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Financial Services newsletter Friday 31st January 2025

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​Financial Services News

  • Schroders will adopt all four FCA Sustainability Disclosure Requirements (SDR) labels—'sustainability focus', 'sustainability impact', 'sustainability improvers', and 'sustainability mixed goals'—bringing its total to 16 across the group. This follows December's announcement of labels for 10 funds and the addition of three Cazenove Capital funds. (Financial Planning Today, 28/1/2025, 'Schroders to adopt all 4 SDR labels')

  • St James’s Place reported record £190.2bn Funds Under Management in 2024, with £18.4bn in gross inflows (up 23%), though net inflows fell to £4.33bn from £5.12bn. (Financial Planning Today, 30/1/2025, 'St James's Place FUM soars £22bn to £190bn in 2024')

  • In further news...St James’s Place has shifted a £5.2bn sustainable mandate from Impax to Schroders, adopting a blend of value and growth strategies. Schroders' funds have outperformed SJP’s, with three-year returns of 23% and 21.5% versus SJP’s 9.9%. (Charles Walmsley, 13/1/2025, Citywire Wealth Manager, 'SJP hands £5.2bn Impax mandate to Schroders')

  • Quilter's platform saw a 91% year-on-year increase in gross inflows from IFAs in Q4 2024, reaching £1,255m. Overall, gross and net inflows across all channels rose by 22% and 32%, respectively, with total net inflows of £1,919m. The group reported record net inflows of £2bn for Q4, contributing to £5.2bn in core inflows for 2024. The affluent segment saw a 58% increase in gross inflows to £3,914m. (Financial Planning Today, 23/1/2025, 'Quilter sees 91% increase in IFA platform inflows')

  • Brooks Macdonald has announced a £10m share buyback to enhance its share value ahead of moving to the main LSE. The buyback, managed by Single Capital Markets, will run until September 2025, with shares purchased in the open market and cancelled to reduce share capital. Shares have traded between £14-£17 recently, down from a £27 high in 2021. (Victoria Bell, 28/1/2025, Citywire Wealth Manager, 'Brooks Macdonald announces £10m share buyback')

  • The Treasury plans to invite senior figures from advice firms and wealth managers to industry forums with Chancellor Rachel Reeves later this year to discuss financial services growth, alongside banking, insurance, and asset management leaders. (Julian Bovill, 27/1/2025, Citywire Wealth Manager, 'Treasury wants advisers and wealth managers at chancellor's forums')

  • Leicester-based advice firm Handford, Aitkenhead & Walker has rebranded as Optimum Path Financial Planning following a management buyout by sole shareholder Alasdair Walker, aiming to blend tradition with innovation and reflect a forward-looking vision. (Victoria Bell, 24/1/2025, Citywire Wealth Manager, 'Handford Aitkenhead & Walker changes name to Optimum Path')

  • From April, HMRC will update its systems to end the use of emergency tax codes on pension withdrawals, reducing the need for reclaiming overpaid tax—a process that has led to £1.4bn in refunds across 470,000 claims since 2015. (Julian Bovill, 22/1/2025, Citywire Wealth Manager, 'HMRC to fix £1.4bn pension tax overpayment issue in April')

  • Abrdn pledged to improve platform service after advisers withdrew £3.9bn in 2024, nearly double 2023 outflows. Despite a strong trading update and 7% share rise, adviser platform outflows continued, with £900m exiting in Q4 alone. (Charles Walmsley, 21/1/2025, Citywire Wealth Manager, 'Abrdn to redouble platform efforts after advisers pull £4bn in 2024')

  • Bath-based advice firm Fidelius is rebranding to better appeal to women and younger clients, with a new look and approach launching publicly on 14 February. While the name remains, the firm aims to simplify financial planning and make it more relatable. (Victoria Bell, 20/1/2025, Citywire Wealth Manager, 'Söderberg-backed Fidelius to rebrand in pitch to women and younger clients')

