Financial Services News
JM Finn reported a 17% rise in pre-tax profits to £11.9m for 2023, despite a 7% increase in operating costs, with funds under management growing 6% to £11.7bn. (Financial Planning Today, 28/5/2025, 'JM Finn profits rise 17% despite costs increase')
James Edgedale, longtime JM Finn Chairman (1999–2020) and Investment Director, passed away aged 62; he joined JM Finn in 1987, helped expand the firm, and later served as a Non-Executive Director at Church House Investments. (Dylan Lobo, 28/5/2025, Citywire Wealth Manager, 'JM Finn stalwart James Edgedale dies')
Michael O'Brien, a Non-Executive Director at Aberdeen Group and veteran investment executive, passed away unexpectedly on 24 May 2025; he joined the board in 2022 and previously held senior roles at JPMorgan, BlackRock, and Barclays Global Investors. (Financial Planning Today, 27/5/2025, 'Aberdeen director dies unexpectedly')
AJ Bell's platform customer base grew 9% to 593,000 over six months, with assets under administration reaching a record £90.4bn, revenue up 17% to £153.2m, and pre-tax profit rising 12% to £68.8m, driven by £3.3bn in net inflows and strong brand appeal. (Financial Planning Today, 23/5/2025, 'AJ Bell platform customers up 9% to 593,000')
The Financial Services Compensation Scheme (FSCS) has reduced its 2025/26 levy forecast by £36m to £356m, with the life distribution and investment intermediation class—covering most financial advisers—seeing a drop from £123.6m to £87.3m, due to £56m recovered from failed firms and fewer expected claims. (Financial Planning Today, 23/5/2025, 'Adviser FSCS levy costs drop by £36m')
Phoenix Group is considering rebranding itself as Standard Life within the next 12 months, aiming to revive the historic brand on the London Stock Exchange. The company, which acquired the Standard Life brand from abrdn in 2021, has successfully leveraged it to expand into individual annuities and bulk purchase annuities, achieving significant market share. The potential rebrand aligns with Phoenix’s strategy to modernize its identity and strengthen its position in the retirement and savings sectors. A final decision is expected in the coming months. (Momodou Musa Touray, 23/5/2025, Money Marketing, 'Phoenix Group considers rebrand to Standard Life')
Evelyn Partners has launched its low-cost Index Managed Portfolio Service (MPS) to UK financial advisers, offering five risk-profiled portfolios with a 0.15% annual management fee and estimated 0.10% underlying fund charges; the service, previously exclusive to direct clients, is now available on platforms including Aviva, Abrdn Wrap, and Quilter. (Financial Planning Today, 20/5/2025, 'Evelyn launches low-cost index MPS to advisers')
Quilter Cheviot has relocated its 64-member Birmingham team to the Paradise development, enhancing its presence in the city. This move aligns with the firm's strategy to expand its regional footprint and modernise its office spaces. The new location offers improved facilities to better serve clients and support the team's growth. (Natalia Vasnier, 19/5/2025, Citywire Wealth Manager, 'Quilter Cheviot moves 64-strong Birmingham team to Paradise')
Amid expectations that President Trump's reciprocal tariffs will partially return after the current pause ends on July 8, 2025, fund managers are reducing U.S. investments, anticipating sub-1% GDP growth and potential recession; Quilter's Investor Trends Survey reveals that 53% now foresee the U.S. delivering the worst index returns, a reversal from six months prior when it was expected to be the best performer. (Financial Planning Today, 20/5/2025, 'Fund managers turn their backs on US on tariff fears')
Triple Point has launched a new inheritance tax (IHT) tool designed to support financial advisers in estate planning. The tool aims to streamline the process of assessing clients' IHT liabilities and identifying suitable investment solutions. By providing a user-friendly interface and real-time calculations, it assists advisers in making informed decisions and enhancing client outcomes. (Dan Cooper, 16/5/2025, Money Marketing, 'Triple Point launches IHT tool to support financial advisers')
Only 9% of UK adults paid for financial advice in the past two years, down from 11% in 2023, according to The Lang Cat's 2024 Advice Gap report. The decline is attributed to the Financial Conduct Authority’s Consumer Duty regulation, which 80% of advisers say has made it harder to serve clients, leading 55% to stop advising those with lower investable assets. Despite this, 91% of consumers who received advice found it helpful. (Dan Cooper, 16/5/2025, Money Marketing, 'Less than 9% of UK population received financial advice last year')
