PBI looks at how the largest asset managers in the UK have performed.
The total AUM of the top 20 wealth managers in the UK grew by 19.2% year-on-year between 2015 and 2016, according to GlobalData Financial Services.
Over the same period, the total value of liquid assets held by the affluent population in the UK increased by 9.1%.
St. James’s Place takes No.1 spot
This indicates that the top layers continue to grow their share of the UK market, with St. James’s Place, Coutts, and Barclays maintaining their rank among the top three players for the third year in a row.
Brewin Dolphin and UBS Wealth Management were ranked in 4th and 5th place respectively in terms of AUM for 2016.
In terms of business strategy, these are varied among the top wealth management firms. St. James’s Place, Tilney Group, and Kleinwort Benson have employed expansion strategies in terms of proposition and acquisitions, while Coutts and Barclays are focusing on their UK operations instead of exploring international opportunities.
St. James’s Place continued its impressive track record with £16.7bn in AUM growth, and continues to create greater distance between itself and Coutts.
In 2016 the company introduced several wealth products and services to better cater to the needs of its clients and their future beneficiaries.
For example, the firm launched a range of intergenerational wealth products and services in 2016 including estate planning, later-in-life strategy development, and support for clients’ children purchasing their first home.
In contrast to Coutts and Barclays, Tilney Group and Kleinwort Benson have made notable strides in growing their AUM mostly due to merger and acquisition activity.
Société Générale purchased Kleinwort Benson in June 2016, and with this integration the firm has fine-tuned its geographic reach.
Overall, it’s likely that the largest asset managers in the UK will continue to grow their market shares.
Largest Asset Managers in the UK managing wealth by AUM
1.St James’s Place Wealth Management
4. Brewin Dolphin
5. UBS Wealth Management