Financial Services News
Schroders has secured regulatory approval for an infrastructure-focused LTAF, feeding into its Energy Transition fund, which invests in 160 global assets like wind farms and battery storage. Aimed at UK wealth managers, the Oeic-structured fund has a 1.27% annual fee with no performance fee. (John Schaffer, 25/2/2025, Citywire Wealth Manager, 'Schroders to launch infrastructure LTAF for wealth market')
Evelyn Partners reported record 2024 AUM of £63bn and £2.6bn in Q4 gross inflows, up 36.8% from Q3 and 23.8% year-on-year. Outflows rose as clients reacted to the Autumn Budget, interest rates, and borrowing costs. (Financial Planning Today, 12/2/2025, 'Evelyn Partners AUM hits record £63bn')
Aviva’s wealth arm saw net flows rise 23% to £10.3bn in 2024, with assets under management growing 17% to £198bn. Retirement sales surged 33% to £9.4bn, driven by record bulk purchase annuity (BPA) sales of £7.8bn. (Financial Planning Today, 27/2/2025, 'Aviva net flows climb 23% as AUM rises 17%')
In further news...In 2024, Aviva generated over 7,000 referrals into Succession Wealth, creating £2.5bn in opportunities for its planners. Since acquiring Succession for £385m in 2022, Aviva has seen an 84% increase in the value of assets secured through referrals. The acquisition aimed to strengthen Aviva's position in the UK wealth market. (Lois Vallely, 27/2/2025, Money Marketing, 'Aviva referrals create £2.5bn opportunity for Succession')
Brooks Macdonald saw £300m in net outflows in H1, with £1.1bn in new money offset by £1.4bn in withdrawals, mainly from its bespoke service before October’s Budget. In contrast, its model portfolio service (MPS) saw £288m in net inflows, bringing total MPS assets to £5.8bn, up 7% year-on-year. (Charles Walmsley, 27/2025, Citywire Wealth Manager, 'Brooks Macdonald’s MPS arm offsets bespoke outflows')
St James’s Place (SJP) is exploring a passive investing proposition for the first time while also integrating AI tools and engaging in the advice guidance boundary review. Currently focused on active funds, SJP has gradually allocated more to passives in its Polaris range. Full-year results show a post-tax cash profit of nearly £400m and over one million clients, though shares fell 5% amid forecasts of lower profitability in 2025-26 due to a £160m fee model overhaul. (Victoria Bell, 27/2/2025, Citywire Wealth Manager, 'SJP explores passive proposition in strategy shift')
In further news...St. James’s Place has launched a £92.6m share buy-back to reduce issued share capital, following a return to profitability, with shares recovering 24% this year after hitting a low of 808p in January. (Financial Planning Today, 28/2/2025, 'St James's Place launches £93m share buy-back')
Rathbones’ 2024 pre-tax profits surged 73% to £99.6m, largely driven by its merger with Investec Wealth & Investment. Despite some investment manager departures and client transitions, the integration has been positive, with nearly all 55,000 clients set to migrate by June and only 0.3% declining the move. (Sophie Downes, 26/2/2025, Citywire Wealth Manager, 'Rathbones reports 72% jump in profits; headcount to fall further')
James Hambro & Partners posted an 18% rise in pre-tax profit to £17.2m for the year to April 2024, with revenue up 11% to £39.1m and AUM reaching £7bn by December. Amid industry consolidation, its 59 partners shared £10.2m in profits, with the top earner receiving £2m. (Sophie Downes, 20/2/2025, Citywire Wealth Manager, 'James Hambro & Partners CEO: Consolidation is an excellent opportunity for us')
Aviva Investors has launched its fourth LTAF, the Venture & Growth Capital fund, aimed at DC pension customers. Seeded with £150m from Aviva, the evergreen fund targets UK, European, and North American ventures in fintech, healthtech, science, and sustainability. (Victoria Bell, 4/2/2025, Citywire Wealth Manager, 'Aviva launches venture LTAF for pension customers')
Leicester-based Chartered Financial Planning firm Boolers has launched three multi-asset fund of funds, transferring £500m from model portfolios. Managed in-house, the Cautious and Balanced funds have a 1.16% OCF, while the Adventurous fund has a 1.19% OCF. (Financial Planning Today, 25/2/2025, 'Chartered Planner adds 3 multi-asset fund of funds')
