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2025 Legal employment outlook

The legal employment market shows steady growth for 2025, with increased job openings and significant growth in corporate law, mergers and acquisitions, corporate governance and regulatory compliance. Research by the Law Society shows that “nearly half of firms (49.3%) identified an opportunity to increase market share, particularly in relation to sector or service line specialisms” (The Law Society: Strategic sector insights for the legal profession in 2025).However, as firms look to grow many have experienced challenges with recruitment. LegalFutures report that “three-quarters of law firms and in-house legal departments have found it difficult to hire in the last 12 months” (LegalFutures: Most law firms and in-house teams struggling to recruit). Although our research shows that 67% of professionals across the legal sector are planning to change jobs in the next year, there seems to be a misalignment between employer and employee expectations with many employees citing a strong dissatisfaction with salaries, workload and flexibility structures. Additional insights from our 2025 Legal Salary Guide and Market Sentiment report include a range of interesting factors employers and professionals should pay attention to58% of employees said they are dissatisfied with their current job 58% of respondents said they are dissatisfied with their job, and 67% said they plan to change jobs next year. Some reasons include; toxic cultures, lack of diversity, workload and distrust in leadership. Comments from respondents illustrated low morale and frustration with various issues. Statements include, “Job satisfaction and morale is currently at an all-time low”, “Partners and other interviewers are very good at saying the ‘right’ things, and other associates are generally not open about their experiences or try to minimise their negative experiences”, and “Commoditization of law firms and legal work is not in the best interests of staff or clients”.A study conducted by the Law Society of over 2,000 solicitors shows significant concerns relating to wellbeing and job fulfilment. Since 2019, there was a “30% increase in…members…reporting that their work goes beyond their contracted hours and impacts…their personal life” and a “16% increase in the proportion of members who find it difficult to relax in their personal time because of work” (The Law Society: The results are in – how do solicitors feel about their profession?).75% of employees said they haven’t received a performance related bonus in the past yearWhen asked what was most important when looking for a new role, professionals said their top three were; pay, non-financial benefits and firm culture. 2023 has seen many firms re-evaluate their cost base and reduce overheads which has impacted salary growth and bonuses. Some salaries have plateaued, with firms exploring alternative avenues, such as mentorship, training, and lifestyle benefits, as tactics for rewarding performance. However, as many people battle with the rise in living expenses compensation continues to be a critical driver for job satisfaction and moves.Positive and supportive working environments continue to be key for professionals, especially when it comes to flexible working and a healthy work-life balance. With remote working impacting collaboration, professional development and relationships, some firms have increased mandatory days in the office, which remains a sticking point between employer expectations and lifestyle needs. Work-life balance is a key challenge for the legal professionWith many professionals citing significant increases in workload, stress, and instances of burn out, it’s essential for employers to tackle the ‘always on’ culture that many law firms experience as the norm. Research from LawCare, found that “65% of those surveyed checked emails regularly outside working hours” (The Law Society: Could a right to switch off improve work-life balance for lawyers). Firms with the lowest attrition rates realise that it’s not as simple as stipulating working hours or vacation time in a contract, employers must proactively identify risks, address individual cases and empower employees to set boundaries.For more insights on the legal employment market, plus accurate salary data and hiring predictions for the next year access our 2025 Legal Salary Guide and Market Sentiment report. 

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How IDEX enabled independent broker, Hillier Buchan scale its operations and growth

BackgroundAs a 100% family-owned business, Hillier Buchan has always valued a personalised service and strong relationships with clients and staff. The firm prides itself on delivering a client-centric approach, offering a wide range of commercial and personal insurance products to clients across the UK.The owner of Hillier Buchan, Phil Buchan, was planning for his future retirement and wanted to ensure that his legacy was secure. Phil recognised that a new phase was necessary for the business to thrive, and he wanted to find a buyer who could continue offering an exceptional service to his clients and also maintain the honest, authentic and positive culture he had built for employees. The challenge, however, was finding the right buyer who could help transition the business without losing the essence of what Hillier Buchan had built over the years.IDEX Consulting’s solution IDEX was approached by Phil to help him find the right buyer. The challenge was clear. We needed to find a partner who could step in and maintain the high level of personal service Hillier Buchan was known for, while also offering the operational support and growth opportunities needed to take the business into the future. The solution needed to align with Phil’s long-term goal of stepping away gradually from the business, whilst still staying involved enough to ensure a smooth transition.IDEX’s