Financial Services newsletter Friday 2nd May 2025

Financial Services News

Aberdeen’s advice arm saw £0.6bn in Q1 2025 outflows—its lowest since Q3 2023 and a 30% year-on-year improvement—attributed to service and platform enhancements; assets dropped to £73.7bn, while Interactive Investor offset losses with £1.6bn in inflows and 9% customer growth. (Financial Planning Today, 30/4/2025, 'Aberdeen Adviser sees £0.6bn Q1 net outflows')
George Kinder, Founder of the Life Planning movement, has secured a UK Innovator Founder Visa to launch the next phase of his global strategy from London, aiming to integrate Life Planning principles into workplaces and expand his mission across the UK. (Financial Planning Today, 29/4/2025, 'Kinder secures UK innovator visa to expand global vision')
Frenkel Topping reported record FUM of £1.56bn for 2024, with DFM assets up 26% to £1.03bn; revenues rose to £37.4m and pre-tax profits jumped nearly 31% to £4.2m. (Financial Planning Today, 28/4/2025, 'Frenkel Topping funds climb to £1.56bn')
Tech-savvy financial advice firms generate significantly stronger results, with 119% more recurring revenue, 105% more total revenue, 86% more AUA, and 39% more clients than low-adoption peers, according to Intelliflo’s latest eAdviser Index based on nearly 4bn user interactions. (Financial Planning Today, 28/4/2025, 'Tech savvy advisers outperforming rivals')
SIPP and SSAS provider InvestAcc reported a 16.3% rise in revenue to £10.5m for H2 2024, following its £41.5m acquisition and rebrand last October; it also agreed to acquire AJ Bell’s Platinum SIPP and SSAS business for £25m, completing later this year. (Financial Planning Today, 25/4/2025, 'InvestAcc revenue up 16% after SIPP acquisitions')
Jupiter Fund Management saw AUM fall by £1bn to £44.3bn in Q1 2025, driven by £1.5bn in retail outflows, partly offset by £1bn in institutional inflows; the company cited a challenging macro environment and investor sentiment towards risk assets. (Financial Planning Today, 25/4/2025, 'Jupiter assets fall by £1bn as outflows continue')
St James’s Place saw AUM drop £2bn to £188.6bn in Q1 2025 despite a 29% rise in gross inflows; the dip was attributed to global market declines, but net inflows more than doubled to £1.69bn, with gross inflows rising to £5.14bn, reflecting strong adviser-client relationships. (Financial Planning Today, 24/4/2025, 'Assets dip for SJP despite strong inflows')

Quilter reported record core net inflows of £2.28bn in Q1 2025, up 181% year-on-year and 16% higher than Q4 2024; CEO Steven Levin cautioned that market volatility could affect profitability this year. (Financial Planning Today, 23/4/2025, 'Quilter Q1 core net inflows rise 181%')
Shackleton (formerly Skerritts Group) has launched a personal injury and Court of Protection division after acquiring £1.4bn AUM IM Asset Management from Irwin Mitchell Group—its latest move under new CEO Paul Feeney and part of an ongoing expansion strategy that’s included 17 acquisitions since 2021, most recently PK Financial Planning. (Financial Planning Today, 23/4/2025, 'Shackleton launches £1.4bn AUM personal injury business')
Marlborough has launched a bespoke portfolio management service for advisers supporting high-net-worth clients, charities, and trustees; developed by Edward Kennedy, who joined the firm in June as Head of Bespoke Discretionary Fund Management, the service offers tailored portfolios, tiered fees, and is backed by a new IFA Charter to reinforce adviser partnerships. (Financial Planning Today, 22/4/2025, 'Marlborough adds new bespoke portfolio service for HNWs')
Tatton Asset Management reported record net inflows of £3.7bn in the past year, representing 22.3% of opening AUM; total AUM reached £21.8bn as of March 31, up from £17.6bn in 2024. The firm is on track to meet its £30bn AUM target by March 2029, having added £4.2bn in the first year. (Financial Planning Today, 15/4/2025, 'Record net inflows of £3.7bn for Tatton')
Quilter Cheviot Europe has launched three new international multi-asset funds—Balanced, Growth, and Equity—available in Euro, Sterling, US Dollar, and Singapore Dollar; the funds invest across equities, fixed income, and alternatives, and are accessible directly or via 10 platforms with a minimum investment of €20,000. (Financial Planning Today, 10/4/2025, 'Quilter Cheviot adds 3 international multi-asset funds')
