Evelyn Partners’ assets under management dropped £5bn in the first half of the year as a result of “market declines”.
In the group’s half year results published today (August 1), the company formerly known as Tilney Smith & Williamson said its AUM decreased 8.7 per cent to £52.7bn.
This was despite net inflows for the period of £1.1bn.
Group chief executive Chris Woodhouse, said the war in Ukraine, high levels of inflation and rising borrowing costs have created a “challenging backdrop”.
“The macroeconomic environment looks set to remain challenging in the near term,” he added, stressing the need for “sound” financial advice.
“Given the strength of our business model, the unrivalled breadth of our proposition and the quality of our people we are confident in the prospects for Evelyn Partners despite near-term headwinds,” he said.
Overall, the company saw an increase in operating income to £290.5mn, compared with £275.9mn in the same period last year.
A number of wealth managers have suffered from volatile markets in the first half of the year as rising inflation, geopolitical tensions and the shadow of a recession have destabilised markets.
The company rebranded from Tilney Smith & Williamson in June this year after Tilney took over Smith & Williamson in 2020.
The group also owns Bestinvest, the investment coaching service, which was relaunched in the last quarter.
Bestinvest can now be accessed digitally, on a hybrid basis or face-to-face.
The group has also recently launched Ignite, a professional services technology platform.