approach was methodical and thoughtful. We took the time to understand the unique aspects of the business, Phil’s aspirations for retirement, and the specific buyer requirements which could offer both operational support and expansion opportunities.Once we had a clear picture, we used our extensive network and expertise to introduce the company to a variety of potential buyers. After a couple of conversations, Hillier Buchan was introduced to CISL (Commercial Insurance Solutions Ltd), a larger firm that aligned well with the owner's vision, objectives and cultural ethos.Why Hillier Buchan chose to work with usThe decision to partner with IDEX was rooted in trust and the ability to provide a level of care and expertise that larger firms could not offer. As a small, independent broker, Phil had been approached by various firms in the past, but was unsure which option would best meet the firm’s personal and professional needs.“IDEX's approach was different. The thought of selling my business and retiring, was a bit scary at first. But soon after I met with Kim Masters, our lead M&A advisor, I felt supported and like I was amongst friends, which made the process a lot easier and actually quite exciting. Kim took the time to listen to my goals and concerns. She spoke openly about the process and the options available, without any hidden agenda or sales-driven pressure. This transparency, combined with IDEX’s deep understanding of the insurance market and its vast network of connections, made it easier for us to make informed decisions. The sense of security and open communication made all the difference”, said Phil.This personal, careful and considerate client-first approach was one of the main reasons why Hillier Buchan chose to partner with us, they knew we would be just as invested in their long term success.The resultsKim and the IDEX M&A team found the right buyer for Hillier Buchan in just a few months. The sale process, which began in March, culminated in a successful transaction which completed on 1st August to Commercial Insurance Services Ltd (CISL). During this time, the business was supported by IDEX at every step, ensuring that the transition was smooth, transparent, and in line with the owner’s vision.The benefits of the transaction were immediate. For Phil, the deal not only provided the ability to step away from the day-to-day running of the business but also freed up valuable time to enjoy personal pursuits. He noted, humorously, that he was able to take his first holiday in 22 years without having to check his computer screen, an achievement that speaks volumes about the impact of this transition on his work-life balance and life quality.Hillier Buchan’s clients benefited from the added resources and wider market access provided by CISL. The new partnership allowed the firm to scale operations, offer more comprehensive services, and tap into new opportunities for growth. This collaboration has been a win-win for all parties involved.“Kim talks to you on a level, she understand the challenges of small independent broker and I personally feel, just genuinely wants to help. IDEX have so many connections and relationships across the insurance market, you’d be a fool not to speak to them if you’re thinking about selling your business. I highly recommend IDEX to any brokerbroker considering a similar move, your interests will be in trusted hands”, added Phil. The partnership with IDEX enabled Hillier Buchan to find a buyer who could continue their reputation of exceptional client service while providing operational and growth support. The process was seamless, the advice was invaluable, and the results have been life-changing for the owner. IDEX's expertise, personal approach, and market knowledge played a crucial role in the success of this transition. If you’re exploring your business’ growth options, looking for intel on the M&A market or considering a sale get in touch with our experienced M&A team who will be happy to help.

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General Insurance newsletter Friday 7th February 2025

Insurance NewsHow predictive analytics is shaping the insurance sector - Predictive analytics is transforming the insurance sector by improving fraud detection, optimising customer experience, streamlining claims processing, and enabling personalised pricing. Insurers are increasingly using large data sets and machine learning to predict outcomes, detect anomalies, and deliver more tailored services. These tools not only boost operational efficiency but also improve profitability and customer satisfaction. As AI and other technologies evolve, predictive analytics will continue shaping the industry by offering deeper insights and agility. (IDEX Consulting news, 'How predictive analytics is shaping the insurance sector')The gender parity challenge for insurance professionals - The insurance industry faces ongoing gender parity challenges, especially in leadership roles, where women and ethnic minorities remain underrepresented. Gender pay gaps and unconscious biases persist, alongside a shortage of female role models and mentorship opportunities. Effective diversity strategies, targeted recruitment, and addressing pay gaps are key to improving equality. Employers are encouraged to invest in long-term bias training and mentorship programmes to foster growth and provide clear career progression for women. (IDEX Consulting news, 'The gender parity challenge for insurance professionals')How to negotiate a pay rise - It’s important to research comparable salaries, highlight your value through documented achievements, and be prepared to discuss your contributions. If a pay increase isn't possible, explore other benefits like career development or flexible working arrangements. It's also crucial to make the discussion about mutual benefit for both you and the company. Read our advice piece that includes strategic advice from our recruiters on how to negotiate