| Register
Blog Img

Financial Services newsletter Friday 10th January 2025

Back to Blogs

​Financial Services News

  • Wealth manager Tavistock reported a £0.2m operational loss for the six months to September, compared to a £0.9m profit in 2023, with revenue down from £20.6m to £19.6m and adjusted profits falling two-thirds to £0.7m. Following disputes with former partner Titan Wealth and the £22m sale of its advice business to The Saltus Partnership, the firm plans to reposition its operations. (Financial Planning Today, 9/12/2024, 'Tavistock posts loss after turbulent six months')

  • Quilter Financial Planning has added five new Appointed Representative firms to its advice network, including former St. James’s Place advisers Chris Bibby (Bibby & Co, Liverpool) and Anthony Poole (Adams and Poole Financial Services, Manchester/Uttoxeter). Other additions include Wolverhampton-based family practice Personal Finance Matters, led by Babita Nahal and Anil Duggal; Essex-based James Joseph Generational Wealth Planning, run by Chartered Adviser Tony Farrell with 35+ years of experience; and Bromley-based Redgate Financial Ltd, led by Edward and Emily Tory. (Financial Planning Today, 5/12/2024, 'Quilter network adds 5 new AR firms')

  • A Wesleyan poll found that 91% of financial advisers expect increased market volatility in 2025, with 84% believing it threatens investment performance and 24% predicting over 40% of clients may avoid real assets due to uncertainty over inflation and Bank of England rate decisions. (Financial Planning Today, 3/1/2025, 'Advisers braced for greater market volatility in 2025')

  • Financial services veteran Ken Davy, awarded an OBE in the King’s New Year Honours for services to community rugby league, has had a 50+ year career founding successful ventures like SimplyBiz (now Fintel) and DBS, proving the profitability and value of well-run adviser firms. (Financial Planning Today, 3/1/2025, 'Industry giant Ken Davy awarded OBE')

  • XPS has launched the DC:UK Savings Watch tracker to benchmark typical DC pension pots at retirement against the PLSA/Loughborough Retirement Living Standards, offering insights for employers and trustees on pension adequacy and retirement income goals. (Financial Planning Today, 31/12/2024, 'XPS launches new DC pension tracker')

  • Investment manager and Financial Planner Redmayne Bentley reported a 59% rise in profits to £7.06m and an 11.7% increase in revenue to £36.2m for the year ending 31 March. The Leeds-based firm, with over 25 UK offices, highlighted strong financial performance in its latest update. (Financial Planning Today, 23/12/2024, 'Profits up 59% at Redmayne Bentley')

  • Prime Minister Sir Keir Starmer, joined by Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds, urged key regulators, including the FCA, to propose reforms by mid-January to reduce red tape, boost business growth, and address the UK’s stagnating economy. The letter emphasized the need for bold ideas to stimulate economic recovery and foster sectoral development. (Financial Planning Today, 30/12/2024, 'FCA set to respond to Starmer call for growth')

  • Defaqto has named four hybrid advice "trailblazers"—Pension Potential (Punter Southall), Destination Retirement (Hub Financial Solutions), Smart Retire (Smart Pension), and My Time—as pioneers in addressing the pensions advice gap. With FCA data showing 69% of over 885,000 pension pots accessed without advice in 2023/24 and many retirees making unsustainable withdrawals of 8% or more annually, these innovations aim to tackle this critical issue. (Financial Planning Today, 30/12/2024, 'Hybrid advice 'trailblazers' helping bridge pensions gap')

  • Rising regulatory costs, including the Consumer Duty, are driving financial advisers to increase minimum client portfolio sizes, with over half raising the average to £117,000—up 17% from £100,000 last year. The Scottish Widows Investor Confidence Barometer highlights this trend, noting advisers are moving upmarket to manage compliance burdens and leverage changes like the LTA scrapping. (Financial Planning Today, 20/12/2024, 'Average client portfolio size up 17% in a year')

