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Wealth UK Market Consumption 2016 Forecast to 2022

Thursday, November 10, 2016 4:29
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(Before It's News)


Since the introduction of the Retail Distribution Review (RDR) in 2012, the UK wealth management competitive landscape has undergone a steady evolution. New business models have emerged as both new and established players seek ways to address the range of financial demands of retail, mass affluent, and cost-conscious high net worth (HNW) individuals. Several digital platforms have launched in the UK market in 2016, ranging from extensions of traditional wealth managers to robo-advisors. With the Financial Conduct Authority (FCA) addressing issues of regulated technology and improved communication, initiatives will continue to develop going forward.


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Key Findings

- UK wealth manager activity is concentrated in London and South East England. This is unsurprising, as these regions are home to nearly a third of all UK-based HNW individuals.

- The market leader in terms of assets under management (AUM) is St. James’s Place, followed by Coutts and Barclays. The AUM of the top 20 UK wealth managers grew by over 8% year-on-year between 2014 and 2015.

- The advice market continues to be a key focus for the FCA, which introduced a series of proposals in March 2016 to improve access. One such proposal centers around an ‘Advice Unit’ to help grow the automated advice market in the UK by helping firms develop mass-market automated advice models.

- Merger and acquisition (M&A) activity has largely been driven by established players wanting to capture greater market share or expand their client offerings. For example, Aegon acquiring Cofunds from Legal & General and Cazenove Capital Management acquiring the wealth management business of C. Hoare & Co.

- To resonate with audiences who prefer digital-only solutions and simplified advice, the robo-advice market in the UK grew with new entrants Wealthify and Munnypot.



“Wealth in the UK: Competitive Dynamics 2016” analyzes the UK wealth management market, with a focus on the top 20 competitors and the HNW investor segment. The report is based on analysis using 2016 Global Wealth Managers Survey and Verdict Financial’s UK Regional Wealth Markets Analytics.


Specifically the report includes:

- An overview of the top wealth managers in the UK based on business model and minimum investment thresholds and ranking based on AUM.

- Recent news related to regulations that pertain to wealth managers. This includes improved communication with consumers, investors with non-domiciled status, technology, and Brexit’s impact on regulation.

- Insight into recent M&A activity, new entrants to the UK market, and divestment activity.

- Product and service innovations, including automated services and personalized offerings.


Reasons to Buy

- Identify the top 20 wealth managers in the UK by AUM and minimum investment thresholds.

- Gain insight into M&A activity and organic growth for both new entrants and incumbents.

- Understand changes made to UK regulations related to MiFID, consumer communication, and technology.

- Learn about recent product and service innovations among traditional wealth managers.

- Understand the growth within robo-advice services.


Table of Contents


Key findings

Critical success factors


UK wealth managers use a wide range of business models

Family offices and private banks keep investment thresholds high

Wealth managers are concentrated in London and the South East

The UK’s top wealth managers continue to grow their books

Discretionary investment thresholds remain stable among the top 20


The advice market continues to be a focus of FCA regulation

The current landscape of the UK advice market is made more clear following the FCA’s financial advice survey

FAMR has led to a number of proposals to improve access to advice

The FCA has also sought to improve consumer communication

Wealth managers now have more guidance on how to present information

The FCA focuses on regulatory technologies through Project Innovate

Despite Brexit, MiFID II remains on the horizon, but has been pushed back to 2018

The RDR has largely paved the way for MiFID II

The FCA continues to request stakeholder input regarding MiFID II

The permanent non-domiciled status will be terminated in 2017

Further amendments to non-domicile rules will have an impact on UK property

The FCA is increasing accountability in the financial services sector

Brexit will no doubt impact the UK financial market

Business conduct and culture are key issues in encouraging compliance

New rules on whistle blowing have been launched in 2016

Firms will have increased responsibility over their staff under the Senior Managers and Certification Regime

The largest fines in 2016 were imposed for misconduct in the wealth management and asset management markets

The FCA has published the final version of the UCITS Remuneration Code to impose new requirements for management companies and risk-taking.

Recruitment in wealth management is focused on regulation-related roles


M&A activity

The most notable M&A deal was Société Générale’s acquisition of Kleinwort Benson

The IFA market has witnessed a slowdown in M&A activity

Major players carry out divestment activity in 2016

Organic growth and restructures

Wealth managers strengthened their regional presence

Wealth manager restructuring in 2016 centered around maximizing efficiencies

New entrants comprised international firms and robo advisors

New entrants comprised UK operations by international firms


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