is operationally complex. Delays or service disruptions could impact client retention.
- Market dependency: Some of the AUM growth is from market appreciation (“positive market movements”). If markets falter, then the onus shifts further onto gross inflows and net flows.
- Fee pressure & margin impact: As AUM grows, the mix of assets (advised vs discretionary; high margin vs low margin) matters. Growth in lower-margin segments might dilute average returns.
- Competitive environment: UK wealth advisory is competitive (banks, fintechs, independent advisory). Evelyn’s ability to differentiate (via tech, integrated service, planning + investment) will matter.
- Client behaviour: Because many HNW clients are facing tax, pensions, estate planning changes (especially in the UK), flows can be volatile — e.g., asset shifting, gifting, tax-driven moves could inflate short-term flows but impact long-term retention.
Strategic Implications
- For Evelyn: This quarter is a positive milestone — record AUM, improving flows, integration underway. It strengthens their proposition as an integrated “Total Wealth Management” firm. The appointment of a Chief AI Officer indicates preparation for the next phase (digital scaling).
- For investors / owners (private-equity backers such as Permira and Warburg Pincus): The strong flows and AUM growth improve the visibility and value of the business. Combined with internal structure improvements, this may make the business more sale-oriented (some press commentary suggests a possible exit).
- For clients: The push towards integrated tech/planning + investment may improve client experience, but execution will be key. Clients will expect more than just AUM growth — they’ll expect better service, digital tools, proactive advice.
- For the market: Evelyn’s performance suggests that UK wealth management remains a viable growth area, despite macro uncertainty. It may encourage other firms in the segment to double-down on tech and advice integration.