Aegon’s UK adviser platform saw £1.77bn in net outflows in H2 2024, improving from £1.9bn a year prior, amid high withdrawals and market consolidation. AUA rose 2% to £51.6bn, with Aegon investing £70m annually to enhance the platform, targeting growth by 2028. (Financial Planning Today, 21/2/2025, 'Aegon adviser platform outflows continue')
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Bath-based Chartered Financial Planner Fidelius has rebranded after securing investment from Sweden’s Söderberg & Partners. Aiming to double AUM by 2029, the firm seeks to become a top 20 IFA and has introduced a new logo, website, and the slogan “Make it happen.” (Financial Planning Today, 18/2/2025, 'Bath Planner Fidelius rebrands amid expansion plans')
Quilter Financial Planning has added four new appointed representative firms: LDB Wealth Management, Sound Wealth Planning, Andrassy Parkin Financial Planning, and MacKenzie Financial Management. LDB, led by Lewis and Donna Burt, joins from St James’s Place in Dartford. Sound Wealth Planning, founded by Graeme Oudney in Fife, started last year. Andrassy Parkin, led by Kathryn Andrassy and Kathryn Mumby, is based in Wakefield. MacKenzie, led by Alastair MacKenzie with 35 years of experience, operates in Surrey. These firms join eight others that joined in December. (Financial Planning Today, 6/2/2025, 'Quilter network adds 4 new AR firms')
Rathbones expects an additional £7m in annual costs from the April 2025 increase in employers' National Insurance Contributions (NIC). The firm anticipates reducing headcount in 2025 to offset the costs, driven by synergy delivery and continued cost discipline. (Lois Vallely, 26/2/2025, Money Marketing, 'Rathbones expects to cut jobs as NIC changes add £7m per year in costs')
2025 Employee Benefits employment outlook - The 2025 employee benefits outlook highlights rising healthcare costs, talent shortages, and dissatisfaction with workloads and development opportunities. Employers are facing challenges in attracting and retaining talent, leading to higher salaries and costs. Competitive compensation and a strong employer brand will be key to recruitment success. Access our article for the latest data driven insights. (IDEX Consulting news, '2025 Employee Benefits employment outlook')
Building hybrid inclusive cultures - Inclusive hybrid work cultures require businesses to go beyond diversity metrics by embedding inclusive management practices, ensuring equal access to opportunities, addressing remote work challenges. Read how you can foster open communication, and actively support diverse employees to prevent marginalisation and retain talent. (IDEX Consulting news, 'Building hybrid inclusive cultures')
2025 Wealth Management employment outlook - In 2025, the wealth management sector anticipates growth and innovation, with 73% of employers planning to hire new talent; however, 64% foresee challenges in finding suitable candidates due to an ageing workforce, compliance and regulatory pressures, and the need for competitive compensation packages. Learn how you can attract the best talent in the market with our insights piece. (IDEX Consulting news, '2025 Wealth Management employment outlook')
How predictive analytics is shaping insurance - Predictive analytics is revolutionising the insurance sector by enhancing risk assessment and underwriting through the analysis of extensive datasets, improving fraud detection by identifying patterns indicative of fraudulent activity, and increasing operational efficiency by automating routine tasks, thereby enabling insurers to offer more personalised services and remain competitive in the market. Learn how it might impact your relationship with insurers and brokers. (IDEX Consulting news, 'How predictive analytics is shaping insurance')
Mergers and Acquisitions
Evelyn Partners is refocusing on core wealth management, with PE backer Permira streamlining operations to facilitate a potential £1.5bn sale in 2026, likely to another PE firm or a bank. (Zachariah Sharif, 27/2/2025, Citywire Wealth Manager, 'Will Evelyn’s wealth refocus trigger a sale in 2026?')