  • The Consumer Duty Alliance (CDA) has launched a free diagnostic tool to help firms track their progress on Consumer Duty compliance and identify business growth opportunities. The tool, developed with fintech Consumer Duty Diagnostic, enables firms to assess and report on their client-centric readiness. With the FCA expected to focus more on compliance in Q1 2025, the CDA—boasting over 20,000 members—supports advisers in meeting the requirements of the Consumer Duty, which ensures fair and engaged client treatment across all stages of the customer journey. (Financial Planning Today, 5/12/2024, 'Consumer Duty Alliance launches free diagnostic tool')

  • Harry Sevier, former Investment Director at Ruffer, has partnered with P1 Investment Services to launch Lulworth Investment Management, a boutique firm offering discretionary management to private clients, charities, and advisers. Based in London, Lulworth will introduce absolute return, time-horizon focused portfolios tailored to growth, income, and ethical mandates, with an approach blending active management and capital preservation. These portfolios will be available on the P1 Platform and other investment platforms. Sevier, who spent 15 years at Ruffer, holds a CISI diploma and an outstanding achievement award for investment analysis. (Financial Planning Today, 3/12/2024, 'Ex-Ruffer investment director launches boutique firm')

  • Tavistock will reposition its business after receiving £22m from The Saltus Partnership for its network of 140 self-employed advisers. The funds will refocus the firm on asset management services for third-party firms and the public, retaining its Tavistock Private Client and Tavistock Protect businesses. The acquisition of Alpha Beta Partners is part of this strategic shift. (Financial Planning Today, 2/12/2024, 'Tavistock confirms repositioning after £22m Saltus deal')

  • Oberon Investments saw a 74% revenue increase to £4.8m for the six months to September, driven by growth in investment management, wealth planning, and corporate broking. Despite a reduced Ebitda loss of £0.96m, the firm remains on track to exceed its 30% revenue growth target for the year. (Dylan Lobo, 18/12/2024, Citywire Wealth Manager, 'Wealth boutique’s revenue jumps 74% as hire spree bears fruit')

  • The Wealth Management talent shortage - The wealth management industry faces a talent shortage due to an ageing workforce and lack of younger professionals. To address this, firms should update recruitment strategies, improve training, and raise career awareness. (IDEX Consulting news, 'The Wealth Management talent shortage')

  • The gender pay gap in Financial Services - The gender pay gap in the UK financial services sector remains significant, with an average gap of 22.7% in 2022-23, second only to the education sector. Notably, major banks like HSBC, Goldman Sachs, Morgan Stanley, and Standard Chartered reported widening gaps in 2022, attributing this to the under-representation of women in senior roles. (IDEX Consulting news, 'The gender pay gap in Financial Services')

  • The biggest challenges facing Financial Advisers - Financial advisers are currently navigating increased work pressures, a challenging economic climate, and growing client demands. Key challenges include adapting to economic pressures, regulatory changes, and talent shortages. (IDEX Consulting news, 'The biggest challenges facing Financial Advisers')

  • Reports of non-financial misconduct on the rise - Reports of non-financial misconduct in the financial services sector have risen significantly, with bullying, harassment, and discrimination being key concerns. This increase may indicate both a higher incidence of such behaviours and improved internal reporting mechanisms. The Financial Conduct Authority (FCA) is expected to introduce stricter standards to address these issues. (IDEX Consulting news, 'Reports of non-financial misconduct on the rise')

Mergers and Acquisitions

  • Azets Wealth Management, the advice arm of Azets Group, has acquired Newcastle-based IFA Laurus Associates, founded by Karen Barwick and Colin Dawson, for an undisclosed sum. The acquisition, expected to complete by month-end, will integrate Laurus's team of 10 into Azets Wealth Management's UK operations. (Victoria Bell, 7/1/2025, Citywire Wealth Manager, 'PE-backed Azets Wealth Management buys Newcastle firm')

  • Foster Denovo has acquired Midlands-based Brian Mole IFA, adding £300m in assets under advice and expanding its UK footprint with a 14th office. The deal, its sixth acquisition in 12 months, includes seven advisers and nine support staff serving 1,300 clients. (Financial Planning Today, 4/12/2024, 'Foster Denovo acquires £300m AUA Midlands IFA')

