ShareResizeHelen Watson will hand the reins of Rothschild's UK wealth business to current deputy UK CEO James MorrellWant the latest news from FN? Just follow us on WhatsApp hereRothschild & Co has chosen a successor for UK wealth head Helen Watson as she moves to chair of the business.
ShareResizeListen(2 min)Photo: Getty ImagesA year ago this month,Financial Newsstarted covering the wealth management sector. The rationale remains clear: demographic and technological shifts are upending the sector, which has had a huge impact on dealmaking, regulation and more.We’ve been thrilled with the response from our readers so far. But we’re not done yet.To mark the anniversary, we’re publishing a whole host of exclusive news, interviews and features to get your teeth into.We’ve gone inside the collapse of Schroders Personal Wealth, interviewed the new head of Rathbones’ wealth business, scooped a corporate bond push at RBC, taken a deep dive into private assets, and asked top bankers and lawyers for their M&A predictions.We’ve also asked some of the biggest names in the sector to chip in with op-eds on everything from private equity’s pursuit of the sector to the impact of AI and the race for global wealth.Remember: you’ll need a subscription to read it all. If your company doesn’t already have one, you can request a trial by emailing licensing@fnlondon.com.And to make sure you don’t miss out on even more must-reads, subscribe to our wealth management newsletter here.Thanks again for the support so far, and happy reading.Write toJustin Cash at justin.cash@dowjones.com and Kristen McGachey at kristen.mcgachey@dowjones.com
ShareResizeListen(49 sec)Financial News will be hosting an event for sector leaders as we mark FN Wealth Management’s first birthdayPhoto: Getty ImagesIt will soon be a year sinceFinancial Newsstarted covering wealth management for the first time.Hundreds of you have flocked to our weekly newsletter on the sector. To join them, just click here.You’ll need a subscription to read all of our exclusive news, interviews and in-depth features. To request a free trial, all you have to do is email licensing@efinancialnews.com.To mark our year anniversary, we’ll also be throwing an exclusive event with some of the biggest names in the space. Stay tuned for details.Thanks for your support, and happy reading.
ShareResizeBNP Paribas Wealth Management's boss says buying HSBC's German private bank was 'a very important move', but more deals aren't a priorityPhoto: Antoine DoyenBNP Paribas is taking a hiatus from M&A after scooping up two major businesses for its wealth franchise, according to its chief executive Vincent Lecomte.The French lender inked two mega-deals last year in its investment and protection services division, which spans wealth and asset management.
ShareResizePhoto: Timon Schneider/Getty ImagesThis is an online version of Financial News’s wealth management newsletter. To subscribe click hereThis week has felt like the end of an era for several titans of wealth management.
ShareResizeBarclays private bank and wealth management chief executive Sasha Wiggins says government’s flagship campaign ‘will help make investing an everyday reality for more people’.Barclays’ wealth boss Sasha Wiggins has been selected to chair chancellor Rachel Reeves’ new retail investment campaign.Wiggins, who is chief executive of Barclays’ private bank and wealth management business, will spearhead the government’s flagship initiative, which aims to unlock greater investment in the UK economy.
ShareResizeOutflows for 2025 have reached some £1.4bn, latest results showPhoto: Jose Sarmento Matos/Bloomberg/Getty ImagesAberdeen shed another £500m in the three months to the end of September as the UK fund giant struggles to stem investor redemptions.Net outflows were down 50% from the third quarter in 2024 when clients pulled £1bn from the business, but year-to-date Aberdeen has now seen around £1.4bn walk out the door.
ShareResizeMark Serocold is taking Ares from ‘sleeping giant’ in the European wealth market to a serious player. Illustration: Danilo Agutoli for FNMark Serocold knows what wealthy European investors want. The head of Ares Wealth Management Solutions for Emea, he has been tasked with raising the profile of the $546bn alternatives giant in high net worth hot spots such as the UK, Italy and Switzerland.Ares’ wealth business has amassed $44bn since its inception in 2021 — less than a fifth of rival Blackstone’s $279bn of private wealth assets. However, it has ambitions to manage $100bn globally on behalf of rich individuals by 2028.
