Big Bytes

Robo-advice market growing profoundly in the UK

• The UK still positions 6th Worldwide with regards to average wealth per adult.
• The market leader in terms of assets under management (AUM) is St. Jamess Place, followed by Coutts and Barclays.
• Merger and acquisition (M&A) activity has largely been driven by established players like Aegon acquiring Cofunds from Legal & General.

Latest production on “Wealth in the UK: Competitive Dynamics 2016,” which offers insight on the UK wealth management market, which is highly concentrated on the top 20 competitors and the HNW investor segment. The production is based on shrewd analysis; furthermore, it includes an in-depth analysis of latest news related to regulations that pertain to wealth managers which includes better communication with consumers, investors with non-domiciled status, technology, and Brexits impact on regulation. An overview of the top wealth managers in the UK based on business model, new incumbent, latest merger and acquisition activity. This report will serve those who want a better understanding of the changes made to UK regulations related to MiFID, consumer communication, and technology and also want to learn about recent product and service innovations among traditional wealth managers and growth within robo-advice services.

The economy of the United Kingdom is the fifth-largest regional economy across the world measured by gross domestic product(GDP) and ninth-largest on the planet measured by purchasing power parity and it is the second largest economy in the European Union by both measures. In 2015, the UK was the ninth-largest exporter in the world and the sixth-largest importer and alongside is one of the most globalised economies. The administrative sector dominates the UK economy, contributing around 78% of GDP; the financial services industry is specifically imperative, and London is the world’s largest financial centre. The size of London’s economy makes it the largest city by GDP in Europe.
The labour force in UK by June, 2016 is 31.75 million; the employment rate is 74.5% which is recorded as been high amongst these 1.5% labour force works in agriculture segment, 18.8% in industry segment and 79.7% in service segment.

The United Kingdom’s economy is showing improvement over expected after the Brexit vote. In any case, the same can’t be said for its wealth. Since the EU referendum, the UK has lost more wealth than some other nation in the previous year. Add up to family unit wealth fell by USD 1.5 trillion on account of a debilitating pound contrasted with the dollar. The UK still positions 6th on the planet with regards to average wealth per adult.

The market pioneer in terms of assets under management (AUM) is St. Jamess Place, trailed by Coutts and Barclays. The AUM of the main 20 UK wealth directors developed by more than 8% year-on-year somewhere around 2014 and 2015. The exhortation market keeps on being a key concentration for the FCA, which presented a progression of recommendations in March 2016 to enhance get to. One such proposition revolves around an ‘Advice Unit to help grow the automated advice market in the UK by helping firms create mass-market robotized device models. Merger and Acquisitions (M&A) action has to a great extent been driven by built up players needing to capture more market share or extend their customer offerings. For instance, Aegon obtaining Cofunds from Legal and General and Cazenove Capital Management securing the wealth management business of C. Hoare and Co.

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Ken Research
Ankur Gupta, Head Marketing & Communications

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