  • In further news...Foster Denovo has acquired Verum Wealth, adding £87m in assets under advice to its Glasgow hub, marking its seventh acquisition in over a year. This follows a series of recent acquisitions, expanding its national footprint with firms like Brian Mole, 80Twenty, Wade Financial, and Creative Financial Solutions, establishing 14 offices across the UK. Verum Wealth, founded by Tony McPhee in 2015, previously operated as a joint venture with an accountancy firm. (Momodou Musa Touray, 8/1/2025, Money Marketing, 'Foster Denovo expands in Scotland with £87m IFA acquisition')

  • ​European life and pensions consolidator Chesnara has acquired Canada Life's onshore bond arm, adding a closed portfolio of unit-linked bonds and legacy pension business with 17,000 policies and £1.5bn in assets. The policies will transfer to Chesnara’s UK subsidiary, Countrywide Assured, by the end of 2025, pending regulatory approval. This follows Chesnara’s 2023 acquisition of Canada Life's individual onshore protection business. (Financial Planning Today, 23/12/2024, 'Consolidator snaps up Canada Life’s onshore bond arm')

  • Titan Wealth has acquired Independent Wealth Planners (IWP), adding £6.6bn in client assets and two trading businesses (IWP Financial Planning and IWP Investment Management). The deal, subject to regulatory approval, will increase Titan Wealth’s total AUM/AUA to around £35bn and make it one of the largest Financial Planning businesses in the UK, with over £14bn in assets under advice. (Financial Planning Today, 18/12/2024, 'Titan Wealth acquires Financial Planner IWP')

  • Söderberg & Partners, a rapidly expanding Swedish-owned wealth manager and Financial Planner, has acquired stakes in three UK IFA firms—Hoyl Independent Advisers (£3bn+ assets, 42 advisers), Intelligent I-FA (£300m+ assets, 13 advisers), and Mosaac Ltd (£230m+ assets)—with financial details undisclosed. (Financial Planning Today, 2/12/2024, 'Söderberg takes stake in 3 UK advisers')

  • Brooks Macdonald has acquired Norwich-based Lucas Fettes Financial Planning (£890m assets under advice, £300m assets under influence) to enhance its Financial Planning capability and presence in East Anglia, integrating it into its direct wealth business. (Financial Planning Today, 2/12/2024, 'Brooks Macdonald completes acquisition of Norwich Planner')

  • Chartered Financial Adviser and wealth manager Skerritts has rebranded as Shackleton, relocated its HQ to London, and acquired four firms—Save & Invest (£550m AUM), Fleming Financial (£250m AUM), Robson Lister (£350m AUM), and Shorts Financial Services (£350m AUM)—bringing its total AUM to £5.5bn after 15 acquisitions since a £55m investment by Sovereign Capital Partners in 2021. (Financial Planning Today, 2/12/2024, 'Skerritts rebrands as Shackleton and buys 4 firms')

  • Milecross Financial, a Northern Ireland-based financial adviser, has acquired Milton Keynes-based The Martin Cliffe Practice for an undisclosed amount, marking its fourth acquisition of the year. The deal adds £80m in funds and 650 clients, with the Martin Cliffe team of seven—including four advisers—joining Milecross. The firm plans further acquisitions in 2025. (Financial Planning Today, 10/12/2024, 'Milecross snaps up Milton Keynes Financial Planner')

​Movers

  • Schroders has appointed Philip Chandler as the new CIO for its £6.3bn investment solutions business, replacing Alex Funk, who left in May. Chandler, a company veteran since 2003, was previously Head of the multi-asset team and Co-Manager of the global multi-asset portfolio range. He will retain his multi-asset role while taking on the new position. Chandler's global multi-asset growth portfolio outperformed the peer group average with a 15.2% return over three years, compared to the 11% average. (Natalia Vasnier, 7/1/2025, Citywire Wealth Manager, 'Schroders ends CIO search for £6.3bn solutions business')