ShareResizeSid Azad is the latest senior hire for the UK bank’s wealth pushBarclays has tapped a partner from consulting giant McKinsey to lead its mass affluent business as the UK bank continues its wealth push.Sid Azad has been hired as head of mass affluent and growth and will play a key role in shaping Barclays’ strategy for its private banking and wealth management business in the UK and crown dependencies, the firm said in a statement.
ShareResizeThe UK robo-adviser failed to become a household name despite the Wall Street bank's distribution firepowerPhoto: Mike Kemp/Getty ImagesJPMorgan did it. Four years after its landmark deal to acquire Nutmeg, the Wall Street bank has finally shelved the UK digital wealth manager’s brand.Nutmeg will live on. Its existing products and services will be absorbed under JPMorgan Personal Investing, a new retail wealth and investing business that the bank will launch in November.
ShareResizeSt James's Place is enjoying a long-awaited comeback under CEO Mark FitzPatrickPhoto: No CreditSt James’s Place has surpassed £200bn in assets for the first time, as its revamped charging structure was rolled out across the business.Net inflows into the Cirencester-headquartered wealth giant were £1.8bn over the three months to the end of September, according to its latest trading update. This was nearly double the £890m its portfolios attracted over the same period in 2024.
ShareResizeUBS has overhauled its wealth management business to turbocharge growth two years after its shotgun wedding with rival Credit SuissePhoto: Bloomberg via Getty ImagesThis is an online version of FN’s weekly wealth management newsletter. To subscribe, click here“We bank the world’s billionaires. That is our brand… but I want to add more advisers catering to high net worth and core affluent.”
ShareResizeOne of the UK’s first robo-advisers will see its moniker disappear four years after a takeover by the Wall Street giantPhoto: Pavlo Gonchar/Getty ImagesJPMorgan is axing the Nutmeg brand in the UK four years after its landmark takeover of the digital wealth manager.JPMorgan Personal Investing will go live from November, according to a statement from the firm, with a range of managed investments, pensions and ISAs.
ShareResizeUBS wealth assets grew to $4.7tn globally at the end of September following strong flows during Q3Photo: Alamy Stock PhotoUBS’s global wealth business gathered $38bn in new money during the third quarter, despite a spike in client redemptions in the US.The Zurich-headquartered firm’s ultra wealthy clients poured $37.5bn into the business in the three months to the end of September, up 50% compared with the same period in 2024.
ShareResizeWith a Swiss wife, a child born in London and another in Hong Kong, globetrotting Tejpaul is in the thick of a renewed battle for global wealthIllustration: Danilo Agutoli for FNJPMorgan’s international private bank chief executive Adam Tejpaul doesn’t have much to complain about. The go-to bank for some of the world’s richest people has grown significantly outside its home market of the US. In Europe, where the US lender has offices in countries including Switzerland, Italy, France, Germany and the UK, asset growth has been well above 10% in recent years — which Tejpaul says is double the level of some of its biggest Wall Street competitors.
ShareResizeGantenbein joined UBP in January 2023 to head up its private markets institutional solutions businessPhoto: Alamy Stock PhotoUnion Bancaire Privée’s private markets institutional boss has exited the Swiss lender.Christoph Gantenbein announced his departure on LinkedIn after more than two and a half years with the Geneva-headquartered private bank.
ShareResizeAtlanta-based Invesco sold Intelliflo to Carlyle at a steep discount compared to what it paid for the business seven years agoPhoto: Bloomberg via Getty ImagesThis is an online version of FN’s weekly wealth management newsletter. To subscribe, click hereCarlyle finally confirmed it is acquiring financial advice technology provider Intelliflo.
ShareResizePhoto: Jason Alden/Bloomberg/Getty ImagesGoldman Sachs has been added to Evelyn Partners’ roster of advisers as the UK wealth giant lines up a closely watched sale process.The Wall Street bank has now been appointed as co-adviser alongside Evercore,Financial Newshas learned.