The FCA is proposing a 2.8% increase in regulatory fees for advice firms, starting in April next year, as part of a consultation document (CP25/7); the funding requirement for fee-block A.13, which includes advisers, arrangers, dealers, and brokers, has risen by 3.4%, from £103m to £106.5m, impacting around 10,023 firms. (Financial Planning Today, 8/4/2025, 'FCA proposes 2.8% fee increase for advice firms')
In further news...The FCA is enhancing support for innovative firms through its 2025–2026 work programme, introducing measures such as assigning an authorisation case officer from the outset for firms using the regulatory sandbox, and launching the Private Intermittent Securities and Capital Exchange System (PISCES) to facilitate capital raising for private companies. (Financial Planning Today, 8/4/2025, 'FCA ramps up support for innovative firms')
Westerby Group, a Leicester-based wealth adviser and pensions firm, has transitioned to employee ownership through an Employee Ownership Trust (EOT). Founder and Chairman Les McLintic has transferred his controlling interest to the trust, enabling over 100 staff members to share in the company's future success. Established in 1986, Westerby now manages over £1.66 billion in assets and serves more than 5,000 clients across its offices in Leicester, Weymouth, and Manchester. (Financial Planning Today, 4/4/2025, 'Westerby Group moves to employee ownership')
Looking for a new career opportunity? Check out these latest jobs - IDEX Consulting's Financial Services job portal features over 230 opportunities across the UK, Europe, North America and Asia, including roles in wealth management, financial planning, compliance, and investment advisory. IDEX offers a salary calculator and a 2025 salary guide to assist professionals in navigating the financial services job market. (IDEX Consulting news, 'Looking for a new career opportunity? Check out these latest jobs')
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Mergers and Acquisitions

Fidelius Group has acquired a minority stake in London-based independent financial adviser Vobis Ltd, marking a strategic move to expand its presence in the capital and enhance its wealth management services. (Momodou Musa Touray, 1/5/2025, Money Marketing, 'Fidelius takes minority stake in London IFA Vobis Ltd')
Swedish wealth manager Söderberg & Partners has taken a 30% stake in Glasgow-based Murphy Wealth—its first Scottish investment—as part of its UK expansion strategy, which now includes over 20 minority stakes, including recent deals with George Square (£400m AUM), Cheltenham IFA (£290m), Bluezone Capital (£90m), and Alexander Bates Campbell (£140m). (Financial Planning Today, 16/4/2025, 'Swedes take stakes in 4 UK Financial Planning firms' & 'Söderberg takes 30% share in Glasgow's Murphy Wealth')
Financial advice network Corbel Partners has acquired seven adviser firms this year—six from within its network—bringing its total to 13 as it targets 250 advisers by 2026; the Warrington-based firm offers a 'cradle-to-grave' model supporting adviser growth, succession, and retirement. (Financial Planning Today, 15/4/2025, 'Corbel Partners acquires 7 adviser firms')
AAB Wealth, a Scotland-based Chartered Financial Planning firm, has acquired London-based Magus Wealth, adding £650m AUA to its total, which now stands at £1.8bn; the deal, subject to regulatory approval, marks AAB’s first wealth acquisition in London. Magus Wealth, founded in 1998 by Michael Aitken, has offices near Gatwick and in the City of London. (Financial Planning Today, 14/4/2025, 'AAB Wealth acquires £650m AUA London Planner')
Benchmark Capital, owned by Schroders, has acquired the remaining minority stake in Harrogate-based Oculus Wealth Management, which has £4bn in AUA and 46 advisory firms; Benchmark initially acquired a 51% stake in December 2022, and since then, Oculus’s network of appointed representatives has grown by 80%, with significant asset growth. (Financial Planning Today, 14/4/2025, 'Benchmark buys remaining 49% of £4bn AUA Oculus')
Westerby Group, which recently transitioned to an employee-ownership model, has acquired Manchester-based specialist pension provider and IFA firm Redswan, including its IFA business and trustee companies for SIPPs and SSAS; the acquisition, for an undisclosed sum, will see the businesses integrated into the Westerby Group. (Financial Planning Today, 11/4/2025, 'Westerby snaps up pension and IFA firm Redswan')
Newcastle Financial Advisers, a subsidiary of Newcastle Building Society, has acquired County Durham-based Orchard Financial Management, founded in 1988 by Graeme Leigh, who sold the business to retire; the undisclosed deal adds Orchard's investment, pensions, and protection advice services to Newcastle Financial Advisers, which operates across the North East, Cumbria, and North Yorkshire. (Financial Planning Today, 10/4/2025, 'Newcastle Financial Advisers buys County Durham Planner')
