Wealth Managers and Family Offices in UK

Wealth-Managers-and-Family-Offices-in-UK

Wealth Managers

Considered to being the oldest wealth management market in the world, the UK has a high density of wealth managers. In terms of location, there are just over 1,452 wealth managers in London, 101 in Manchester, 87 in Bristol and 73 in Edinburgh. For many of the wealth management firms’ post-2008 simply surviving is key, and in the long-term are concentrating on developing the most effective value propositions for their clients.

The following table presents the top-15 private banks in the UK along with their headquarters

Wealth Management Companies

Headquarters

St. James’s Place Wealth Management

Cirencester

Hargreaves Lansdown Asset Management

Bristol

Rathbones Private Clients

London

GLG Partners LP

London

N M Rothschild & Sons Wealth Management

London

Cazenove Capital Management Limited

London

Smith & Williamson Investment Management Private Clients

London

Cazenove Private Wealth Management

London

Quilter

London

Collins Stewart Wealth Management

London

Collins Stewart Hawkpoint Plc

London

Close Brothers Private Clients

London

Charles Stanley Private Clients

London

Williams de Broe Private Clients

London

JM Finn & Co. Private Clients

London

Family Offices:

The family office segment in the UK is not as mature as it is in Switzerland and the US. However, since London emerged as a global financial hub in the 2000s, there has been a surge of foreign ultra-rich individuals residing in the UK all aided by the nation’s ‘non-domicile status’ rule. This status helps them to avoid paying taxes on their earnings from their original countries. Many new family offices have been established during the last few years to cater to UHNWIs. Most of these family offices were created in the last 10−20 years.

Multi-family offices: In the UK there are a significant number of HNWI families in the US$10−100 million range that do not have the economies of scale to establish stand alone family offices. Multi-family offices cater to these families and allow them to co-invest and share due diligence and other administrative costs with other families. There are nearly 100 multi-family offices in Great Britain. Relative to the number of UHNWIs, the multi-family office segment is still underdeveloped in the UK, and there exists a great deal of opportunity for growth in this area.

Single family offices: Single family offices in the UK generally take the form of a private company that manages the investments and trusts of centimillionaires and billionaire families. The traditional family office provides a range of services including: managing household staff, property management, philanthropy coordination, legal and tax services and investment services.

About Anand Sai 33 Articles
Anand Sai has worked in the field of market research as an analyst and a consultant and has also operated at several leadership positions. He has an enormous experience with respect to the compilation of high-quality market research reports and boasts over six years of experience in end-to-end project management. Anand is a dependable voice in the market research field and has been named in some of the top industry publications. He is also a travel junkie and loves to explore new places with his friends.