ShareResizeSJP's Mark FitzPatrick is just one of the outsiders shaking up UK wealth leadershipPhoto: Bloomberg/Lionel NG/Getty ImagesThis is an online version of Financial News’s wealth management newsletter. To subscribe click hereWhat do St James’s Place boss Mark FitzPatrick, Evelyn Partners chief Paul Geddes and Rathbones’ new leader Jonathan Sorrell have in common?
ShareResize‘People were pricing in Armageddon’ after Liberation Day, Kamal tells FN, but clients have benefitted from a reboundIllustration: Danilo Agutoli for FNLiberation Day is an event that wealth managers are unlikely to forget anytime soon.US president Donald Trump in April unleashed an unprecedented barrage of global tariffs, including steep hikes on imported goods for some of America’s key allies and major trading partners, wiping trillions of dollars off stock markets in a matter of days.
ShareResizeJPMorgan has raided Citi again as banks race to service the world's richPhoto: Mike Kemp/Getty ImagesA senior member of Citigroup’s wealth team has joined Wall Street rival JPMorgan’s UK private bank, according to people familiar with the situation.Paul Ferry, head of the financial professional client group at Citi Private Bank, has resigned after 17 years at the US bank.
ShareResizeXian Chan, HSBC's head of wealth and premier solutions UK, at the bank's Mayfair wealth centre, which opened its doors in JulyHSBC is planning to launch more dedicated spaces for its richest clients as part of a push to become one of Britain’s biggest wealth managers.The bank is eyeing additional “wealth centres” around the country, UK wealth boss Xian Chan toldFinancial News. The hubs can be used by HSBC customers with assets, income or deposits of at least £100,000.
ShareResizePermira and Warburg Pincus are looking to pass on a long-held assetPhoto: Jason Alden/Getty ImagesA sale process for Evelyn Partners, one of the UK’s largest wealth firms, is due to kick off next month, according to people familiar with the matter.Bankers at Evercore have contacted potential suitors with a view to starting discussions in October, according to people familiar with discussions. A number of meetings with management have already been lined up, the people added.
ShareResizeUBS marketing chief John McDonald will relocate from Zurich to London when he joins HSBC on 1 OctoberHSBC has hired UBS’s marketing chief John McDonald as the UK lender sets its sights on becoming a top wealth manager.As the bank’s first ever chief marketing officer, McDonald will oversee the bank’s marketing, branding and client engagement efforts across international wealth and premier banking and corporate and institutional banking, as well as its Hong Kong and UK businesses, the firm said in a 5 August statement.
ShareResizePhoto: Getty ImagesThis is an online version of Financial News’s wealth management newsletter. To subscribe click hereEarlier this week, some of the Square Mile’s top executives joinedFinancial Newsat the London Stock Exchange to celebrate our landmarkSouth Asian Power Brokers list.
ShareResizeKnown for banking the Royal Family, Coutts wants to keep its focus on the UK's richestPhoto: Alex Segre/Getty ImagesCoutts, NatWest’s wealth manager for the super-rich, grew assets 8% in the latest quarter as the sector continues to be buoyed by rising markets.Assets at NatWest’s private banking and wealth management business, which includes Coutts, reached £56bn at the end of the third quarter, up 8% over the three months and 20% compared with the same period last year.
ShareResizeFormer Barclays executive Jerry Del Missier’s investment firm is looking to offload one of its businessesPhoto: Simon Dawson/Getty ImagesCopper Street Capital is sounding out potential buyers for its stake in wealth firm One Four Nine, according to people familiar with the matter.The buyout shop led by former Barclays executive Jerry Del Missier had previously met with a number of potential buyers, the people said, before pausing any process.
ShareResizeThe City institution is undergoing a raft of changes in its top teamPhoto: Timon Schneider/Getty ImagesRathbones is overhauling its leadership team months after its new chief executive Jonathan Sorrell took the reins of the business.Andy Brodie, chief operating officer, and Gaynor Gillespie, chief people officer, will exit the business to pursue opportunities elsewhere, the FTSE 250-listed wealth manager said in a statement.