Aviva's wealth division reported a 15% year-on-year decline in net flows to £2.3bn for Q1 2025, attributed to the outflow of a large workplace scheme; however, platform business net flows increased by 52%, and total net flows reached £4bn by April, representing 6% of opening assets under management. (Financial Planning Today, 15/5/2025, 'Aviva wealth division sees 15% drop in net flows for Q1')
Quilter’s WealthSelect MPS has surpassed £20bn AUM, boosted by availability on third-party platforms and £1.4bn in Q4 2024 inflows; it offers active, passive, blended, and sustainable portfolios managed by Stuart Clark, Helen Bradshaw, and Bethan Dixon. (Dan Cooper, 15/5/2025, Money Marketing, 'Quilter’s WealthSelect MPS smashes £20bn AUM barrier')
Public trust in the UK pensions industry has increased for the fourth consecutive year, rising to 5.26 out of 10 in 2023, up from 4.95 in 2022, according to Trafalgar House’s Trust & Confidence Index. (Financial Planning Today, 15/5/2025, 'Trust in pensions sector drops for first time in 5 years')
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Avenir has launched a ChatGPT-powered tool for wealth management firms, offering a unified, AI-driven interface to streamline data access, enhance client service, and support compliance. This enterprise-grade solution aims to transform how advisers interact with client information and internal systems. (Darius McQuaid, 13/5/2025, Money Marketing, 'Avenir unveils ChatGPT for wealth managers')
Plannr has integrated AI assistants Emma and Evie into its CRM system, developed in partnership with AdvisoryAI, to automate administrative tasks such as meeting notes, suitability reports, and client data updates, aiming to enhance adviser efficiency and client capacity. (Financial Planning Today, 9/5/2025, 'Plannr adds AI assistants to CRM')
A global survey by the Financial Planning Standards Board (FPSB) found two-thirds of financial planners are using or plan to adopt AI within 12 months, with 78% seeing it as a way to improve client service and 60% expecting better advice quality, though concerns remain over data privacy and cybersecurity. (Financial Planning Today, 8/5/2025, '2 in 3 Financial Planners utilising AI')
Evelyn Partners reported £345 million in net inflows for Q1 2025, maintaining positive growth despite a £1.1 billion decline in assets under management to £61.9 billion, attributed to market volatility; gross inflows of £2 billion offset £1.7 billion in outflows, marking a 13% annual increase. (Financial Planning Today, 8/5/2025, 'Net flows hold steady for Evelyn Partners as assets dip in Q1')
David Mead, Founder of Future Proof and joint Head of Protection at St. James’s Place, warns many advisers struggle to consistently recommend income protection and is concerned about reduced market competition after Aegon UK’s exit; he’s actively involved in FCA discussions on protection product value and sales practices. (Tom Browne, 8/5/2025, Money Marketing, 'Advisers urged to prioritise income protection as financial risk grows')
Risk and Compliance talent insights - The risk and compliance sector is evolving fast, driven by complex regulations, tech advances, and focus on climate risk, ESG, and data privacy. Employers need to streamline hiring and offer strong incentives, while candidates should keep up with new technologies and regulations to stay competitive. (IDEX Consulting news, 'Risk and Compliance talent insights')
Time for a pay rise? Check your salary with our calculator - The IDEX Consulting Salary Calculator helps you benchmark your pay against current market rates. By entering your role, experience, and location, you get a personalised salary range - ideal for career planning, job moves, or salary reviews. (IDEX Consulting news, 'Time for a pay rise? Check your salary with our calculator')
The Employee Benefits talent market: key insights - In 2025, employee benefits face talent shortages and rising salary expectations. Employers seek tech-savvy, client-focused professionals and must offer strong employer brands and competitive packages. Candidates should build their personal brand and stay updated on industry trends. (IDEX Consulting news, 'The Employee Benefits talent market: key insights')
Is there a wealth management talent shortage? - The wealth management sector faces a talent shortage due to retirements, high entry barriers, and low youth interest. Firms can tackle this by offering flexible work, investing in development, and providing competitive pay. (IDEX Consulting news, 'Is there a wealth management talent shortage?')
