Evelyn Partners, formerly known as Tilney Smith & Williamson, is actively seeking acquisition opportunities in 2023, CEO Chris Woodhouse has revealed.
In the full year results posted earlier this month, Mr Woodhouse confirmed that the firm was looking to expand via external growth.
“Although economic headwinds remain, inflation is expected to continue to slow, and equity markets have had an encouraging start to 2023,” Mr Woodhouse commented.
“We continue to explore opportunities to enhance growth through acquisitions in both the financial services and professional services sectors.”
The end-of-year results disclose that Evelyn Partner’s assets under management fell by £5bn to £53bnm while adjusted Ebitda decreased by £4mn to £184mn. Meanwhile, market declines led to a reduction in asset value of £5bn.
“The group delivered a resilient financial performance in 2022, against a backdrop of challenging macroeconomic conditions and volatile markets,” Woodhouse said.
As well as a difficult economic environment, Evelyn Partners went through significant change related to its rebrand. 1.6k employees were relocated to a new headquarters in London. Meanwhile, Bestinvest, the firm’s investment platform, was reintroduced as a hybrid service.
Mr Woodhouse commented on the relaunch of Bestinvest: “We believe this acts as a differentiator in the market by addressing an underserved group, providing people who may have low confidence in their investment knowledge with the access to the support they need to become better investors and achieve their financial goals.”
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