a pay rise effectively. (IDEX Consulting news, 'How to negotiate a pay rise')The impact of robo advisers on the FS market- Robo-advisers are reshaping the financial services market by offering cost-effective, automated investment advice to a broader audience. They democratize access to wealth management services, particularly benefiting younger, tech-savvy investors. However, they face challenges in personalised advice and complex financial situations. Traditional financial advisers remain crucial for high-net-worth clients seeking tailored strategies. Robo-advisers also drive firms to innovate and enhance their digital offerings. (IDEX Consulting news, 'The impact of robo advisers on the FS market')Aviva GCS has introduced political violence & terrorism and accident & health insurance to the Lloyd’s market via Probitas, following its July 2024 acquisition, with binding available from February 1, 2025. (Kenneth Araullo, 6/2/2025, Insurance Business, 'Aviva launches PVT and accident & health insurance via Lloyd’s market')Rokstone has launched a $10 million Lloyd’s-backed D&O and PI combined facility for financial institutions in the UK, Europe, and the Caribbean, targeting private equity firms, hedge funds, investment managers, and credit institutions. (Kenneth Araullo, 6/2/2025, Insurance Business, 'Rokstone launches US$10 million Lloyd's-backed D&O and PI facility')The FCA’s new commission disclosure rules (Dec 2023) have intensified scrutiny on transparency in multi-occupancy buildings insurance, raising questions about MGAs’ regulatory position. The MGAA has lobbied to establish MGAs as insurers' agents, not intermediaries, ensuring clarity for members amid evolving regulations. (Mia Wallace, 6/2/2025, Insurance Business, 'Securing clarity from the FCA on commission disclosure rules for MGAs')The Cyber Monitoring Centre (CMC) has launched as a world-first initiative to categorise major cyber incidents affecting UK organisations, ranking severity from one (least) to five (most). Chaired by former NCSC CEO Ciaran Martin, the CMC will assess incidents with a potential financial impact over £100 million. Edward Lewis, CEO of CyXcel, highlighted its origins in response to market concerns over the Lloyd’s cyber war bulletin, aiming to bring clarity to attribution, exclusions, and insurance implications. (Mia Wallace, 6/2/2025, Insurance Business, 'Behind the scenes of a world-first launch – the Cyber Monitoring Centre')Allianz UK identified 33,027 insurance fraud cases in 2024, totalling £157.24 million—a 10% rise from 2023. With 90 cases daily (£430,000), claims fraud accounted for £141 million, while application fraud exceeded £15 million. The trend extends beyond Allianz, as Ecclesiastical also prevented over £4 million in fraudulent claims, up nearly £1 million from 2023. (Kenneth Araullo, 6/2/2025, Insurance Business, 'Allianz UK reports £157 million in insurance fraud cases for 2024')Aviva’s GCS division has expanded into Lloyd’s via Probitas, introducing political violence & terrorism (PVT) and accident & health insurance, available for binding from Feb 1, 2025. PVT, a new business line under the GCS Crisis Management Division, covers risks like civil commotion, riots, strikes, terrorism, and war for international businesses. This follows Aviva’s July 2024 acquisition of the platform, aligning teams over seven months to enhance market reach and integrate the syndicate into its operations. (Kenneth Araullo, 6/2/2025, Insurance Business, 'Aviva launches PVT and accident & health insurance via Lloyd’s market')Litica has secured Lloyd’s approval to extend its coverholder status to Europe, adding to its UK and Asia-Pacific authorisation. Litica Europe now has full delegated authority to underwrite commercial litigation insurance, with adverse costs limits up to €15 million—one of the highest granted in the sector. (Josh Recamara, 6/2/2025, Insurance Business, 'Lloyd's coverholder gets European boost')AEGIS London has launched a Lloyd’s consortium to cover complex political violence risks, offering policy limits up to $100 million. The single-source solution, led by War and Terrorism Underwriter James MacDonald, covers threats like sabotage, riots, insurrection, and war across sectors including retail, industrial, logistics, and construction. (Josh Recamara, 6/2/2025, Insurance Business, 'AEGIS London launches Lloyd's consortium on political violence risks')The MGAA continues its rapid growth, welcoming Addept Insurance Services as a new member. Founded in May 2024 by Richard Finan, former Arc Legal Assistance Director, Addept operates a hybrid model across capacity, distribution, and strategy. MGAA CEO Mike Keating encouraged its active participation in raising industry standards. (Josh Recamara, 6/2/2025, Insurance Business, 'Addept Insurance joins MGAA')The MGAA continues its rapid growth, welcoming Addept Insurance Services as a new member. Founded in May 2024 by Richard Finan, former Arc Legal Assistance Director, Addept operates a hybrid model across capacity, distribution, and strategy. MGAA CEO Mike Keating encouraged its active participation in raising industry standards. (Josh Recamara, 6/2/2025, Insurance Business, 'Addept Insurance joins MGAA')Howden Group reported a 23% increase in adjusted revenue to £3.01 billion for FY 2024, up from £2.44 billion in 2023. Organic revenue grew 15%, and adjusted EBITDA rose to £922.2 million with a steady margin of 31%. Growth was seen across divisions, with insurance broking up 14%, reinsurance up 30%, and DUAL (MGA) up 6%. New teams in sectors like treaty reinsurance, aviation, and construction contributed 30% to organic growth, alongside expansion in Australia, Greece, the Middle East, Singapore, and Japan. (Kenneth Araullo, 5/2/2025, Insurance Business, 'Howden group revenue surges 23% to £3 billion in 2024')Global commercial insurance rates dropped by 2% in Q4 2024, marking the second consecutive quarterly decline after seven years of