Evelyn Partners has posted a significant increase in net new inflows for the first quarter of 2023.

In the three months ended 31 March, the wealth manager reported £1.7bn of gross new assets and £673m in net inflows.

This marks a 20.3% increase in gross new assets compared with the first quarter 2022 and equivalent to an annualised growth rate of 12.8% on operating assets.

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Net inflows surged 45.1% when compared to Q1 2022 and equate to an annualised rate of 5.1%, up from the 3.2% in the same period last year.

Assets under management and advice also rose during the quarter by £1.4bn to £54.4bn, but they were still lower than the £55.8bn posted in Q1 2022.

Group operating income increased to £162.5m over the three-month period, up 10.6% from the first quarter of 2022.

Chris Woodhouse, group CEO of Evelyn Partners, said the company has had a "very strong start" to 2023 despite a period of economic uncertainty and rising taxation.

He attributed the strong performance over the quarter to its business model which combines financial planners and investment managers "working together to support clients".

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He added: "We believe in advising clients close to where they are based. To better support professional services clients in the North of England, we acquired accountants and tax specialists Leathers during the quarter, further bolstering our presence in the region.

"In April, we also acquired Cambridge-based accountancy firm Ashcroft, as well as onboarding a leading forensic disputes team from KPMG UK to similarly grow and develop our professional services business.

Woodhouse concluded Evelyn Partners is "exceptionally well-positioned" to continue growing at a time when "there is high demand for expert advice from individuals, families and businesses".