ShareResizeSome clients of the the Bristol-based platform saw incorrect balances on their accounts on 11 SeptemberPhoto: James Beck/Getty ImagesThis is an online version of Financial News’s wealth management newsletter. To subscribe click hereSome Hargreaves Lansdown customers were given the fright of their lives before their morning cuppa today.
ShareResizePhoto: Jakub Porzycki/Getty ImagesThis is an online version of Financial News’s wealth management newsletter. To subscribe click hereThe battle for dominance in the UK’s wealth management industry has seen banks pulling out all the stops to entice wealthy Brits to do business with them.
ShareResizeUK wealth firms, which are significantly cheaper than their US counterparts, look like especially attractive targetsPhoto Illustration: Julia Manga/iStockphoto/Getty ImagesThe blockbuster acquisition by a US rival of two of Britain’s biggest wealth managers is a sign that more transatlantic tie-ups are coming and consolidation of the UK wealth industry has further to run.Corient, a Miami-based private wealth manager, announced on 2 September that it had inked a deal to buy Stonehage Fleming and Stanhope Capital. The firm, which is backed by Mubadala Capital, is now the world’s largest non-bank wealth manager, the transaction having doubled its assets to $430bn, and given it a presence in Emea.
ShareResizeThe Geneva-headquartered private bank has turned to a City law firm veteran for its latest hirePhoto: Bloomberg/Getty ImagesLombard Odier has hired a partner from law firm Charles Russell Speechlys to join its UK wealth team.Sophie Dworetzsky will become head of wealth planning UK when she arrives at the Swiss wealth manager on 22 September, the firm said in a release.
ShareResizePhoto: Smith Collection/Gado/Getty ImagesBank of America is rolling out a private markets programme for its super-rich clients as demand for the asset class continues to surge.Merrill Wealth Management and Bank of America Private Bank said they would provide ultra high net worth investors, who have a net worth of $50m or more, with exclusive access to private markets deals.
ShareResizeNew chief executive continues bid to simplify AberdeenPhoto: Alamy Stock PhotoAberdeen has struck a deal to sell its financial planning business to advice firm Ascot Lloyd.Chief executive Jason Windsor said the deal will help the £518bn fund group streamline and simplify its business structure.
ShareResize'Europe is probably the most important growth opportunity for us,' Adam Tejpaul tells FNPhoto: Getty ImagesJPMorgan is gearing up for a hiring spree of private bankers to try to attract more ultra wealthy clients in Europe, Latin America and Asia.Adam Tejpaul, chief executive of JPMorgan’s international private bank, toldFinancial Newsthat the New York-headquartered bank plans to recruit 200 wealth advisers outside the US next year.
ShareResizeApollo Emea wealth boss Veronique Fournier says it hopes to have two to three wealth advisers in its new Paris office by the end of 2026Apollo’s Emea wealth boss has said the private credit giant is “open” to partnerships with direct-to-consumer investment platforms as it looks to penetrate the retail wealth market.Veronique Fournier toldFinancial Newsthat the $840bn alternatives asset manager has traditionally partnered with distributors, such as global private banks, wealth managers, multi-family offices and independent financial advice firms.
ShareResizeMark FitzPatrick, CEO of St James's Place, which is the UK's largest wealth managerIt’s a great time to be an investor in one of Britain’s wealth managers. After years of disappointing performance, UK-listed wealth firms are finally delivering double-digit returns.St James’s Place, the biggest of the bunch with £212.4bn in assets, has seen its share price shoot up around 60% this year. Meanwhile, FTSE 250-listed Quilter and Rathbones are up 19% and 9% year-to-date, respectively.
ShareResizeBusily going nowhere: SPW had £15.7bn of assets at the end of 2024 — just 20% more than it started out with in 2019Photo: AlamyWe’re celebrating one year of FN Wealth Management with exclusive news, features and interviews. Sign up to our weekly email to read all our coverage of the sector.When Lloyds Banking Group called time on its ill-fated Personal Wealth joint venture with Schroders in October, the decision brought the curtain down on a six-year relationship between two City titans.