increases, according to Marsh's Global Insurance Market Index. The decline follows a 1% drop in Q3 and reflects pricing moderation across multiple lines. Marsh attributed the decrease to increased competition in commercial property, stabilisation in financial lines, moderated casualty increases, and lower cyber insurance rates. Regional trends included an 8% decline in the Pacific, 5% in the UK, 3% in Asia, and 2% in Europe and Canada. (Kenneth Araullo, 5/2/2025, Insurance Business, 'Global commercial insurance rates drop 2% in Q4 – Marsh')Willis Towers Watson is shifting focus to mergers and acquisitions (M&A) after meeting key earnings and revenue targets in 2024. The company reported Q4 adjusted earnings of $8.13 per share, surpassing analysts' estimates, with full-year earnings of $16.93 per share. CEO Carl Hess stated that, after prioritising core strategies, WTW is now seeking external capabilities to add value. Since Hess took over in January 2022, WTW's stock has risen 39%, outperforming the industry benchmark. (Josh Recamra, 5/2/2025, Insurance Business, 'WTW to shift focus after smashing targets')Zurich has enhanced its private client proposition with updated home and motor products, effective immediately for both new and existing clients. The insurer increased its 'green cover' from £5,000 to £25,000 to support sustainable property repairs. In response to inflation, Zurich now covers up to 200% of jewellery valuations, or an additional £100,000, for items whose value has increased within the last three years. (Josh Recamara, 5/2/2025, Insurance Business, 'Zurich enhances private client offerings')SCOR reported a 9.6% increase in estimated gross premium income (EGPI) for its January 2025 P&C reinsurance renewals, maintaining underwriting discipline and expanding in preferred business lines. Despite increased capital supply making the market slightly more competitive, SCOR upheld stable terms and conditions while maintaining net profitability in its P&C reinsurance portfolio as part of its Forward 2026 growth strategy. (Kenneth Araullo, 4/2/2025, Insurance Business, 'SCOR reports 9.6% growth in P&C reinsurance renewals for 2025')Everest Group reported a net loss of $593 million for Q4 2024, primarily due to reserve strengthening in US casualty lines, compared to a net income of $804 million in Q4 2023. For the full year, the group achieved 9.2% total shareholder return, with gross written premiums of $18.2 billion, reflecting 9.1% growth overall, 12.2% for Reinsurance, and 4.0% for Insurance. (Josh Recamara, 4/2/2025, Insurance Business, 'Everest Group posts full-year premium growth despite Q4 losses')Auxillis has partnered with Howden UK&I’s corporate and commercial division to provide claims management services, including vehicle replacement, repair services, and full first notification of loss (FNOL) provision. The partnership offers Howden’s corporate clients a comprehensive solution for post-incident management, covering information gathering, liability assessment, vehicle recovery, repair coordination, and replacement vehicle hire. Financial terms were not disclosed. (Josh Recamara, 4/2/2025, Insurance Business, 'Auxillis partners with Howden for claims management services')Gallagher reported continued revenue growth, with Q4 2024 total revenues reaching US$2.68 billion, up from US$2.39 billion in 2023. Net earnings were US$258.2 million, a turnaround from a net loss of US$39.6 million in Q4 2023. The brokerage segment saw a revenue increase to US$2.3 billion, up from US$2.05 billion, with net earnings rising to US$317.3 million from US$24.8 million. Adjusted net earnings were US$491.2 million, up from US$402.4 million in Q4 2023. (Kenneth Araullo, 3/2/2025, Insurance Business, 'Gallagher Bassett grows specialty claims services with W K Webster deal')Aon reported fourth-quarter revenue of $4.1 billion, a 23% increase from the previous year, driven by acquired revenues from NFP and 6% organic growth. Risk capital revenue rose 13% to $2.5 billion, while human capital revenue increased 41% to $1.6 billion. Operating income grew 40% to $1.1 billion, with an operating margin of 26.3%, and adjusted operating income rose 21% to $1.38 billion, though the adjusted margin slightly declined to 33.3%. (Josh Recamara, 3/2/2025, Insurance Business, 'Aon reports notable growth in revenue in fourth quarter')Mergers and AcquisitionsThe Clear Group has acquired Dublin-based Phelan Caswell Insurances (PCI), including its financial planning assets, as part of its Irish expansion, with PCI’s leadership and 18 staff remaining in place. Managing Director Mark Phelan said the deal will enable them to offer a wider range of products and services with greater access to expertise and solutions. (Josh Recamara, 7/2/2025, Insurance Business, 'Clear Group buys Dublin-based insurance broker')Macbeth has acquired Insurance Services Surrey (ISS), boosting its Group GWP to £45 million and expanding its Reading team to 73, with ISS leadership and staff staying on board. The move aligns with Macbeth’s strategy to grow while prioritising client service and workplace culture. (Josh Recamara, 7/2/2025, Insurance Business, 'Macbeth completes insurance acquisition')JAB Holding, the German investment firm behind Krispy Kreme and Pret A Manger, has acquired Prosperity Life from Elliott Management for over $3 billion, marking its entry into US life insurance and positioning it against Wall Street giants like Apollo and KKR. (Josh Recamara, 7/2/2025, Insurance Business, 'Krispy Kreme owner swoops for insurance firm')Miller has reached an agreement to acquire AHJ Holdings Ltd, parent company of Alwen Hough Johnson Ltd and AHJ Europe AS, with the deal expected to close in Q2 2025. The acquisition will enhance Miller's treaty reinsurance capabilities and expand its presence in the Nordic, Caribbean, and North American markets. AHJ, founded in 1973, specialises in property, casualty, marine, and energy reinsurance, with 