Evelyn Partners reached a record level of operating income in the last quarter of 2022, growing to £158.6m from £144.5m in Q4 2021, and totalling £600.8m throughout the year.

The firm credited this rise to "continued strong performance from both the Financial Services and Professional Services businesses".

In a trading update, the firm revealed that it had seen £1.4bn in gross inflows throughout the quarter, representing an annualised growth rate of 11.1% on opening assets.

Evelyn Partners appoints managing partner from Investec

Meanwhile, net inflows in Q4 sat at £625m, with an annualised growth rate of 4.8%.

Throughout 2022, Evelyn reported that it had achieve gross inflows of £5.4bn and net inflows of £2.3bn, with the latter representing a 4% growth rate throughout the year.

Assets under management and advice now sat at £53bn, compared to £52bn at the end of Q3.

Evelyn Partners rebranded from Tilney Smith and Williamson in 2022, a move the group's chief executive Chris Woodhouse said "has been well-received", as well as the relaunch of Bestinvest as a hybrid service.

Woodhouse added, that Evelyn Partners was now looking to acquire more firms in the advice and professional services sector, stating that the firm continues to "explore opportunities" for acquisitions.

Where will the funds flow in 2023?

He said: "The outlook for Evelyn Partners is very positive as we move into 2023, with our unrivalled combination of services well-positioned to take advantage of the opportunities ahead.

"Our strength in financial planning and both private client and business tax advice is particularly relevant given the rising tax burden in the UK."

Woodhouse said that the firm was continuing to expand, "hiring new talent and are further enhancing our services" , such as the launch of four new Evelyn Multi-Asset funds, that invest in direct equities and bonds alongside collective investments. 

"We have also just launched a new app for Bestinvest and will shortly be adding the ability to trade US equities on the service," Woodhouse said.