ShareResizeListen(4 min)Photo: Getty ImagesThis is an online version of Financial News’s wealth management newsletter. To subscribe click hereFN Wealth Management turns one this week. It’s hard to believe that it’s only been a year since we launched our dedicated coverage of the sector.I’m immensely proud of what we’ve achieved so far. We’ve broken some of the biggest people moves this year, includingCamilla Stowell’s exit from Coutts,a major overhaul at the top of JPMorgan’s private bank in Emea, theresignation of UBS’s UK high net worth bossandJonathan Leach’s promotion to run Citi’s UK private bank.Newsletter Sign-upWealth ManagementAll the latest updates from private banking, family offices, discretionary fund management and morePreviewSubscribeOur subscribers have also been treated to exclusive interviews with some of wealth’sbiggest namesand up and comers, as well as deep dives spanning comeback plans atJulius BaerandSt James’s Place,UBS’s growth ambitions in the USandHSBC’s wealth hiring spree.To mark our one-year anniversary, Financial News is bringing our subscribers a bevy of special content over the coming weeks.Up first, we’ve got a fresh analysis of how wealth managers arequietly tapping into the private markets boom.They may have been slow to get out the gate thanks to operational hurdles, which have wedded them to daily-dealing funds. But the rise of new evergreen fund structures, which permit investors to retrieve their money on a monthly, quarterly or semi-annual basis, is opening up the possibility of broadening exposure to retail investors.read moreWhy Apollo is open to new types of wealth partnershipsFCA warns over conflicts of interest and debt levels among wealth consolidatorsMultiple senior executives at private capital firms told FN that Britain’s biggest wealth managers were ready to start allocating to unlisted investments such as private equity and private credit. Some are months out from launching their own products.However, this “turning point” for private assets comes as regulators and major investors sound the alarm over a possible mis-selling scandal, fresh off the collapse of First Brands and Tricolor in the US.If you want to read that, and the rest of our exclusive coverage of the sector, you’ll need to be anFNsubscriber. You can request a free trial by emailing licensing@fnlondon.com. You can find our weekly newsletter here too.What the hell happened?Next, my colleague Justin Cash and I ask: ‘What the hell happened to Schroders Personal Wealth?’Documents seen by FN show that the Lloyds Banking Group and Schroders joint venture had lofty ambitions of hitting aggressive profit targets and thought its charging model would see it “capture more margin than any of its peers”.Article continues belowThat did not come to pass, despite significant cross-selling efforts and major tech upgrades.Rathbones wealth CEO Camilla Stowell advises women in the City to 'do it your way'Speaking of exclusive interviews,FNcaught up with ex-Coutts private banking boss Stowellfresh into her new role at Rathbones.She shared her predictions for wealth management in 2026, her advice for women starting their careers in finance, and her favourite City haunt.We’ve also got a scoop about acorporate bond push at RBC’s wealth arm, and op-eds on everything fromprivate equity’s pursuit of the sectortothe impact of AIand therace for global wealth.Evelyn Partners sale updateElsewhere, Evelyn Partners has joined the string of wealth managersjumping on the AI bandwagon.FNrevealed today thatGoldman Sachs has been added to the roster of adviserstrying to get a sale of the UK wealth giant over the line.Meanwhile,Citi lost another wealth leaderas Hannes Hofmann, the global head of its family office business, departed the Wall Street bank.To close out, I want to give a huge thank you to all of our newsletter subscribers, who have come along for the ride.Newsletter Sign-upWealth ManagementAll the latest updates from private banking, family offices, discretionary fund management and morePreviewSubscribeYour feedback and enthusiasm for our wealth management endeavour has meant the world.Want to read all of our exclusive coverage of the sector? Request a free trial by emailing licensing@fnlondon.com.Write toKristen McGachey at kristen.mcgachey@dowjones.com
ShareResizeLloyds' joint venture with the fund giant has trimmed staff costs amid an uncertain futurePhoto: Chris Ratcliffe/Bloomberg/Getty ImagesHeadcount at Schroders’ wealth tie-up with Lloyds slumped by nearly 10% in 2024, as it looked to shore up costs and bounce back from a year of losses.Average staff numbers at Schroders Personal Wealth fell from 885 to 814 last year, latest accounts show.
