High net worth (HNW) private banks in the UK
manage an estimated £886bn ($1.39trn), with the wealth management
industry in total managing more than £2.1trn in private client
assets, new research suggests.
The research, conducted by consultants Scorpio
Partnership, highlighted that these HNW banks employ
22,700, and mass affluent banks working as wealth
managers employ about 20,000 staff.
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The wealth management industry was classified
in the study as including UK HNW private banks, mass affluent
banks, private client investment managers and independent financial
advisers who manage assets for clients in excess of £100,000.
Premier clients generate best
returns
The study was commissioned as the private
banking and wealth management industry gears up its lobbying of the
UK government on tax, regulatory and competitiveness issues
affecting the private wealth sector.
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By GlobalDataIn November last year, the Society of Trust
and Estate Practitioners (STEP) set up a private banking and wealth
management group to ensure that the value of private wealth is
better understood by the UK government.
The research suggested that wealth management
services for ‘premier’ clients
with investable assets between £100,000 and £1m are generating
significantly higher returns than the service providers at the
larger account sizes.
Typically the gross profit margins on these
services are as much as 25%-35% greater, Scorpio’s research
suggests.
