Wealth Managers
Considered to be the oldest wealth management market in the world, the UK has a high density of wealth managers. In terms of location, there are just over 1,452 wealth managers in London, 101 in Manchester, 87 in Bristol and 73 in Edinburgh. For many of the wealth management firms’ post-2008 simply surviving is key, and in the long-term are concentrating on developing the most effective value propositions for their clients.
The following table presents the top-15 private banks in the UK along with their headquarters
|
Wealth Management Companies |
Headquarters |
|
St. James’s Place Wealth Management |
Cirencester |
|
Hargreaves Lansdown Asset Management |
Bristol |
|
Rathbones Private Clients |
London |
|
GLG Partners LP |
London |
|
N M Rothschild & Sons Wealth Management |
London |
|
Cazenove Capital Management Limited |
London |
|
Smith & Williamson Investment Management Private Clients |
London |
|
Cazenove Private Wealth Management |
London |
|
Quilter |
London |
|
Collins Stewart Wealth Management |
London |
|
Collins Stewart Hawkpoint Plc |
London |
|
Close Brothers Private Clients |
London |
|
Charles Stanley Private Clients |
London |
|
Williams de Broe Private Clients |
London |
| JM Finn & Co. Private Clients |
London |
Family Offices:
The family office segment in the UK is not as mature as it is in Switzerland and the US. However, since London emerged as a global financial hub in the 2000s, there has been a surge of foreign ultra-rich individuals residing in the UK all aided by the nation’s ‘non-domicile status’ rule. This status helps them to avoid paying taxes on their earnings from their original countries. Many new family offices have been established during the last few years to cater to UHNWIs. Most of these family offices were created in the last 10−20 years.
Multi-family offices: In the UK there are a significant number of HNWI families in the US$10−100 million range that do not have the economies of scale to establish stand alone family offices. Multi-family offices cater to these families and allow them to co-invest and share due diligence and other administrative costs with other families. There are nearly 100 multi-family offices in Great Britain. Relative to the number of UHNWIs, the multi-family office segment is still underdeveloped in the UK, and there exists a great deal of opportunity for growth in this area.
Single family offices: Single family offices in the UK generally take the form of a private company that manages the investments and trusts of centimillionaires and billionaire families. The traditional family office provides a range of services including: managing household staff, property management, philanthropy coordination, legal and tax services and investment services.