90 employees across London and Scandinavia. (Kenneth Araullo, 4/2/2025, Insurance Business, 'Miller to acquire AHJ Holdings, expanding reinsurance capabilities')Gallagher Bassett, the claims and risk management subsidiary of Arthur J. Gallagher & Co, has acquired W K Webster & Co Ltd, a marine and transit claims management firm. W K Webster, headquartered in London with offices in Singapore, the US, and the Netherlands, provides global claims management services. Anthony Smith and the W K Webster team will join Gallagher Bassett and report to Manan Sagar, who leads operations in Europe, the Middle East, and Asia. The acquisition strengthens Gallagher Bassett’s specialty capabilities in marine and transit claims. (Kenneth Araullo, 3/2/2025, Insurance Business, 'Gallagher Bassett grows specialty claims services with W K Webster deal')Howden is in discussions to acquire US-based Risk Strategies, with talks involving Risk Strategies' private equity backer, Kelso & Co. The deal is not yet final, according to sources. Acquiring Risk Strategies, one of the largest privately held US insurance brokers, would mark Howden’s expansion into the American retail insurance market, a move widely anticipated. Howden is also viewed as a potential candidate for an initial public offering. (Kenneth Araullo, 3/2/2025, Insurance Business, 'Howden in negotiations to acquire US-based Risk Strategies')MoversWestfield Specialty International has appointed Harry Brantingham as a General Liability Underwriter in London, reporting to Paul Davidson; he joins from AXA XL after nearly seven years in underwriting roles. (Josh Recamara, 7/2/2025, Insurance Business, 'Insurance moves: Westfield Specialty, Wrisk, More')Wrisk has appointed Christen Smith as Director of platform sales (UK and Europe), a new role supporting its expansion in embedded insurance for automotive brands; she joins with leadership experience at Zurich and other insurtechs, reporting to COO Shiv Bhaduri. (Josh Recamara, 7/2/2025, Insurance Business, 'Insurance moves: Westfield Specialty, Wrisk, More')Sompo has appointed Lily Claydon as Chief Risk Officer for APAC, effective March 3, 2025; she brings senior risk management experience from AIG, BoltTech, and FWD Group and holds a CFA and a double master’s from the University of Sydney. (Kenneth Araullo, 6/2/2025, Insurance Business, 'Sompo names Lily Claydon chief risk officer for APAC')Ignite Specialty Risk has appointed Matthew Evans as Litigation Portfolio Manager in London, reporting to Jamie Molloy. Previously Of Counsel at RPC, Evans specialised in commercial and financial disputes after starting his career at Latham & Watkins. Twice recognised in the Legal 500, he was praised as an “outstanding litigator” in 2020. (Kenneth Araullo, 6/2/2025, Insurance Business, 'Insurance hires: Ignite Specialty Risk, WTW, Insurwave')WTW has appointed Derrick Easton as Global Head of Alternative Risk Transfer (ART) and Head of Western Europe for risk and analytics. Easton, who joined Willis in 2015, previously led the ART team in the U.S. He will focus on expanding ART globally and strengthening WTW’s Risk and Analytics in Western Europe, reporting to John Merkovsky and Hugo Wegbrans. Easton’s career began in 1994, with roles at Marsh and Aon in sales, client service, and alternative risk solutions. (Kenneth Araullo, 6/2/2025, Insurance Business, 'Insurance hires: Ignite Specialty Risk, WTW, Insurwave')Insurwave has appointed Premal Gohil as Chief Financial Officer, effective February 4, 2025. Gohil will shape the company’s financial strategy, enhance operational efficiency, and support growth. With leadership experience at Beazley, Liberty Mutual, and PwC, he brings expertise in financial management, innovation partnerships, and risk navigation, aimed at improving risk management accuracy and efficiency. (Kenneth Araullo, 6/2/2025, Insurance Business, 'Insurance hires: Ignite Specialty Risk, WTW, Insurwave')SCOR Business Solutions has appointed Holger Schaefer as Global Head of Casualty and Environmental Impairment Liability (EIL), effective March 1. With 35 years at Allianz, Schaefer held senior roles in casualty underwriting and sales, including CEO for AGCS Pacific and regional CEO for APAC at Allianz Trade. (Kenneth Araullo, 5/2/2025, Insurance Business, 'SCOR names Holger Schaefer global head of casualty & EIL')Dan Fiehn has rejoined Markerstudy Group as CTO, overseeing technology strategy alongside CIO Adam Miller and CTO Tara Walker. With 35+ years in insurance, Fiehn previously developed Markerstudy's IT division and integrated Co-op Insurance. A three-time CIO Top 100 Leader, he holds a BA in Law with Financial Services and is a Fellow of the BCS. (Kenneth Araullo, 5/2/2025, Insurance Business, 'Dan Fiehn returns to Markerstudy as CTO to drive tech strategy')Pen Underwriting has restructured to streamline commercial underwriting across the UK and Ireland, creating the Commercial UK & Ireland division. Sarah Breslin has been appointed Managing Director. The move follows Pen's 2024 expansion into Ireland with Wrightway Underwriting. Richard Webb, Managing Director of UK Financial Lines & Specialty Liability, will retire later this year after nearly four decades in the industry. (Roxanne Libatique, 5/2/2025, Insurance Business, 'MGA announces shake-up as big name retires')The Chartered Insurance Institute (CII) has appointed Adam Harper as Executive Director of strategy, advocacy, and professional standards, and Holly Porter as Executive Director of markets and opportunities, both effective in early March. Harper joins from the Association of Accounting Technicians (AAT), where he oversaw professional standards and policy. Porter joins from BCS, the Chartered Institute for IT, where she led the professional membership community and registrations portfolio. (Josh Recamara, 5/2/2025, Insurance Business, 'CII appoints two new executive directors')HDI Global has appointed Geoff Godwin as Chief Operating