Mergers and Acquisitions
Mattioli Woods and Kingswood have agreed to merge, forming a £25bn wealth management group serving over 25,000 clients across 40 UK offices; the deal, subject to FCA approval, aims to enhance scale, client service, and adviser development, with plans to train 50 new advisers annually. (Financial Planning Today, 29/5/2025, 'Mattioli Woods and Kingswood merger confirmed')
Rathbones Asset Management is actively seeking alternative investment opportunities, particularly in infrastructure funds. This strategic move is driven by the firm's aim to diversify its portfolio and capitalize on sectors offering inflation-linked returns. The initiative is led by David Coombs and Will McIntosh-Whyte, who have recently made their first foray into core infrastructure investments, including funds like HICL Infrastructure and The Renewables Infrastructure Group, attracted by their government-backed revenues and liquidity. (Danielle Levy, 28/5/2025, Citywire Wealth Manager, 'Exclusive: Rathbones funds boss on the hunt for alts deals')
Bain Capital has acquired a 30% stake in UK adviser network Openwork for £120 million, with FCA approval and 98% partner support; the investment aims to accelerate growth and adviser succession initiatives. (Financial Planning Today, 27/5/2025, 'Bain Capital pays £120m for 30% stake in Openwork')
Saltus has acquired Hertfordshire-based Delta Financial Management, a £400m AUM firm with over 500 clients, as part of its strategy to expand financial planning capabilities; Delta's nine-member team will remain, with Directors Jarrod Ellis and Amin Malik becoming Saltus partners. (Financial Planning Today, 23/5/2025, 'Saltus buys £400m AUM Herts Financial Planner')
Unum UK has acquired the renewal rights to Generali UK's employee benefits business, including its Group Risk products, and has joined the global Generali Employee Benefits (GEB) Network. This strategic move enables Unum to expand its reach in the UK workplace benefits sector and collaborate with GEB to offer solutions to global employers. The acquisition also involves integrating Generali UK's employee benefits team and managing in-force policies and claims to ensure continuity and a seamless transition for customers. (Momodou Musa Touray, 23/5/2025, Money Marketing, 'Unum acquires Generali UK’s employee benefits business')
Royal London is acquiring UK infrastructure asset manager Dalmore Capital, which oversees £6bn in assets including the Thames Tideway Tunnel and 24 UK wind farms; the deal includes a £500m commitment to future Dalmore funds and aims to expand Royal London's private assets strategy. (Financial Planning Today, 22/5/2025, 'Royal London to buy infrastructure asset manager')
According to a report from Heligan Group, UK IFA M&A activity surged in April 2025, driven by demographic pressures, regulatory demands, and the need for operational efficiency; notable transactions included Söderberg & Partners' partial stake in Active Financial Planners, Corbel Partners' succession-focused buyouts, and Perspective Financial Group's nine acquisitions year-to-date. (Financial Planning Today, 19/5/2025, 'Adviser M&A activity surges in April')
Tribe Impact Capital has acquired Snowball Impact Investments, a UK-based impact fund manager known for its diversified multi-asset portfolios aligned with social equity and environmental sustainability. The acquisition enhances Tribe’s impact investing capabilities and aligns with its mission to deliver financial returns alongside positive societal and environmental outcomes. (Darius McQuaid, 13/5/2025, Money Marketing, 'Tribe Impact Capital acquires Snowball Impact Investments')
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Movers