South East accountants and Financial Planning firm Carpenter Box is merging with East Sussex-based Clarke Brownscombe, which will continue to operate from Lewes and adopt the Carpenter Box brand later this year; Clarke Brownscombe clients will gain access to Carpenter Box’s Financial Planning services, including taxation, later life, estate planning, pensions, and investments. Directors Robert Scrivins and Vicky Anderson will become Partners, and six staff members will join Carpenter Box. (Financial Planning Today, 10/4/2025, 'Carpenter Box to merge with Sussex accountancy firm')
Perspective Financial Group has completed nine acquisitions in 2024, adding £900 million in assets under advice (AUA) and significantly expanding its national presence. The acquired firms include Springfield Financial Services (Preston), Millfield Osceola Financial Consultancy (Twyford, Reading), Hawley & Wood (Rotherham), Fortitude Financial Planning (Towcester), Warwick Financial Solutions (Warwick), Edgmoor Financial Planners (Manchester), Keith Mason Wealth Management (Canterbury), a Teesside client bank, and a self-employed adviser buyout. These acquisitions bring Perspective's total to 102 since its founding in 2008, with £1 billion in AUA added in 2024 alone. (Financial Planning Today, 8/4/2025, 'Perspective boosts AUA by £900m with 9 acquisitions')
Financial planner and wealth manager MKC Wealth has acquired Yodelar Investments Ltd and its platform Yodelar.com, adding £120 million in AUA and 270 high-net-worth clients. Yodelar Investments will operate under the MKC Wealth name, while Yodelar.com retains its brand. This acquisition brings MKC Wealth’s total AUA to £2.5 billion. (Financial Planning Today, 8/4/2025, 'MKC Wealth acquires £120m AUA Yodelar')
Finli Group, formerly Solomon Capital Holdings, has acquired four financial planning firms—Beaufort Financial Taunton, Elaine Snow, Penny Smith, and Lifestyle Financial Choices—adding £220 million in assets under advice (AUA) across England and Scotland. These acquisitions bring Finli's total to 47, with over £5 billion in AUM and more than 100 financial planners serving over 20,000 clients. The firm aims to add £1 billion in assets annually and is open to acquiring adviser firms with at least £25 million in AUA. (Financial Planning Today, 7/4/2025, 'Finli adds 4 new Planner acquisitions')
Wealth manager Quilter has acquired NHS pension analyst firm MediFintech, founded by Graham Crossley, for an undisclosed sum. Crossley, now Head of Technical Business Development at Quilter Financial Advisers, will help Quilter’s advisers and IFAs guide NHS clients through complex pension decisions. The acquisition enhances Quilter’s ability to deliver better outcomes for NHS pension clients. (Financial Planning Today, 7/4/2025, 'Quilter acquires former Planner's NHS pension consultancy')
EQ Investors is exploring a potential sale, guided by corporate finance advisers, as Chairman John Spiers reevaluates ownership structures. Spiers believes a larger partnership could foster growth and innovation, especially with AI's impact on wealth management. The firm, which remains profitable, will only proceed if it benefits staff and clients. (Financial Planning Today, 4/4/2025, 'EQ Investors mulls potential sale')

Movers

7IM has appointed Nick Allen as Chief Integration Officer to lead the onboarding and harmonisation of acquisitions, bringing over 30 years' experience from roles including COO at Schroders Personal Wealth and Lloyds Banking Group. (Financial Planning Today, 1/5/2025, '7IM adds Schroders PW exec as acquisitions accelerate')
Evelyn Partners has appointed Sean Hagerty as an Independent Non-Executive Director; he brings 27 years' experience from Vanguard, where he led European operations and launched its UK financial advice service, and has held senior advisory roles with the FCA, HM Treasury, and Investment Association. (Financial Planning Today, 1/5/2025, 'Former Vanguard European head joins Evelyn Partners')
Former FCA Consumer Finance Director Roma Pearson, after nearly 30 years at the regulator, has joined compliance consultancy Square 4 Partners in a senior advisory role. At the FCA, she led initiatives on motor finance commission investigations, payday lending oversight, and consumer duty compliance. (Dan Cooper, 1/5/2025, Money Marketing, 'Former FCA director joins Square 4 Partners in senior advisory role')