Officer for the UK and Ireland, effective April 28. With 32 years of industry experience, Godwin previously served as COO at AIG, overseeing underwriting operations, customer complaints, conduct, and product development. (Josh Recamara, 5/2/2025, Insurance Business, 'Insurance hires: HDI Global, DUAL UK, Lockton and Carrow Insurance')DUAL UK has made three senior appointments to support its growth strategy. Steve Kelly, with over 35 years of industry experience including roles at RSA and Allianz, has been appointed Managing Director of construction, focusing on expanding DUAL’s construction portfolio. James Ramira, a DUAL UK veteran since 2014, becomes Managing Director of regional P&C and social care, overseeing regional and commercial expansion. Georgie Petrou, previously with Chubb, Zurich, and Marsh, is appointed Head of Strategic Accounts. (Josh Recamara, 5/2/2025, Insurance Business, 'Insurance hires: HDI Global, DUAL UK, Lockton and Carrow Insurance')Lockton has appointed Mark Jones as its new International Chief Financial Officer, effective immediately. Jones, who has over 20 years of financial leadership experience, joins from Marsh, where he was CFO for Mercer Marsh Benefits and Marsh Specialty and Global Placement. As international CFO, he will oversee financial management and investment strategies across Europe, MENA, Asia-Pacific, and Latin America. (Josh Recamara, 5/2/2025, Insurance Business, 'Insurance hires: HDI Global, DUAL UK, Lockton and Carrow Insurance')Carrow Insurance has appointed Matt Davis as Business Development Underwriter, based in Dublin and reporting to CEO Ronan Conboy. With over 30 years of industry experience, Davis was previously Head of Underwriting at Euro Insurances DAC, managing a portfolio across 14 product lines in 20 European countries. (Josh Recamara, 5/2/2025, Insurance Business, 'Insurance hires: HDI Global, DUAL UK, Lockton and Carrow Insurance')TransRe has promoted Louise Rose to President, International, overseeing London, EMEA, and Asia Pacific operations, while continuing as CEO of TransRe London. Kyle Rhodes has been named President, Americas, expanding his role to include oversight of TransRe’s Latin American business. These changes follow the retirement of Andy Taylor, effective May 31. (Kenneth Araullo, 4/2/2025, Insurance Business, 'TransRe announces leadership changes as Andy Taylor retires')Tokio Marine HCC (TMHCC) International has appointed Stuart Heath as Head of Distribution – international, a new role to strengthen distribution relationships across the UK and Europe. Heath, who will continue as Head of Delegated Property, will collaborate with business units to enhance service delivery and support TMHCC's specialty products in the region. He reports to Simon Button, Chief Underwriting Officer. (Kenneth Araullo, 4/2/2025, Insurance Business, 'TMHCC appoints Stuart Heath to strengthen UK & European distribution')Arch Insurance UK Regional Division has promoted Ian Grundy, Janice Mullan, Tony O'Reilly, and Janine Starkie to Regional Manager roles for the Midlands & South West, South & Thames Valley, London & Home Counties, and North & Scotland, respectively. These moves align with the division’s growth strategy, enhancing collaboration and service delivery. Grundy was previously a Strategic Relationship Manager at AXA UK, Mullan a Broker Development Manager at Arista Insurance, O'Reilly Branch Manager at Fusion/Arista, and Starkie a Sales Manager at AXA UK. (Kenneth Araullo, 4/2/2025, Insurance Business, 'Arch Insurance UK promotes four to regional manager roles')AXA Climate launched Climate Studio to help organisations communicate their ecological transition more effectively. The initiative offers brand strategy, campaign design, and communication services, focusing on boosting climate-related messaging and driving action on sustainability. Claire Bayet, who has a background in climate and inclusion issues, has been appointed to lead the project. Bayet previously served as Strategy Director at BETC, specialising in climate and inclusion, and has supported public interest campaigns on anti-smoking and gender equality. (Josh Recamara, 4/2/2025, Insurance Business, 'AXA launches new climate initiative')Marek Garwacki has been appointed Non-Life Chief Underwriting Officer at PartnerRe, effective February 1. Garwacki, who has over 12 years with PartnerRe, previously served as Head of Group Retrocession and Chief of Staff. He has held various leadership roles in underwriting, strategy, and portfolio management, including overseeing specialty lines and legacy reinsurance projects. Before joining PartnerRe, Garwacki worked at AXA and held roles at the French Treasury and insurance regulator ACPR. (Kenneth Araullo, 3/2/2025, Insurance Business, 'PartnerRe appoints Marek Garwacki as non-life chief underwriting officer')Specialty MGA UK has appointed Sam Hui as Senior Underwriter for onshore construction and energy, expanding its capacity in the sector. With over 30 years of experience, Hui previously worked at Advent Syndicate 780, building a global network of brokers, insurers, and agents. His appointment aligns with Specialty MGA UK’s expansion strategy. (Kenneth Araullo, 3/2/2025, Insurance Business, 'Specialty MGA UK hires Sam Hui as senior underwriter for construction and energy')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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2025 Employee Benefits employment outlook