Dan Olley is stepping down as CEO of Hargreaves Lansdown after less than two years, following the firm's £5.4bn acquisition by a private equity consortium. Richard Flint, former CEO of Sky Betting and Gaming and current transformation committee chair, will serve as interim CEO pending regulatory approval. Olley will remain for a five-month transition period. The leadership change comes amid efforts to revamp digital services and enhance competitiveness in the investment platform market. (Financial Planning Today, 29/5/2025, 'Hargreaves CEO steps down after 2 years')
Schroders has promoted Jamie Fowler to Head of UK Wealth, elevating him from his previous role as Head of Regional and Advisory Sales. Fowler, who joined Schroders in 2002 after serving as a Regional Sales Manager at HSBC Asset Management, brings over two decades of experience in wealth management and advisory services. His appointment is part of Schroders' strategic efforts to strengthen its UK wealth management division. (Darius McQuaid, 19/5/2025, Money Marketing, 'Schroders promotes Jamie Fowler to head of UK wealth')
Seccl, the Octopus-owned investment platform managing over £3bn for 250,000+ clients, is set for dramatic expansion after fresh investment; CEO David Ferguson moves to Executive Chairman to focus on strategy, and the firm is actively searching for a new CEO to lead growth and aims to triple assets under administration within a year. (Financial Planning Today, 20/5/2025, 'Seccl promises ‘dramatic expansion’ after Octopus investment')
Lindsey Rix-Broom, CEO of Canada Life UK since 2021, will become CEO for Europe at Great-West Lifeco on 1 July 2025, continuing to lead Canada Life UK until a successor is appointed; under her leadership, Canada Life UK hit record £4.9bn sales in 2024, and she is recognized for championing diversity and inclusion. (Dan Cooper, 22/5/2025, Money Marketing, 'Canada Life UK CEO Lindsey Rix-Broom to take on European role')
Mirabaud Wealth Management has hired Jonathan Unwin as Head of Portfolio Management UK to support its UK expansion; he brings 16+ years’ experience from Credit Suisse and Banque Havilland. (Natalia Vasnier, 21/5/2025, Citywire Wealth Manager, 'Mirabaud hires RBC Wealth bespoke specialist for UK push')
Personal Finance Society (PFS) Vice-President Daniel Williams and Member Director Ben Wright have resigned, citing concerns over the organisation's governance and structure; Williams expressed issues with the PFS's culture and transparency, while Wright criticised the board's lack of independence and clarity of purpose. (Financial Planning Today, 19/5/2025, '2 PFS board members resign including vice-president')
Alex Hoctor-Duncan has stepped down as CEO of River Global after three and a half years, during which he led the firm's rebranding from AssetCo. His responsibilities will be divided: Matt Hudson, previously Head of Equities, becomes Chief Investment Officer of River Global Investors, assuming regulatory and management duties for the asset management arm, while Gary Marshall, the group's Chief Finance and Operations Officer, takes over as CEO of SVM Asset Management, handling Hoctor-Duncan's other responsibilities. (Dylan Lobo, 16/5/2025, Citywire Wealth Manager, 'River Global CEO Hoctor-Duncan exits')
Brooks Macdonald has appointed Karen Charlery as Chief Operating Officer, effective 23 June 2025. Charlery joins from BlackRock, where she was EMEA Head of Regulatory Change, bringing over 20 years of experience in financial services. She replaces Gavin Neilson, who has served as interim COO since August 2024. (Financial Planning Today, 15/5/2025, 'Brooks Macdonald looks to Blackrock for new COO')
Rathbones Asset Management has appointed Emma Letheren, formerly of RBC Capital Markets, as an equity research analyst in its multi-asset team. With over seven years of experience focusing on European consumer staples, Letheren will report to fund manager Will McIntosh-Whyte and head of multi-asset investing David Coombs. (Sophie Downes, 22/5/2025, Citywire Wealth Manager, 'Rathbones AM boosts multi-asset team with ex-Amati hire')