  • Manchester-based Pareto Financial Planning has relocated its HQ to the refurbished Old School House building in Spinningfields, adding new staff including Financial Adviser Joe Heaword, previously with Camargue Chambers LLP, and Employee Benefits Consultant Nathan Clarke, who has a background in banking and wealth management. The 1886 building has been renovated to support Pareto’s growing team, including future needs for expansion. (Financial Planning Today, 11/12/2024, 'Pareto opens new Manchester HQ and boosts team')

  • Simon Pryke is stepping down as CEO of Findlay Park after nine years, with Rose Vangerven set to succeed him in April, while Pryke will assume the role of Executive Chairman. Vangerven, a Partner since 2021, led the integration of ESG issues into the firm’s investment process and has prior experience at BlackRock and Columbia Threadneedle. She has also served as Deputy Chair of the Independent Investment Management Initiative since 2022. Praising Vangerven’s ‘significant contribution’ to Findlay Park, Pryke and CIO Anthony Kingsley, said she had ‘been an outstanding candidate to succeed Simon as CEO for some time’. (Sophie Downes, 8/1/2025, Citywire Wealth Manager, 'Exclusive: Findlay Park names new CEO as Pryke steps back')

  • Brown Shipley CEO Calum Brewster is leaving the business after three years. Chief Operating Officer Robert Kitchen will lead the firm on an interim basis until a successor is appointed. Brewster joined Brown Shipley from Julius Baer. (Wealth Manager Team, 7/1/2025, Citywire Wealth Manager, 'Eight big wealth moves in December')

  • Nick Wood, Quilter Cheviot’s Head of Fund Research, has been promoted to Head of the firm’s regional business, replacing Richard Thorn, who retired after 38 years. Wood has been with the firm since 2012. Matt Ennion, who joined in 2019, replaces Wood as Head of Research. (Wealth Manager Team, 7/1/2025, Citywire Wealth Manager, 'Eight big wealth moves in December')

  • James Hambro’s £500m Leeds office lost two seasoned investment professionals at the end of the year. Ed Binks is believed to be joining Rothschild, while Ed Marsden is heading to Titan Wealth. Marsden and Binks had joined James Hambro to launch the Leeds office in 2020, alongside Aidan Butler, after their previous roles at Abrdn Standard Life. (Wealth Manager Team, 7/1/2025, Citywire Wealth Manager, 'Eight big wealth moves in December')

  • HSBC's Chief Executive for global private banking and wealth, Annabel Spring, has left her role following a restructure under new CEO Georges Elhedery. The restructure created an international wealth and premier banking division, led by Barry O’Byrne. Spring’s responsibilities will be split between Lavanya Chari, Head of Wealth and Premier Solutions, and Gabriel Castello, interim CEO for global private banking. HSBC will announce a permanent successor later. Jose Carvalho remains Head of Wealth and Personal Banking in the UK. (Wealth Manager Team, 7/1/2025, Citywire Wealth Manager, 'Eight big wealth moves in December')

  • Close Brothers CEO Adrian Sainsbury has stepped down three months after taking medical leave, with Finance Director Mike Morgan replacing him. Sainsbury, who joined Close in 2014 and became CEO in 2018, is expected to make a full recovery. Morgan had been serving as acting CEO during Sainsbury’s absence. (Dylan Lobo, 7/1/2025, Citywire Wealth Manager, 'Close CEO steps down after medical absence')

  • Wren Sterling's Executive Chairman Ian Darby retired at the end of 2024 after nearly 10 years at the firm. Darby led the management buyout of Towergate Financial in 2015 and oversaw a secondary buyout by Lightyear Capital in 2021, marking significant private equity-backed milestones for the company. (Victoria Bell, 6/1/2025, Citywire Wealth Manager, 'Wren Sterling chair Darby exits after a decade')