The employee benefits landscape will continue to undergo significant transformation in 2025, shaped by rising healthcare costs, evolving workforce demands, and changing regulations.As firms grapple with the lack of new talent entering the market, employers are competing to attract new talent and keep hold of existing employees. Talent gaps specifically at the mid to senior level exist, which has contributed to increased salaries and hiring costs. According to a report by the Recruitment Employment Confederation (REC) “two-thirds of large employers (67%) and more than half medium-sized employers reported shortages of candidates” (Personnel Today: Candidate shortage afflicts two-thirds of businesses).From our research 67% of employers across the employee benefits sector said their biggest challenge will be the shortage of suitable applicants, and 50% said they don’t think they have the talent needed to achieve business objectives. Additional insights from our 2025 Employee Benefits Salary Guide and Market Sentiment report include a range of interesting factors employers and professionals should pay attention to.46% of employees surveyed said they are dissatisfied with their job Reasons include; workload, lack of resources and support, and absence of training and development. Comments included; “There has been too much uncertainty and too many acquisitions”, “Volumes of work have increased without help, due to resource lost over the year”, “We have lost team members who haven’t been replaced. This has led to being overworked”, and “Not being given the time to learn and grow”.82% of employees aren’t on a long term incentive planWhen asked what employees felt were most important to them when looking for a new role, the majority said salary, followed by non-financial benefits and a good employer brand and reputation in the market. As employers continue to compete for skilled professionals, competitive compensation packages will be key. However, this will continue to be a challenge for the sector as business costs and pressures increase. A poll by the Chartered Institute of Professional Development (CIPD) found that “three quarters of respondents did not think they would meet employee pay expectations in 2024”, however “of employers who have had to raise wages in response to hard-to-fill vacancies fewer...are taking lower profits, absorbing costs or accepting higher overheads” (CIPD: Pay awards). Early pay predictions for next year show a “median pay award across all sectors [to] be 3.5 per cent” with awards “currently predicted to reduce by one per cent…compared to 2024” (Pay data: Pay trends and expectations – 2024 and 2025). 33% of employers aren’t sure if they use their employer value proposition to attract talent Having a compelling, ‘human centred’ employee value proposition will set employers apart from their competitors. Working with external consultancies to develop this will help you to define the ‘why’ and ‘so what’ for your current workforce and prospective employees. Companies with a strong EVP have decreased attrition and better hiring success. For guidance on developing an effective employer value proposition get in touch.For more insights on the wealth management employment market, plus accurate salary data and hiring predictions for the next year access our 2025 Employee Benefits Salary Guide and Market Sentiment report.

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How predictive analytics is shaping the insurance sector

The insurance industry is undergoing a profound transformation, and at the heart of this change is the growing role of predictive analytics. As insurers face increasing pressure to stay competitive and deliver superior customer experiences, predictive analytics has become a cornerstone for improving risk management, fraud detection, operational efficiency, and customer service.As AI continues to revolutionise the insurance industry, brokers and insurers need to pay extra attention to how they can use sophisticated tools and resources to harness data for long term success. The real reinvention moving forward will be how organisations transition from isolated technology pilots to enterprise-wide implementation, to address industry-specific challenges like complex workflows, compliance mandates, and customer demands.Below we explore how predictive analytics is impacting the insurance sector and how insurers can use it to win in a competitive market.Enhanced risk assessment and underwritingOne of the most significant ways predictive analytics is transforming the insurance sector is by improving risk assessment and underwriting. Traditionally, underwriting involved manual assessments based on limited historical data, which often resulted in inefficiencies or inaccurate risk evaluations. With predictive analytics, insurers can now analyse large datasets, combining historical claims, external data sources, and customer information, to more accurately assess risk.For instance, car insurance companies are now able to predict the risk of accidents for individual drivers by analysing factors such as driving behaviour, traffic conditions, and even weather patterns. This predictive modelling not only ensures more precise pricing but also leads to better profitability and customer satisfaction. Insurers using predictive analytics have seen underwriting accuracy improve by up to 15%, leading to reduced claim frequencies and a more efficient underwriting process (Accenture: Why AI in Insurance Claims and Underwriting).Brokers and insurers are increasingly relying on data scientists and actuaries who specialise in predictive analytics to develop advanced underwriting models. As a result, there is growing demand for professionals skilled in machine learning and data-driven risk analysis.Fraud detection and preventionInsurance fraud continues to be one of the most significant challenges for the industry, with billions lost each year due to fraudulent claims. Predictive analytics plays a pivotal role in helping insurers detect and prevent fraud by analysing large volumes of claims data and identifying patterns that are indicative of fraudulent activity (Formotive: Predictive Analytics in Insurance | Top 6 Use Cases for 2024).By using machine learning algorithms to detect anomalies such as duplicate claims, inflated repair costs, or suspicious patterns of injury claims, insurers can flag high-risk cases early, preventing fraud before it results in significant losses. Insurers