Cathryn Riley has stepped down from her role as Non-Executive Director at the Financial Services Compensation Scheme (FSCS) after completing a four-year term, effective 30 April 2025. During her tenure, Riley contributed to the FSCS's strategic oversight and governance. The FSCS is currently seeking a successor to fill the vacancy. (Dan Cooper, 30/4/2025, Money Marketing, 'FSCS non-exec director steps down after four-year term')
Alastair Black, Head of Savings Policy at Abrdn, has announced his retirement after a 35-year career in financial services, including 22 years at Abrdn and its predecessor, Standard Life. He joined the company in 2002 as a Business Development Manager and held various roles encompassing strategy, proposition development, project delivery, policy affairs, risk management, and pricing in long-term savings and investments. Black described his career as an "incredible journey" and plans to remain active in the industry through advisory work. (Dan Cooper, 30/4/2025, Money Marketing, 'Aberdeen’s Alastair Black announces retirement after 35 years in financial services')
Wealth Manager TrinityBridge has appointed Andrew Knight as Client Relationship Director for Scotland; a 25-year veteran of the firm and former Financial Planning Director, he will support its regional growth ambitions. (Financial Planning Today, 29/5/2025, 'TrinityBridge FP head becomes Scotland director')
Former professional rugby player and Chartered Financial Planner Jason Baggott will co-lead Tweed Wealth Management’s new sports division, bringing his unique blend of elite sports experience and financial expertise; after a seven-year rugby career with teams including Southern Kings and Edinburgh Rugby, he earned a degree in economics and finance from Heriot-Watt University, completed the St. James’s Place Academy Programme, and joined Tweed in 2021. (Financial Planning Today, 28/4/2025, 'Rugby star to lead wealth manager’s sports division')
CISI has appointed Hylko Zingstra, Founder of Munehisa & Co and a derivatives specialist, as South East branch president, succeeding Suneeta Puranik; he plans to boost collaboration, innovation in alternatives, and support for new talent in the region. (Financial Planning Today, 22/4/2025, 'CISI appoints new south east president')
Evelyn Partners has appointed former Paysafe and Betfair CFO Alex Gersh as its new CFO and Executive Director, succeeding Andrew Baddeley, who becomes CFO of S&W following its sale; Gersh brings over 30 years’ experience, including senior roles at Sportradar, Flutter, and Motorola. (Financial Planning Today, 22/4/2025, 'Evelyn appoints new CFO after splitting business')
Raymond James and Charles Stanley have appointed Kim Jenson as interim CEO, following the resignation of Paul Abberley; Jenson, formerly COO of Raymond James’ US Private Client Group with $1.5trn in AUM and over 1.5 million clients, will oversee the UK wealth management business while a search for a permanent CEO is underway. She previously held senior roles at UBS Wealth Management Americas and spent 15 years at Piper Jaffray, including serving on the private client business executive committee. (Financial Planning Today, 15/4/2025, 'Raymond James Wealth Management appoints new CEO')
Carla Brown, President of The Personal Finance Society (PFS), has taken on the additional role of Chair, replacing Christine Elliott, who stepped down after only eight months; Brown is a Chartered Financial Planner, Managing Director of Oakmere Wealth Management, and Director at CL Wills and Estate Planning. (Financial Planning Today, 15/4/2025, 'PFS appoints new chair as incumbent Elliott exits')
Nikhil Rathi has been reappointed as Chief Executive of the Financial Conduct Authority for a second five-year term, extending his tenure until 2030; he originally joined the regulator in October 2020, and his reappointment was confirmed by Chancellor Rachel Reeves as crucial for delivering key regulatory reforms. (Financial Planning Today, 10/4/2025, 'FCA CEO Rathi reappointed for second 5-year term')
Wesleyan Financial Services has appointed Paul McMahon, former CEO of FNZ, as a Non-Executive Director. With over 40 years of experience, McMahon has held senior roles at Zurich, AXA Sun Life, and FNZ, and founded his own advisory business in 2013. He will also become Chair of Wesleyan Unit Trust Managers, pending regulatory approval, succeeding Ian McCaig. This appointment supports Wesleyan's strategy to enhance digital capabilities and expand services for doctors, dentists, and educators. (Financial Planning Today, 3/4/2025, 'Wesleyan adds former FNZ CEO to board')