  • LV= has launched a new platform service for advisers in partnership with Embark, offering access to 5,000 funds, model portfolios, and LV=’s insured fund options across various wrappers, including SIPPs and ISAs, designed to enhance retirement income advice. (Financial Planning Today, 29/1/2025, 'LV= launches new adviser platform service')

  • North Derbyshire-based Belmayne has been awarded CISI Chartered Firm status, recognising its high level of professionalism in financial planning. The family-oriented firm, based in Dronfield, met rigorous criteria to achieve the accreditation. (Financial Planning Today, 28/1/2025, 'Belmayne achieves CISI Chartered Firm status')

  • Rosemount Financial Solutions, a Basingstoke-based IFA network, reported 25% revenue growth and a £500m increase in AUM to £2.5bn. Over the past year, the network grew its team by 8 staff and 31 advisers, including 12 Financial Planners, with protection business rising by 33%. (Financial Planning Today, 27/1/2025, 'Rosemount Financial Solutions sees 25% growth in revenue')

  • A Charles Stanley study reveals high net worth women are less engaged than men in discussions with financial advisers. While 80% of HNW men are actively involved, only 67% of HNW women engage similarly, and 19% of women do not have an adviser. (Financial Planning Today, 27/1/2025, 'HNW women less engaged with financial advisers')

  • Financial experts have welcomed Chancellor Rachel Reeves' Davos comments suggesting a potential softening of her October Budget move to scrap non-dom status. With 10,800 millionaires leaving the UK in 2024, experts see her comments as a possible sign of a re-think, offering a longer transition or diluted ban. (Financial Planning Today, 24/1/2025, 'Experts welcome potential ‘softening’ of non-dom crackdown')

  • The average household is £31,546 short of the pension savings needed for a moderate retirement, four times higher than five years ago. Only 36.4% of households are on track for a moderate retirement, with Wokingham's gap at £265 and Kingston upon Hull's at £54,641. Authorities around London have some of the largest gaps, exceeding £70,000. (Financial Planning Today, 20/1/2025, 'Pensions gap grows to more than £31,000')

  • National IFA Continuum reported a 23% year-on-year increase in assets under influence, reaching £12.4bn at the end of 2024. This marks the 10th consecutive year of double-digit growth. New business income rose 16%, while recurring income grew by 27%. (Financial Planning Today, 20/1/2025, 'National IFA Continuum reports AUI up 23%')

  • A survey from Opinium revealed that while 56% of independent financial advisers view AI as an opportunity, the majority (64%) have no plans to implement it in client services within the next year. Only 14% are already using AI, with 23% planning to adopt it. (Financial Planning Today, 14/1/2025, 'Few advisers planning to use AI')

  • The Attivo Group, parent of Chartered Financial Planning firm Attivo, has launched a new investment firm in partnership with SEI. Led by CEO Stephen Harper and CIO Charlotte Watson, the firm will offer three model portfolio ranges focused on goal-based investing, with fees ranging from 25-64 bps. The firm aims to enhance the investment management landscape by aligning services with the Financial Planning journey. (Financial Planning Today, 9/1/2025, 'Chartered Planner owner launches investment firm')

  • Dynamic Planner has launched Financial Personality Insights, a new feature designed to give advisers a deeper understanding of clients' behaviours and attitudes towards financial risk. Developed by Dr. Louis Williams, the feature enhances the platform's Attitude to Risk (ATR) questionnaire, building on its psychometric analysis to offer more personalised advice. (Tom Browne, 28/1/2025, Money Marketing, 'Dynamic Planner launches Financial Personality Insights to improve client understanding')

  • 2025 Financial Services talent trends - IDEX Consulting’s 2025 Financial Services talent trends highlight rising operating costs, a lack of new talent entering the industry, and the growing influence of AI and regulatory changes.Employers must focus on strong branding, competitive compensation, clear career paths, and technological adoption. In-demand roles include financial advisers, paraplanners, and compliance experts. Employees are advised to be proactive in career development, upskill in AI and technology, and stay current with industry changes. (IDEX Consulting news, '2025 Financial Services talent trends')