leveraging AI and predictive analytics have reduced fraudulent claims by up to 30%, enhancing their profitability while protecting honest policyholders (Invoca: How AI Is Transforming the Insurance Industry). Insurance brokers are also benefiting from these advancements by being able to offer more reliable products and services to their clients. With fraud detection capabilities built into predictive models, brokers can assure customers that their insurance is protected from fraudulent activities, providing a greater level of trust and security in their services.Customer experience optimisationIn an increasingly competitive insurance market, providing a superior customer experience is vital. Predictive analytics enables insurers to better understand customer behaviour and anticipate their needs, leading to more personalised services and interactions (Bolttech: How Predictive Analytics is Transforming the Role of Insurance Brokers). By analysing data from customer interactions, claims history, and external market factors, insurers can gain insights into when customers are likely to renew their policies or make a claim.For example, predictive models can help identify the ideal time for insurers to contact clients for renewals or to offer additional products such as life or home insurance. This approach not only increases cross-selling opportunities but also helps insurers build stronger relationships with their customers by providing relevant, timely offers. Using predictive analytics for customer engagement can increase retention rates and enhance satisfaction levels by offering tailored solutions (Deloitte: Transforming customer experience in insurance | Harnessing the power of Generative AI).Furthermore, brokers are leveraging predictive analytics to gain insights into clients' evolving needs, offering more targeted advice and recommendations. This proactive, data-driven approach to customer service helps brokers strengthen relationships and boost client loyalty.Claims processing and operational efficiencyClaims processing is one of the most resource-intensive aspects of insurance. However, predictive analytics is helping insurers streamline the process, reduce operational costs, and improve customer satisfaction. By predicting the severity of claims and potential delays, insurers can better allocate resources and prioritise claims that require immediate attention.Predictive models can also help estimate claim costs early in the process, allowing for quicker settlements and reducing the likelihood of disputes. Recent research has shown that insurers who use predictive analytics to streamline claims processing havereduced their processing times, leading to both operational cost savings and enhanced customer satisfaction (PWC: Insurance claims estimator uses AI for efficiency case study).The integration of predictive analytics into claims management systems also allows for better claims fraud detection, prioritisation, and cost estimation. As the role of brokers becomes increasingly intertwined with claims handling, brokers are expected to utilise these predictive insights to assist clients in navigating claims more efficiently, ensuring faster resolutions.Personalised pricing and product customisationPredictive analytics is allowing insurers to create personalised pricing models and tailored products. By analysing customer demographics, lifestyle choices, and behaviour patterns, insurers can offer better pricing that reflects specific risks associated with each policyholder.Predictive analytics enables insurers to become more agile in their product offerings, allowing them to quickly adjust policies in response to market changes or evolving customer needs (Guidewire: How is Predictive Analytics Used in Insurance?).What’s in store for 2025? As new technologies like artificial intelligence (AI), Internet of Things (IoT), and blockchain become more integrated into the industry, insurers will gain access to even more data sources, further enhancing the capabilities of predictive models.IoT devices, smart technology and new platforms will provide insurers with real-time data, allowing them to make even more accurate predictions about risk and customer needs. Research predicts that the combination of these technologies with predictive analytics will lead to more proactive and data-driven approaches to claims management, risk mitigation, and product personalisation (Nix United: Predictive Analytics in Insurance: Applications, Benefits, Trends).As insurers move toward a more data-driven future, there is a growing need for professionals who can leverage predictive analytics and machine learning algorithms to drive these advancements. This is creating a strong demand for data scientists, AI specialists, and actuarial professionals who can help insurers harness the full potential of predictive analytics.If you’d like support with your hiring strategy and are looking for specialist insurance talent, contact one of our insurance recruiters who will be happy to help.Sources:Accenture: Future of Insurance Technology ModernizationBolttecu: How Predictive Analytics is Transforming the Role of Insurance BrokerDeloitte: Transforming customer experience in insurance | Harnessing the power of Generative AIFormotive: Predictive Analytics in Insurance | Top 6 Use Cases for 2024Guidewire: How is Predictive Analytics Used in Insurance?Invoca: How AI is transforming the insurance industryNIX United: Predictive Analytics in Insurance: Applications, Benefits, TrendsPwC: The Impact of Predictive Analytics in Claims Processing

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Financial Services newsletter Friday 31st January 2025

Financial Services NewsSchroders 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 AcquisitionsEvelyn 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')MoversEvelyn 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.

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