According to Opinium’s latest IFA Barometer, merger and acquisition activity in the IFA market has accelerated, with 9% of firms acquiring others since December 2024. This marks a rise from 5% in February and 6% in September 2024, highlighting increased consolidation in the sector. Meanwhile, smaller firms are increasingly exiting the market. (Financial Planning Today, 5/2/2025, 'M&A activity in IFA sector gathers pace')
Abrdn Diversified Income and Growth (ADIG) is in talks to sell its remaining portfolio as it winds down. A potential buyer is reviewing its private assets, with the board assessing the deal against other strategic options. The trust has already returned £115m to shareholders, with remaining assets maturing between 2025-2033. (Danielle Levy, 26/2/2025, Citywire Wealth Manager, 'Abrdn Diversified in talks to sell private assets portfolio')
In further news...Abrdn has put its restricted advice business, formerly 1825, up for sale as CEO Jason Windsor seeks to simplify the group’s structure. The sale process is in the early stages, with an information memorandum sent out for the £4bn asset business with over 60 planners. Corporate finance adviser Dyer Baade is advising, with the internal name for the process being Project Easter. (Victoria Bell, 6/2/2025, Citywire Wealth Manager, 'Abrdn puts advice arm up for sale')
Canaccord Genuity Wealth Management (CGWM) has completed the acquisition of Brooks Macdonald’s international arm for up to £50.85m. CGWM will pay £28m upfront for Brooks Macdonald Asset Management International, with the remainder contingent on performance. The sale follows a strategic review after Brooks took an £11.6m hit on the business’s value, allowing it to refocus on core investment management and financial planning. (Dylan Lobo, 24/2/2025, Citywire Wealth Manager, 'Canaccord seals deal for Brooks Macdonald’s international arm')
Tavistock has completed its £6m acquisition of asset manager and DFM Alpha Beta Partners (ABP), with total consideration potentially reaching £18m based on performance over the next five years. ABP, with £3bn in AUM, specialises in tailored portfolios for advisers and high-net-worth clients. This follows Tavistock’s sale of its financial advice businesses to Saltus in December. (Financial Planning Today, 20/2/2025, 'Tavistock completes takeover of £3bn AUM DFM')
Saltus has acquired Newcastle-based Lowes Financial Management, marking a new chapter in the 54-year-old firm's history. The acquisition aims to enhance service and value while preserving Lowes’ long-standing values. The financial terms of the deal were undisclosed. (Financial Planning Today, 17/2/2025, 'Saltus takes over Newcastle Planner Lowes')
Benchmark Capital, part of Schroders, is acquiring Huddersfield-based Robertson Baxter, a directly authorised adviser firm with £200m in assets. The deal, part of a retirement strategy for Founders Greg Robertson and Stephen Baxter, will enhance practice management and compliance support. The financial terms were undisclosed. (Financial Planning Today, 13/2/2025, 'Benchmark acquires £200m AUA Yorkshire adviser')
WBR Group has acquired Standard Life’s SSAS book, comprising 270 schemes, 246 properties, and £403m in assets. WBR, which has administered the book for over 20 years, will continue managing clients with a branding change. The acquisition provides clients access to additional investment options and services, with the trustee switching to WBR Trustees Limited. (Financial Planning Today, 13/2/2025, 'WBR acquires Standard Life’s £403m SSAS book')
In further news...WBR Group has acquired pension consultancy Censeo Actuaries & Consultants, rebranding it as WBR Actuarial Limited on 1 April. The acquisition, aimed at enhancing SSAS, DBSSAS, and actuarial services, adds three qualified actuaries to WBR’s team of nine professionals. The deal supports WBR’s strategy of growth through acquisition and diversification. (Financial Planning Today, 10/2/2025, 'WBR Group acquires pension consultancy Censeo')
Lumin Wealth has acquired Berkshire-based Financial Planner Professional Financial Centre (PFC), with £50m in AUM, marking its ninth acquisition since 2019. The deal supports Lumin's strategy of partnering with like-minded advisers. Lumin Wealth, a financial adviser and discretionary fund manager, has offices across multiple locations, including St Albans, London, and Reading. This follows Lumin’s recent acquisition of B W Financial Consultants Ltd, adding £95m in assets. (Financial Planning Today, 13/2/2025, 'Lumin Wealth acquires Berks Financial Planner firm')
Shackleton (formerly Skerritts) has acquired Norfolk-based Harrold Financial Planning, adding £300m in AUM and expanding its presence in the east of England. This marks the 16th deal since Shackleton's £55m investment from Sovereign Capital Partners in March 2021. CEO Paul Feeney said the acquisition aligns with the firm’s goal of becoming Britain’s leading financial adviser. Harrold Financial Planning was founded in 1988 by Paul and Pauline Harrold. (Financial Planning Today, 10/2/2025, 'Shackleton snaps up £300m AUM Norfolk Planner')