  • M&A buy and sell strategies: predictions and expert advice - M&A activity remains strong despite tax changes, with an emphasis on completing deals before the end of the 24/25 tax year. Sellers are urged to prepare early, focusing on structuring deals, due diligence, and regulatory compliance. Tax strategies, along with managing risks like cybersecurity and ESG concerns, are essential to maximizing business value during the sale process. (IDEX Consulting news, 'M&A buy and sell strategies: predictions and expert advice')

  • Sustainability: how to win clients, customers and talent - Sustainability is becoming crucial for attracting clients, talent, and customers. Businesses are facing increasing demands for responsible practices from employees, customers, and investors, driven by factors like climate change and human rights. The commercial benefits of sustainability include enhanced reputation and cost efficiencies. IDEX Consulting’s study reveals that 89% of employers believe sustainability helps attract talent, and 78% of customers care about it. Companies should focus on developing a strong sustainability strategy to meet market demands. (IDEX Consulting news, 'Sustainability: how to win clients, customers and talent')

  • How to create an inclusive hybrid and remote culture - Inclusive hybrid cultures require more than just engagement strategic; businesses must actively embed inclusive practices. Hybrid work presents challenges, particularly for marginalized groups, due to biases in virtual settings and accessibility issues. Key strategies include understanding diverse employee experiences, fostering open feedback, and providing tailored training for virtual inclusion. Proactive measures will ensure a more equitable and connected workforce.(IDEX Consulting news, 'How to create an inclusive hybrid and remote culture')

Mergers and Acquisitions

  • Evelyn Partners has sold its Authorised Corporate Director (ACD) arm, Evelyn Partners Fund Solutions (EPFS), to Thesis Holdings for an undisclosed sum. The division, with £10.6bn in assets under governance, was sold as part of Evelyn's strategic review to refocus on wealth management, following the sale of its accountancy arm last November. (Natalia Vasnier, 27/1/2025, Citywire Wealth Manager, 'Evelyn Partners sells £10.6bn ACD to Thesis')

  • Titan Wealth has acquired Jersey-based financial advice firm Advisa Wealth, which manages £525m in assets for 1,800 clients. The firm's management team and 10 advisers will join Titan Wealth, further strengthening its presence in the Channel Islands. This acquisition is part of Titan's ongoing expansion strategy, supported by private equity funding. (Sophie Downes, 24/1/2025, Citywire Wealth Manager, 'PE-backed Titan Wealth buys 30-year-old Jersey firm')

  • Isle of Man-based Manx Financial Group has acquired CAM Wealth Management for £210,000. CAM was formed in April 2023 by Derek Gawne and Lizz Ewart after they acquired and rebranded Charteris Asset Management. The firm is headquartered in Liverpool. (Dylan Lobo, 23/1/2025, Citywire Wealth Manager, 'Boutique formed by wealth veterans sold for £210k')

  • Generali, the Italian insurance giant, has entered a joint venture with French investment manager Natixis, combining their asset management businesses. The deal highlights the ongoing asset accumulation wars in Europe. While only a portion of the firms' assets are visible, the merger presents potential synergies, with €164bn in assets from Natixis and €40bn from Generali seen by Morningstar. (Frank Talbot, 21/1/2025, Citywire Wealth Manager, 'Natixis-Generali: Will the latest European mega-merger work?')

  • Aberforth Partners has acquired a 5.44% stake in Brooks Macdonald, valued at nearly £14m, following the wealth firm's announcement to leave the AIM market. This acquisition adds to Aberforth's existing 2.3% stake in rival Quilter. The stake was purchased on the same day Brooks revealed plans to transfer its listing to the main market to enhance its corporate profile, with the move expected to complete between 4 and 31 March 2025, pending regulatory approval. (Dylan Lobo, 20/1/2025, Citywire Wealth Manager, 'Aberforth unveils £14m Brooks stake ahead of AIM exit')