In further news...Rathbones Asset Management has strengthened its distribution leadership with the appointments of James Crossley as Head of Asset Management Distribution, Abigail Sater as Head of Distribution Strategy, and Kim Nelson as Business Development Director for Scotland and Northern Ireland. Crossley brings over 25 years of experience from LGIM and Jupiter Asset Management, Sater joins from The Big Exchange and Standard Life Aberdeen, and Nelson previously led client relationships at Schroders. These hires are part of Rathbones' strategic initiative to enhance its intermediary and regional distribution capabilities. (Darius McQuaid, 13/5/2025, Money Marketing, 'Rathbones AM makes three senior hires to distribution team')
Canaccord Wealth has appointed Gary Steel as a Senior Wealth Planner in London, bringing over 25 years of experience from Brewin Dolphin, where he was Divisional Director; Steel will focus on lifestyle financial planning and report to David Goodfellow, Head of Wealth Planning at Canaccord Wealth. (Financial Planning Today, 8/5/2025, 'Canaccord adds senior Planner from Brewin Dolphin')
Louis Petherick will join Nucleus Financial Platforms as Group Chief Risk Officer in August 2025, bringing over 20 years of risk leadership experience from Brooks Macdonald, FNZ UK, and AJ Bell; he succeeds interim CRO Richard Collins. (Dan Cooper, 8/5/2025, Money Marketing, 'Nucleus appoints Louis Petherick as group CRO')
Evelyn Partners has appointed David Little as a Partner in financial planning at its Glasgow office. He joins from 7IM Private Client, bringing over 25 years of experience and holds Chartered Financial Planner status as well as Fellowship with the Personal Finance Society. His appointment strengthens the firm's financial planning and investment services across Scotland. (Financial Planning Today, 7/5/2025, 'Evelyn Partners adds Chartered Planner to Glasgow team')
Darren Bentley, former Chief Customer Officer at MoneySuperMarket and MoneySavingExpert with over 20 years’ experience, has joined Flagstone as Chief Growth Officer to drive its billion-pound growth strategy, focusing on asset growth, customer experience, and digital marketing. (Dan Cooper, 7/5/2025, Money Marketing, 'Flagstone appoints former MoneySupermarket executive to drive billion-pound growth strategy')
Warren Buffett, at 94, announced he will step down as CEO of Berkshire Hathaway by the end of 2025, after leading the company for over 60 years; he has recommended Greg Abel, currently Vice Chairman of non-insurance operations and CEO of Berkshire Hathaway Energy, as his successor. (Financial Planning Today, 6/5/2025, 'Buffet to step down as CEO of Berkshire Hathaway')
Chancellor Rachel Reeves has appointed Julia Black, Anita Kimber, John Ball, and Stéphane Malrait as new Non-Executive Directors to the FCA Board, with terms starting between May and October 2025; Richard Lloyd’s term has also been extended. The appointees bring strong expertise in financial regulation, technology, pensions, and market structure, supporting the FCA’s goal to strengthen regulatory capabilities and align with the government’s Plan for Change. (Financial Planning Today, 6/5/2025, 'Chancellor appoints four new FCA board members')
Jo Swain has been appointed Chief Risk Officer at Clifton Asset Management, bringing over 30 years of experience in financial services. Previously, she served as Compliance Director at Succession Wealth and held senior roles at Barclaycard, Aviva Life Insurance, and Phoenix Group. Jo will join Clifton's main board in early May 2025, contributing to the company's growth and regulatory compliance efforts. (Tom Browne, 6/5/2025, Money Marketing, 'Clifton Asset Management appoints Jo Swain as chief risk officer')
All information provided in this market digest has been gathered from Financial Planning Today, Money Marketing, Citywire Wealth Manager, and IDEX Consulting.
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