Nest, the UK’s largest pension scheme with over 13m members, has acquired a 10% stake in IFM Investors’ holding company, subject to shareholder and regulatory approvals. The deal, expected to complete by mid-2025, supports Nest’s goal of increasing private market asset allocations from 17% to 30%. Nest plans to invest £5bn through IFM by 2030, focusing on infrastructure, debt, and private equity, with an emphasis on new UK investment opportunities. (Financial Planning Today, 5/2/2025, 'Nest acquires stake in pension capital investor')
Brooks Macdonald has completed its £45m acquisition of LIFT-Financial Group and LIFT-Invest, adding £1.6bn in assets under advice (AUA) and 1,350 clients to its Financial Planning business, which now has £6.4bn in AUA. The deal, first announced in October, also brings around 90 advisers and Paraplanners into the fold. LIFT Founder Michael Holden will assume the new role of CEO of Financial Planning for the combined business. (Financial Planning Today, 3/2/2025, 'Brooks Macdonald completes £45m LIFT deal')
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Movers
Schroders has appointed Oliver Gregson, former JP Morgan Private Bank UK Head, as CEO of its wealth management business, succeeding Mary-Anne Daly in June. Daly will remain a Strategic Adviser to Schroders Wealth. Gregson brings over 25 years of experience, having previously held senior roles at JP Morgan, HSBC, Barclays, and UBS Wealth Management. (Sophie Downes, 26/2/2025, 'Schroders hires ex-JP Morgan Private Bank UK head as wealth CEO')
In further news...Schroders has appointed Vikram Bhandari as Head and CIO of Schroders Capital Solutions. Bhandari joins from BlackRock, where he spent seven years as Senior Portfolio Manager for its multi-alternatives private markets solutions business, designing and managing products for institutional and wealth clients. At Schroders Capital, with €90.8bn in assets, he will focus on expanding the solutions business, creating portfolios across various asset classes. (John Schaffer, 24/2/2025, Citywire Wealth Manager, 'Schroders poaches from BlackRock for head of private assets solutions')
Abrdn has appointed Siobhan Boylan as CFO from Coutts, succeeding Jason Windsor, with Boylan also joining the board; interim CFO Ian Jenkins will become Finance Director of the investment business upon her summer arrival. Boylan brings extensive experience, having previously served as CFO at Brewin Dolphin, LGIM, and various Aviva divisions, and led finance at Coutts for 18 months. (Zachariah Sharif, 28/2/2025, Citywire Wealth Manager, 'Abrdn hires CFO from Coutts')
Fintech Dunstan Thomas CEO Ihab El-Saie will retire at the end of March after nearly a decade at the firm and a distinguished fintech career, including leading three successful software firms and driving multiple corporate exits. Julia Fintz, the current COO, and Paul Muir, the CPO, will step in as joint Managing Directors. Fintz brings operational expertise, while Muir has deep product development experience, ensuring strong leadership continuity. (Tom Browne, 27/2/2025, Money Marketing, 'Leadership change at Dunstan Thomas as CEO retires')
Brooks Macdonald has hired Neil Cowell, former Head of UK Distribution at Vanguard, to lead its IFA sales efforts. Cowell spent 12 years at Vanguard and previously led distribution for UK retail banks and wealth managers at Standard Life for six years. Brooks has also appointed Debbie Dalzell, previously of GAM and BlackRock, as Chief People Officer. (Natalia Vasnier, 21/1/2025, Citywire Wealth Manager, 'Brooks hires ex-Vanguard veteran in IFA sales push')
Barry Smead, Chief Operating Officer of JM Finn’s investment management function, has resigned after nine years with the firm. He is currently on gardening leave after submitting his notice in September 2024. Smead joined in 2016 as a Business Manager and rose to Head Investment Management Operations before becoming COO. Prior to JM Finn, he held COO roles at Capital Position Ventures and Hermes Fund Managers. The reason for his departure remains unclear, and it’s not known if JM Finn plans to appoint a replacement. (Sophie Downes, 21/2/2025, Citywire Wealth Manager, 'Revealed: JM Finn investment operating chief resigns')
Michelle Pearce-Burke, Co-Founder and Chief Strategy Officer of Wealthify, has stepped down after 10 years. She co-founded the digital wealth firm in 2014, with Aviva acquiring a majority stake in 2018 and full control in 2020. Pearce-Burke held over 4% of Wealthify’s shares before the sale. Her successor has yet to be announced. (Sophie Downes, 20/2/2025, Citywire Wealth Manager, 'Wealthify co-founder Pearce-Burke exits Aviva-owned robo')
In further news...Aviva-backed Wealthify has appointed Jessie Kwok, former Senior Investment Director at Investec, as its new Chief Investment Officer (CIO). She replaces Colleen McHugh, who remains as an Investment Consultant. Kwok brings experience from Fidelity International, Schroders, and HSBC Global Asset Management. (Sophie Downes, 17/2/2025, Citywire Wealth Manager, 'Wealthify appoints Investec W&I investment director as CIO')