  • Söderberg & Partners has acquired stakes in Radcliffe & Co, Francis Clark Financial Planning, and Qi Financial Solutions. Radcliffe & Co manages £1.5bn in assets, serving 3,500 personal clients and 150 corporate schemes. FCFP, with nine offices, manages £900m in assets, employing 65 chartered financial planners. Qi Financial Solutions, based in Croydon, advises on £165m in assets with seven staff, including three chartered financial planners. (Sophie Downes, 16/1/2025, Citywire Wealth Manager, 'Exclusive: Soderberg takes stakes in three more advice firms')

  • Perspective Financial Group made five acquisitions in December, adding £375m in assets, 1,100 clients, and new offices in Derbyshire, Lincolnshire, and Cheshire. These deals bring the firm’s 2024 total to 29 acquisitions, increasing its overall total to 107 since 2008. The acquired firms include Hallidays Wealth Management, Foinaven Asset Management, Tony Fenton & Sons, PW Financial Management,and a client book from Perspective (Home Counties) Ltd. (Financial Planning Today, 21/1/2025, 'Perspective adds £375m AUA with 5 acquisitions')

  • Hoxton Wealth has acquired Darlington-based Family First Financial Services, its fifth UK acquisition in 12 months, adding £85m AUM. Established in 2003, Family First offers comprehensive Financial Planning services, including wills, inheritance tax advice, and trust fund benefits. (Financial Planning Today, 20/1/2025, 'Hoxton Wealth adds Darlington firm')

​Movers

  • Evelyn Partners has appointed Bahador (Bids) Mahvelati as Chief Operations Officer, starting in March. He will also be part of the executive committee as the firm focuses solely on wealth management. Mahvelati joins from PwC UK, where he led the financial services value creation practice. His prior experience includes operational roles at UBS Investment Bank and Natwest Group, as well as strategic consultancy work. (Dan Cooper, 28/1/2025, Money Marketing, 'Evelyn Partners names Bids Mahvelati as new chief operations officer')

  • ​Schroders will cut 200 jobs, 3% of its workforce, as part of a restructuring under new CEO Richard Oldfield. The move aims to reposition the firm for growth and meet 2025 objectives. Most affected roles will be in technology, and the executive committee has been reduced from 22 to 9 members. (John Schaffer, 17/1/2025, Citywire Wealth Manager, 'Schroders to cut 3% of staff in new CEO’s growth bid')

  • Caroline Abbondanza, former COO at Brooks Macdonald, has joined SS&C as a Senior Director. She left Brooks in September after serving as COO and CTO. Previously, she was group CIO at FNZ. (Victoria Bell, 29/1/2025, Citywire Wealth Manager, 'Brooks Macdonald former operations chief winds up at SS&C')

  • Andy Curran will retire as CEO of Standard Life this summer after 35 years in the industry, five of which were spent at Standard Life. The firm, a subsidiary of Phoenix Group, will adopt a flatter structure, merging its retirement solutions and asset management divisions under Mike Eakin. Colin Williams, Tom Ground, and Nigel Dunne will continue in their current leadership roles. (Julian Bovill, 28/1/2025, Citywire Wealth Manager, 'Standard Life CEO Andy Curran to retire')

  • Progeny Founder Neil Moles is stepping down as CEO, with CFO Tom Wood set to take over. Moles will remain involved as a Non-Executive Director and President. Bobby Ndawula, formerly with Skipton Building Society, will join as the new CFO. Moles, a significant shareholder in Progeny, expressed his delight at having Tom Wood succeed him as CEO. (Victoria Bell, 28/1/2025, Citywire Wealth Manager, 'Exclusive: Progeny CEO Moles steps down')

  • Martin Gilbert stepped down from the board of Saranac Partners on 17 December. Gilbert, who helped establish the wealth firm in 2016 alongside ex-Barclays Wealth Chief Tom Kalaris, had been a Non-Executive Director since 2020. Tom Kalaris, who remains a significant stakeholder in the firm, continues to play a role in its direction. Since leaving Standard Life Aberdeen, Gilbert has focused on launching his new venture, AssetCo, where he has been heavily involved in its development and various non-executive roles. (Dylan Lobo, 27/1/2025, Citywire Wealth Manager, 'Martin Gilbert steps back from DFM he helped launch')