  • Hurst Point Group has appointed Michael Bishop, former Head of Wealth at WH Ireland, as Managing Director for its investment management business, replacing Sarah Soar, who stepped down after five years. Bishop brings over 20 years of experience in wealth management, having previously held roles at PwC, UBS, and WH Ireland. (Sophie Downes, 2/1/2025, Citywire Wealth Manager, 'Hurst Point hires ex-WH Ireland wealth head to replace Hawksmoor CEO')

  • Brooks Macdonald has appointed Ben Johnson as Head of Business Development and James Goward as Head of Sales Enablement, both joining from Rathbones. Johnson, a former Regional Sales Head at Rathbones, will lead business operations, while Goward, formerly Head of Distribution Operations, will oversee sales enablement. (Dylan Lobo, 20/12/2024, Citywire Wealth Manager, 'Brooks appoints business head in double Rathbones hire')

  • Titan Wealth appointed Scott Hamilton as Head of Sales for Titan Private Wealth to expand its high-net-worth market presence. Hamilton, with 25 years of experience, joins from Succession Wealth, succeeding Mark Livesey, who transitions to Group Managing Director. (Momodou Musa Touray, 8/1/2025, Money Marketing, 'Titan hires head of sales from Succession Wealth')

  • Steven McBurnie, a Chartered Financial Planner with over five years of experience on the CISI PPIG committee and a Paraplanner at Glasgow-based Wright, Johnston & Mackenzie, has been appointed Chair of the CISI Paraplanner Interest Group, succeeding Dan Atkinson after five years, to continue supporting paraplanners globally in networking and sharing insights. (Financial Planning Today, 6/1/2025, 'New chair of CISI Paraplanner Interest Group')

  • Hoxton Wealth has appointed Jordan Maxwell as a Financial Planner in its UK team. With a degree in urban planning and development, he began his career in Saudi Arabia before returning to the UK, where he worked in investment as an Investor Relations Manager, Client Adviser, and Paraplanner. (Financial Planning Today, 6/1/2025, 'Hoxton Wealth adds Financial Planner to UK team')

  • Brown Shipley, part of Quintet Private Bank, has appointed Lindy Kroese as a Wealth Planner for its Leeds team. With over a decade of experience in the UK and South Africa, she joins from Balance Wealth Planning, where she specialised in estate, succession, pension, and retirement planning. She began her career at Old Mutual in South Africa before moving to Quilter Private Client Advisers. (Financial Planning Today, 31/12/2024, 'Brown Shipley hires South African planner')

  • CISI has appointed James Morris, an experienced Broker and Trader, as Ireland Country Head. Formerly with StoneX Group in Dublin, where he oversaw clearing, execution, and sales, he also held roles at Crux Shipbrokers in Dublin and MINT Partners in Singapore and Dubai. Based in Dublin, he will manage client relationships in Ireland and Northern Ireland, succeeding Deirdre Lawson. (Financial Planning Today, 17/12/2024, 'CISI selects new Ireland country head')

  • Evelyn Partners has appointed Mimi Corden-Lloyd as an Associate Director in its London Financial Planning team. Based at the Gresham Street office, she brings extensive experience from over two years at Coutts, where she served as Associate Director in the sports, media, and entertainment wealth management team, advising high-profile clients on complex financial matters. Alongside her corporate expertise, she is a competitive runner, representing Great Britain at the European Champion Clubs Cup in Portugal and competing at national and international levels since the age of nine. (Financial Planning Today, 17/12/2024, 'Evelyn adds to 300-strong Financial Planning team')

  • Chartered Financial Planner James Herbert has joined Plymouth-based Continuum as a Financial Adviser, focusing on the Staffordshire region from his Stoke on Trent base. Specialising in investments, pensions, estate planning, and protection, he joins from Amber River True Bearing and previously spent over 13 years as Wealth Planning Director at Atomos Wealth. He chose Continuum for its resources while maintaining his independence. (Financial Planning Today, 13/12/2024, 'Chartered Financial Planner joins Continuum')

    ​

All information provided in this market digest has been gathered from Citywire Wealth Manager, Financial Planning Today, Money Marketing, and IDEX Consulting.