Hawksmoor Investment Management has restructured its management board after appointing a new CEO and Managing Director. Ben Conway, Dan Ellis, and Richard Pursglove stepped down from the board but remain in senior executive roles. The changes follow the hiring of Andrew Westenberger as CEO of parent company Hurst Point Group and Michael Bishop as Managing Director of Hawksmoor in 2025. Both will serve as Directors on Hawksmoor’s investment board, pending Companies House approval. (Sophie Downes, 18/2/2025, Citywire Wealth Manager, 'Hawksmoor reshuffles board')
Fintech Cadro has appointed Sophie Jamieson, former Senior Business Development Associate at Ruffer, as Investment Manager. Jamieson will manage strategies for high-net-worth individuals and institutional clients. She joins after over five years at Ruffer, following recent staff cuts there. (Sophie Downes, 17/2/2025, Citywire Wealth Manager, 'Fintech Cadro hires investment manager from Ruffer')
Andy Briggs, CEO of Phoenix Group, has been appointed President of the Association of British Insurers (ABI), succeeding Tim Bailey. Bailey will become CEO of Zurich’s global life protection business. Briggs will serve as ABI President for the next two years. (Momodou Musa Touray, 25/2/2025, Money Marketing, 'Phoenix Group CEO Briggs named new ABI president')
Sarah Smart, Chair of The Pensions Regulator (TPR), will step down in July after nearly 10 years on the board. She joined in 2016, initially as Senior Independent Director before becoming Chair. During her tenure, TPR evolved into a "risk-based, outcome-focused" regulator and contributed to the success of auto-enrolment, which now sees 8 in 10 workers saving for retirement. The DWP is now seeking a successor. (Financial Planning Today, 13/2/2025, 'Chair of The Pensions Regulator to step down')
Neil Stevens, joint CEO of Fintel, will step down at the end of June, leaving Matt Timmins as sole CEO. Timmins will take over full responsibility after Fintel’s AGM on 20 May. Stevens will not seek re-election at the AGM but will continue in his role until then. (Financial Planning Today, 11/2/2025, 'Fintel joint CEO steps down')
FNZ, a platform engine provider that powers several UK investment platforms, has appointed former senior Santander banker James Dunne as its Managing Director, client management and business development. Mr. Dunne was formerly Head of Wealth Management and Insurance at Santander’s UK arm. He also held roles as Global Head of Digital for Santander’s wealth management & insurance division, and Director of SME markets across Europe and the US. (Financial Planning Today, 10/2/2025, 'FNZ recruits managing director from Santander')
Abby Thomas has unexpectedly left her role as CEO and Chief Ombudsman at the Financial Ombudsman Service (FOS), amid reports of a disagreement over planned fees to be charged to claims management companies (CMCs). The FOS has declined to comment on the issue or the search for a new permanent CEO. (Financial Planning Today, 7/2/2025, 'FOS CEO Abby Thomas in shock exit')
The CII has appointed Adam Harper as Executive Director, strategy, advocacy & professional standards, and Holly Porter as Executive Director, markets & opportunities, starting in March. Harper, from AAT, has expertise in corporate strategy and professional standards, while Porter, formerly with BCS, focused on member development and technology. (Financial Planning Today, 4/2/2025, 'CII appoints two new executive directors')
Charles Ferry has left RBC Brewin Dolphin, with Managing Director Hal Catherwood taking over his responsibilities. Ferry joined in 2008 from Gerrard (Barclays Wealth) and held key roles, including leading the investment team, serving as Regional Director for London & the South East, and later becoming Co-Head of private clients. (Dylan Lobo, 13/2/2025, Citywire Wealth Manager, 'Revealed: RBC Brewin Dolphin wealth MD Charlie Ferry exits')
LGT Wealth Management has promoted 11 new partners, including eight former Abrdn Capital Managers: David Sullivan, Anthony Emmings, Marco Evans, Craig Joiner, Kevin Bowhay, Charlie Thompson, Richard Harrison, and Gair Brisbane (Scottish charity head). Also promoted are Investment Managers Lewis Mackinnon and Toby Willis, along with Business Development Manager Brendan Macken. (Dylan Lobo, 12/2/2025, Citywire Wealth Manager, 'LGT Wealth Management makes eight Abrdn alumni partners')
Charles Stanley has appointed Paul Measures to lead IFA business in the North. Measures spent 30 years at Legal & General, including as Head of Intermediary Sales. He will work alongside Tom Hawkins (South) and report to Group Head of Sales Sean Osborne. (Natalia Vasnier, 12/2/2025, Citywire Wealth Manager, 'Exclusive: Charles Stanley hires LGIM sales boss to lead IFA push')
All information provided in this market digest has been gathered from Citywire Wealth Manager, Financial Planning Today, Money Marketing, and IDEX Consulting.
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