  • Stewart Cape, who was appointed as Progeny's Head of M&A in September 2022, has left the private equity-backed consolidator at the end of 2024. Cape was brought in to lead Progeny's acquisition strategy. Prior to this role, he spent 12 years at KPMG overseeing its mergers and acquisitions practice. Progeny declined to comment further on his departure. (Victoria Bell, 22/1/2025, Citywire Wealth Manager, 'Exclusive: Progeny's M&A boss leaves after two years')

  • Transact CEO Jonathan Gunby will retire in March 2025, with Tom Dunbar, currently Chief Development Officer, set to succeed him as part of a planned succession. Gunby, who has been with Transact since 2011, helped grow assets under management from £10bn to £62bn and played a key role in the company's 2018 IPO. Dunbar, who joined Transact in 2017, previously worked at Royal London and NMG Consulting, and was promoted to the board in 2024. Andrew Cullen-Jones, former Head of Advice Policy at St James’s Place, will take over Dunbar's role as Chief Development Officer. (Victoria Bell, 22/1/2025, Citywire Wealth Manager, 'Jonathan Gunby to retire as Transact CEO')

  • Openwork has appointed David Thomas as Digital Product Director and Anna Bartholomew as Head of Partnership Services, following its investment from Bain Capital in 2024. Thomas, previously Head of Product at Schroders Personal Wealth, will develop technology for Openwork's 600 appointed representative firms. Bartholomew will focus on building business relationships. (Charles Walmsley, 20/1/2025, Citywire Wealth Manager, 'Openwork makes double hire with eye on tech')

  • Tatton Investment Management has hired Olivia Geldenhuys from Schroders as Head of its specialist team, replacing Chris Robinson who left the business in August to launch an MPS service for Premier Miton. Geldenhuys, who joins from Schroders' £6.3bn solutions team, will lead technical support for the firm's partner firms. Prior to Schroders, she spent nine years at PortfolioMetrix in client service, business development, and distribution planning. She will be based at Tatton's London office. (Sophie Downes, 20/1/2025, Citywire Wealth Manager, 'Exclusive: Tatton hires specialist head from Schroders')

  • M&G Investments has appointed Marcello Arona, former CEO of AXA Investments UK, as CFO for its asset management business, replacing Sean Fitzgerald who is retiring. Arona, with a long tenure at AXA IM, has held roles including COO of AXA IM Italy, Regional CFO for the US, and Head of AXA IM Americas. He was most recently Head of AXA IM UK and AXA IM GS. Arona will oversee M&G’s global financial operations, contributing to its long-term growth. (Dylan Lobo, 20/1/2025, Citywire Wealth Manager, 'M&G hires AXA IM UK CEO as funds finance boss')

  • Two senior figures at Rathbones have recently left the firm: Emma Renals, COO of Rathbones Asset Management (RAM), and Emma Watson, Head of Financial Planning. Renals, who joined in 2017 and became COO in 2023, previously worked at Jupiter Asset Management, Deutsche Bank, and Morgan Stanley. Watson, with Rathbones for eight years, led the firm’s financial planning strategy after spending 11 years at Towry. Their replacements have yet to be confirmed, and it is unclear if they have taken new roles. (Sophie Downes, 15/1/2025, Citywire Wealth Manager, 'Exclusive: Rathbones financial planning head and COO depart')

  • Peter Coleman, former Chief Commercial Officer at Succession Wealth, has been appointed CEO of Kingswood on a permanent basis. Coleman initially joined Kingswood as interim CEO in July 2024 after David Lawrence stepped down. Prior to Succession, Coleman held leadership roles at Wealth Wizards and was CEO of Positive Solutions, which was acquired by Intrinsic in 2013. (Dylan Lobo, 10/1/2025, Citywire Wealth Manager, 'Ex-Succession CCO is named permanent Kingswood CEO')

