The top 20 UK wealth managers saw assets under management (AUM) growth in 2020. The top three by AUM were St. James’s Place Wealth Management, Barclays, and the now merged Tilney Smith & Williamson. Despite the COVID-19 pandemic, 2020 closed positively for the largest 20 players, as each saw year-on-year growth. Overall, this group grew AUM by 11.3%. Across most top 20 players, positive market performance was the strongest driver of growth in 2020 due to the bounce back following the Coronavirus Crash, while mergers also played a key role.
This report provides an overview of the top wealth managers in the UK, based on business model and minimum investment thresholds as well as rankings based on assets under management. It explores regulations that pertain to wealth managers and offers insight into recent M&A activity, new entrants to the UK market, and divestment activity. The report also examines product and service innovations and personalized offerings.
This report provides an overview of the top wealth managers in the UK, based on business model and minimum investment thresholds as well as rankings based on assets under management. It explores regulations that pertain to wealth managers and offers insight into recent M&A activity, new entrants to the UK market, and divestment activity. The report also examines product and service innovations and personalized offerings.
Scope
- St. James’s Place and Barclays retained the top two spots for the sixth year in a row. The Tilney Smith & Williamson merger landed it in third place, with its AUM rising from GBP22.8 billion in 2019 to GBP47.9 billion in 2020.
- South East England continues to account for the largest proportion of UK HNW liquid assets at 15.3%. This is followed by 14.3% in London.
- Investor protection, crypto assets, and greenwashing are key regulatory topics. In the environmental, social, and governance (ESG) space, the Financial Conduct Authority proposed a package of new measures including investment product sustainability labels and restrictions on how terms like ‘ESG’ can be used. More fines are likely as the regulator cracks down on greenwashing.
Reasons to Buy
- Benchmark your market share against the top 20 UK performers.
- Understand drivers for AUM growth among leading wealth managers in the UK.
- Gain insight into M&A activity and organic growth for both new entrants and incumbents.
- Understand changes made to UK regulations.
- Learn about product and service innovations among traditional wealth managers.
- Understand the growth within the robo-advice space.
Table of Contents
1. Executive Summary1.1 Market overview
1.2 Key findings
1.3 Critical success factors
2. UK Wealth Management Market Structure
2.1 UK wealth managers use a wide range of business models
2.2 Family offices and private banks keep investment thresholds high
2.3 Wealth managers and competition are concentrated in the traditionally affluent London and South East markets
2.4 The leading UK wealth managers continue to expand
3. Regulatory Trends
3.1 The FCA is focused on consumer protection and greenwashing
3.2 Credit Suisse was fined just under GBP150 million
4. Competitive Trends
4.1 UK competitors remain active in the M&A space
4.2 The top 20 wealth managers have made moves to increase their UK footprint
4.3 Partnerships as well as closures continue to occur in the robo-advice space
4.4 The UK’s crypto scene is vibrant, with traditional players as well as newcomers active in the market
5. Appendix
5.1 Abbreviations and acronyms
5.2 Definitions
5.3 Methodology
5.4 Secondary sources
5.5 Further reading
- About the Publisher
- Contact the Publisher
Table 1: Different types of UK onshore wealth management providers
Table 2: Competitors with the highest investment thresholds (discretionary portfolios), 2020
Table 3: Liquid assets held and percentage of HNW clients’ assets by region, 2021-22
Table 4: Top 20 UK wealth management firms by AUM (GBP billion), 2019-20
Table 5: Minimum investment thresholds across the top 20 competitors
Table 6: A selection of fines imposed by the FCA over 2021-22
Table 7: Selected wealth managers’ M&A activity, 2020
Table 8: Select UK wealth managers’ new office openings, 2021
List of Figures
Figure 1: The FCA is aiming to ensure investors understand the risk level of their assets
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- abrdn
- Barclays
- Brewin Dolphin
- Canaccord Genuity
- Cazenove Capital
- Charles Stanley
- Chip
- Citi
- Coutts
- Credit Suisse
- Moneybox
- EFG
- Goldman Sachs
- HSBC
- Investec
- J.P. Morgan
- JPMorgan Chase
- Julius Baer
- LGT
- Lloyds Banking Group
- Moneyfarm
- Nutmeg
- Quilter Cheviot
- Rathbones
- Raymond James
- RBC
- Schroders
- St. James's Place
- Tilney Smith & Williamson
- UBS
- Wealthify
- Wealthsimple
