Wealth manager and financial services group Evelyn Partners reported a slump in its assets to £52bn today as it became the latest money manager to reveal the damage wreaked by market volatility in the third quarter of the year.
Evelyn, the UK’s second largest wealth manager by earnings, said that income rose to £151.7m in the three month period, up from £140.4m on the same period last year, but its holdings tumbled £4bn from £56bn last year as it was rocked by turmoil on the markets.
Evelyn’s results come after a spate of UK money managers have reported a plunge in assets in the three months through September.
St. James’s Place’s funds under management tumbled more than three per cent to £143bn on last year, while FTSE 250 investor Quilter said its assets had fallen to £96.9bn as inflows slowed to £200m.
Evelyn chief Chris Woodhouse said today it had been a rocky period for the firm.
“The challenging macroeconomic environment continued into the third quarter, with adverse market movements impacting AuMA, which declined to £52bn,” he said in a statement.
“However, despite this we delivered a robust performance and continued to generate significant new asset inflows from clients, with net inflows of £531m in the quarter, up 6.2 per cent on the same period last year.”