DUBLIN, Jan 11, 2019 /PRNewswire/ --
The report has been added to ResearchAndMarkets.com's offering.
"Wealth in the UK: Competitive Dynamics 2018" report analyzes the UK wealth management market, with a focus on the top 20 competitors and the HNW investor segment. The report uses findings from 2018 Wealth Managers Survey and 2018 IFA Survey.
The UK's leading wealth managers outperformed the total UK liquid asset growth in 2017, with acquisitions being a common reason for this growth. Robo-advisors remain the only notable new entrants to the UK wealth management industry; however, the cut-throat robo-advisory market is leading some players to expand into human-led services. With MiFID II and the General Data Protection Regulation (GDPR) entering into force along with substantial compliance costs, regulation remains a top concern among UK financial advisors.
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 analysis of regulations that pertain to wealth managers. This includes improved communication with consumers and use of technology.
- 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.
- The market leaders in terms of assets under management (AUM) are St. James's Place, Barclays, and UBS. The AUM of the top 20 UK wealth managers grew by 16% year-on-year between 2016 and 2017.
- UK wealth manager activity is concentrated in London and South East England, with these two regions being home to 29.5% of total UK HNW liquid assets.
- The Financial Conduct Authority (FCA) is working with the wealth industry to support innovation. It has highlighted a lack of transparency among some robo-advisors following the recognition of suitability failings.
- M&A activity continues, with some competitors using it to grow AUM: Canaccord Genuity's acquisition of Hargreaves Hale boosted the company's AUM by 83.1%.
- New digital investment platforms continue to enter the UK market, and demand for robo-advisory is leading more established wealth managers to invest and expand into this space.
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 related to MiFID, GDPR, and technology.
- Learn about recent product and service innovations among traditional wealth managers.
- Understand the growth within robo-advice services.
Key Topics Covered:
1. EXECUTIVE SUMMARY
1.1. The UK wealth market continues to see M&A and digital demand
1.2. Key findings
1.3. Critical success factors
2. THE 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 are concentrated in London and the South East
2.4. The leading UK wealth managers continue to expand
2.4.1. St. James's Place continues to expand and attract client assets
2.4.2. Barclays focuses on investing in digital platforms
2.4.3. Canaccord Genuity grew the most due to acquisition
2.4.1. Kleinwort Hambros assets shrank by over 8%
2.4.2. Discretionary investment thresholds remain stable among the top 20
3. REGULATORY TRENDS
3.1. MiFID II and the GDPR are now in force
3.1.1. MiFID II came into effect in January 2018
3.1.2. MiFID II forced firms to consolidate and find ways to reduce costs
3.1.3. Not all firms have kept to compliance deadlines
3.1.4. UK firms are less concerned about the GDPR than their European peers
3.2. Advice suitability remains a major focal point for the FCA
3.2.1. The FCA's research found that consumers are happy with advice received following FAMR
3.2.2. The FCA has highlighted suitability failings in robo-advice
3.2.3. The FCA is focusing on open-ended funds investing in illiquid assets
3.3. The FCA is working closely with the industry to support innovation
3.3.1. The FCA has tested a fourth cohort of businesses in its regulatory sandbox
3.4. Poor customer protection and bad advice will result in fines
3.4.1. The largest fine in 2018 was for failing to protect consumers against cyber attacks
4. COMPETITIVE TRENDS
4.1. UK competitors remain active in the M&A space
4.1.1. Lloyds Bank and Schroders formed a joint venture to target the retail market
4.1.2. Lack of scale led to Rathbone Brothers acquiring Speirs & Jeffrey
4.1.3. Standard Life wants to grow its advice business by the acquisition of IFA Cumberland Place Financial Management
4.1.4. Smaller firms are acquiring more and faster
4.1.5. Wealth managers are also growing organically, strengthening their regional presence
4.2. New entrants remain predominantly digital players
4.2.1. New robo-advice platforms are entering the UK wealth management space
4.3. Product and service innovation is centered around the digital space
4.3.1. Traditional wealth managers are responding to the demand for digital advice
4.3.2. Digital wealth management platforms are integrating with banks and payment apps
4.3.3. Robo-advisors acknowledge the need for human interaction
4.3.4. Socially responsible investments are growing in popularity
- Addvision Wealth Management
- AFH Financial
- Arbuthnot Latham
- Bedrock Group
- Bessemer Trust
- Brewin Dolphin
- C.Hoard & Co
- Canaccord Genuity Wealth Management
- Canara Bank
- Capital Generation Partners
- Cazenove Capital
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