ShareResizePrivate equity firms are eyeing alternative sources of money from the private wealth industryPhoto: Getty ImagesBuyout bosses are facing a swathe of questions from their institutional investors as the flood of retail money raises uncertainty for their traditional backers.Limited partners have been handed a list of nearly 50 suggested questions by their trade body to ask private equity managers during meetings.
ShareResizeQuilter’s assets under administration and management during the first half were up 12% compared to the same period in 2024Photo: Alamy Stock PhotoQuilter, the FTSE 250 wealth firm, has recorded a bounce back in its total assets to £123.4bn over the first half of the year, having previously taken a hit from US president Donald Trump’s global tariffs.The firm’s assets under administration and management were up 12% during the period, compared to £110.6m during the same six months in 2024, according to interim results published on 6 August.
ShareResizeMonument Bank is targeting a New York listing, according to reports, but its CEO Ian Rand says the fast-growing digital lender hasn't discounted LondonMonument Bank has not ruled out an IPO on the London Stock Exchange, even as it eyes a potential float in New York, its chief executive has toldFinancial News.Former Barclays executive Ian Rand confirmed the UK challenger bank would pursue an IPO in the coming years. But he added that a decision has not been made about where the firm will list.
ShareResizeThe watchdog’s multi-firm probe examined how major consolidators of wealth managers and financial advisers are managing risks, debt and integration following an acquisitionPhoto: Bloomberg via Getty ImagesThe Financial Conduct Authority has sounded the alarm over potential conflicts of interest and high debt levels in its landmark review into M&A deals in the UK wealth sector.The watchdog’s multi-firm probe, which was launched last October, examined how major consolidators of wealth managers and financial advisers — such as private equity firms — are managing risks, debt and integration following an acquisition.
ShareResizeWhat’s behind the Cirencester-based wealth giant’s rebound?Photo: Mike Kemp/Getty ImagesThis is an online version of FN’s weekly wealth management newsletter. To subscribe, click hereSt James’s Place has enjoyed a reversal in fortunes in more ways than one. Itschief executive Mark FitzPatrickhas engineered a comeback at the wealth giant by slashing costs and overhauling its complex charging structure.
ShareResizeBuyout shops are looking at the human-capital-driven services industries for their next roll-up targetsPhoto: Getty ImagesWe’re celebrating one year of FN Wealth Management with exclusive news, features and interviews. Sign up to our weekly email to read for all our coverage of the sector.Callum Pirie is a director for financial services and fintech investment banking at Houlihan Lokey
ShareResizeThe battle for top wealth talent is intensifying at global banksPhoto: Mike Kemp/Getty ImagesCitigroup veteran Selim Elgen has joined JPMorgan’s private bank in the Middle East,Financial Newshas learned. Elgen will be based in JPMorgan’s Dubai office and will look to expand the US bank’s book of ultra wealthy families in the Middle East and North Africa region, people familiar with the matter toldFN.
ShareResizePrivate banks are looking to broaden their investor base into alternativesPhoto: Michael Nguyen/Getty ImagesAs banks continue their push into private markets, a landmark partnership struck by Deutsche Bank last month could be the first of many.Deutsche’s wealthy clients will be able to invest in unlisted assets as part of a fund launched with in-house asset management arm DWS and private markets giant Partners Group on 23 September.
ShareResizePhoto: SOPA Images/LightRocket via Getty ImagesOctopus plans to accelerate its push into the UK retail wealth market following a deal to buy Virgin Money’s investment arm.Octopus Money, the group’s online investment platform, has agreed to purchase Virgin Money Investments subject to approval by the Financial Conduct Authority, it said in a statement on 5 August.
ShareResizeJames Whittaker said he would continue to grow headcount as Deutsche Bank wins more ultra rich clients in the regionDeutsche Bank is eyeing further hires for its UK wealth business as it ramps up its push in the ultra high net worth space.James Whittaker, head of the private bank in the UK and Nordics, toldFinancial Newshe would continue to grow headcount as the German lender wins more ultra rich clients in the region.