  • Lauren McHenry of Pareto Financial Planning has achieved Chartered Financial Planner status, six years after starting as a trainee Paraplanner in 2018. McHenry progressed through the firm's qualification and support programme. She holds a law degree from Newcastle University and has 12 years of experience in financial services, including roles in technical support and Paraplanning. McHenry joined Pareto in 2018 after relocating from London to Manchester. (Financial Planning Today, 28/1/2025, 'Pareto celebrates home-grown Chartered Financial Planner')

  • Peter Maddern has been appointed Managing Director of retirement at Canada Life, succeeding Tom Evans, who is leaving for a new opportunity. Maddern will join the UK executive committee, reporting to UK CEO Lindsey Rix-Broom. He brings 18 years of experience at Canada Life, most recently as Vice President of Capital Management at its Canadian parent company. Maddern previously led the bulk purchase annuities (BPA) strategy and played a key role in developing Canada Life’s wealth business. Tom Evans had been leading Canada Life’s home finance business following the 2018 acquisition of Retirement Advantage. (Financial Planning Today, 27/1/2025, 'Canada Life appoints new retirement MD')

  • Acumen Financial Planning has promoted Keith Mackie to Group Managing Director, succeeding Founder Sandy Robertson, who transitions to Group Finance Director. Robertson, who founded the Aberdeenshire-based firm in 2002, will remain with the company. Since its inception, Acumen has expanded across Scotland through acquisitions and organic growth. Mackie joined the firm in 2004 and became a Director in 2014. (Financial Planning Today, 23/1/2025, 'Acumen selects new MD as founder steps back')

  • Julius Baer International has appointed Gareth Johnson as Head of Managed Portfolio Service (MPS) to develop an MPS offering for UK independent financial advisers. Johnson previously spent 22 years at RBC Brewin Dolphin, where he led the MPS division from 2010, helping it grow into a key firm area. He also introduced the MI Select Manager and Voyager Multi Asset ranges. (Financial Planning Today, 21/1/2025, 'Julius Baer launches MPS for advisers')

  • Isabel Hudson will succeed Lynne Peacock as Chair of Royal London on 10 February. Hudson brings extensive experience from senior roles in insurance, pensions, and regulation, as well as non-executive positions in telecoms and house building. She currently serves as a Non-Executive Director at AXA SA and Chair of Guide Dogs, with past roles at RSA Insurance, Phoenix Group, BT, and others. (Financial Planning Today, 17/1/2025, 'Royal London selects Isabel Hudson as next chair')

  • Kate Richardson has joined Brown Shipley as a Client Adviser in London, bringing 17 years of wealth management experience. Previously a Senior Client Adviser at UBS Wealth Management for the South West region, she has held various roles at UBS since 2007. Richardson will focus on building relationships and expanding Brown Shipley's business across southern UK, working with both Brown Shipley and parent company Quintet Private Bank. (Financial Planning Today, 16/1/2025, 'Brown Shipley adds to London advice team')

  • Torsten Bell, former CEO of the Resolution Foundation, has been appointed as the new Pensions Minister following a reshuffle. He succeeds Emma Reynolds, who has been promoted to Economic Secretary at the Treasury. Bell, an economist with nearly a decade of experience at the Resolution Foundation, will continue his predecessor’s cross-department role, also serving as Parliamentary Secretary in the Treasury and Parliamentary Under Secretary of State in the Department for Work and Pensions. (Financial Planning Today, 15/1/2025, 'Torsten Bell MP becomes new Pensions Minister')

  • P1 Investment Services has appointed Michelle Angell as Senior Client Services and Operations Manager. Angell, with over 20 years of experience in wealth management and platforms, will lead the development of P1’s client servicing team. She previously held management roles at Atomos Wealth, Seccl, Abrdn, Winterflood Business Services, and Barclays Wealth. (Financial Planning Today, 13/1/2025, 'P1 Investment Services hires Ex-Seccl manager')

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