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Financial Services newsletter Friday 1st August 2025

Financial Services NewsSchroders' wealth management arm posted an adjusted operating profit of £110m in H1 2025, up 24% from 2024. The division added £2.7bn in net new business (NNB) in Q2, with contributions from Schroders Personal Wealth (£300m) and Benchmark Capital (£0.9bn). Wealth management assets under management (AUM) grew to £145bn, up from £142.5bn in 2024. Schroders' overall AUM remained stable at £776.6bn, with gross inflows rising 8% year-on-year to £68.2bn. Its transformation programme, launched in March, has already cut operating expenses by £21m and targets £150m in annualised cost savings by 2027. (Darius McQuaid, 31/7/2025, Money Marketing, 'Schroders’ wealth management business records £110m profit')Five Financial Planning and insurance firms, including Morgan Williams & Co (East Yorkshire), M4 Financial Group (Swansea), The Islands' Insurance Brokers, Hepburns Insurance, and M.J. Touzel (Insurance Brokers) Limited t/a Islands Insurance, have achieved the Chartered Insurance Institute's (CII) Chartered Corporate status. This recognition reflects their proven technical competence, adherence to the CII Code of Ethics, and commitment to professional standards, public trust, customer-centric practices, and ongoing development of the profession. (Financial Planning Today, 31/7/2025, '5 new firms achieve CII Chartered Corporate status')St James’s Place reported record funds under management of £198.5 billion, driven by £10.5 billion in gross inflows and £3.8 billion in net inflows, with IFRS profit after tax rising to £279.5 million, supported by share buy-backs totaling £95.5 million and continued growth in client numbers (over 1 million) and adviser headcount (4,952). (Financial Planning Today, 31/7/2025, 'St James's Place FUM hits record £198.5bn')Jupiter Fund Management reported a 4% rise in assets under management (AUM) to £47.1bn in the first half of 2025, up £1.8bn. However, AUM was down £4.2bn compared to June 2024. Net outflows totalled £0.2bn, though institutional momentum and improving retail flows led to positive net flows in Q2. Operating costs were reduced by £3.7m to £125.4m, but underlying profit before tax fell by a third to £30.4m, with statutory profit dropping 25% to £27.5m. (Financial Planning Today, 25/7/2025, 'Jupiter assets rise by £1.8bn in 6 months')Rathbones will launch a new ‘true active’ model portfolio service (MPS) range, its first since merging with Investec Wealth & Investment. The seven portfolios, managed by Andrea Yung and using in-house funds led by David Coombs, cater to varying risk levels with a 0% discretionary fee and charges capped at 0.5%. Available on 14 platforms by autumn, existing MPS clients can transition to the new service. (Financial Planning Today, 25/7/2025, 'Rathbones adds active MPS in first launch after Investec merger')Financial Planning firms are seeing growth in average client portfolio size and AUM, according to Financial Planning Today's annual survey. Average funds under advice rose to £840m (2024: £690m), with average client portfolios exceeding £500k at £516k. Firms advising on portfolios over £1m nearly doubled to 7% (2024: 4%). The most common portfolio size remained £251k-£500k (38%), followed by £100k-£250k (32%). At the larger end, 19% of firms managed £500m+ in FUM, while 12% reported £5bn+ compared to 6% last year. (Financial Planning Today, 25/7/2025, 'Planners report rise in average client portfolio size')Pension transfers have hit their highest level since August 2023, with XPS Group’s Transfer Activity Index rising to 25 members per 1,000 transferring benefits in June. The Transfer Value Index also increased to £141,000, its first month-end rise this year, though still 10% lower than mid-2024. Scam warnings flagged in 88% of cases reviewed in June, up 3% from May, with ‘overseas investment’ remaining the most common warning sign. (Financial Planning Today, 24/7/2025, 'Pension transfer at highest level for 2 years')Capital gains tax (CGT) receipts fell 12.9% year-on-year to £11.77bn from January to June 2025, despite rate increases in the latest Budget. CGT has been declining, dropping from nearly £17bn in 2022-23 to £13.1bn in 2024-25. Receipts typically reflect asset sales from the prior tax year, with a January spike due to Self-Assessment deadlines. (Financial Planning Today, 23/7/2025, 'CGT receipts drop 12.9% for first half of 2025')A Women in Personal Finance survey found 93% of women in or previously in Financial Planning would recommend the role, yet only 36% would consider it themselves. Over half (56%) of women not in the field wouldn’t consider it as a career. Barriers include the sector being seen as male-dominated (84%), lack of awareness (49%), and perceptions that finance isn’t for women (47%). The research was commissioned by the Women’s Wealth Alliance. (Financial Planning Today, 22/7/2025, '93% of female Financial Planners would recommend the role')Inheritance tax (IHT) receipts rose 6% year-on-year to £2.2bn from April to June, up £134m from £2.09bn last year, according to HMRC. The OBR forecasts IHT will hit £9.1bn in 2025/26 and exceed £14bn by 2029/30. Rising asset prices and frozen thresholds are driving record collections, with IHT becoming a key revenue source amid strained public finances. (Financial Planning Today, 22/7/2025, 'IHT receipts climb 6% to £2.2bn')National IFA Continuum, owned by M&G, reported a 17% year-on-year rise in assets under influence to £2.6bn in H1, driven by new and existing clients. New business income grew 23% to over £2.5m, with June setting a record £1.3m in monthly income, up 5%. Nine advisers joined, bringing the total to 81, while average adviser productivity rose 9% to £227,498. (Financial Planning Today, 21/7/2025, 'National IFA Continuum reports AUI up 17%')Global Certified Financial Planner (CFP) numbers rose 3.1% in 2024 to 230,648, up 6,878, according to the FPSB’s Annual Report. UK CFPs grew to 1,064, up 33, while Ireland surpassed 1,000, reaching 1,006. Since 2020, global CFP numbers have risen nearly 38,000, with milestones in the U.S. (100,000+), Brazil (10,000+), South Africa (5,000+), India (3,000+), and Ireland (1,000+). (Financial Planning Today, 17/7/2025, 'Global CFP Professional numbers up 3.1% to top 230,000')Men have double the pension savings of women, with average pots of £92,000 compared to £39,000, and larger personal assets (£145,000 vs. £79,000), according to Royal London. Men also feel more confident managing pensions, with 44% confident in combining or transferring pensions versus 29% of women. Single savers average £30,500 in pensions, divorced savers £39,500, and married savers £97,000. The report coincides with Chancellor Rachel Reeves’ Mansion House speech, expected to launch a pensions adequacy review. (Financial Planning Today, 15/7/2025, 'Men’s pension pots more than double women’s - report')Aegon has launched a Junior SIPP to support advisers with intergenerational planning, responding to rising demand as pensions come under inheritance tax from April 2027. The Junior SIPP is free of platform charges until the child turns 18, then converts to a standard SIPP, with investment fund charges applying. (Financial Planning Today, 15/7/2025, 'Aegon launches Junior SIPP')Brooks Macdonald reported £5m in net outflows for Q2, down from £129m the previous quarter, with assets under management rising to £19.2bn. Its platform managed portfolio service saw £165m in net inflows, achieving 14% annualised growth. The firm credits improved client engagement and acquisitions for the turnaround and will release full-year results on 4 September. (Financial Planning Today, 10/7/2025, 'Net outflows drop 96% for Brooks Macdonald')The Private Office has warned against cutting the £20,000 Cash ISA allowance, arguing it won’t drive more risk-based investing. Speculation suggests Chancellor Rachel Reeves may announce the cut in her Mansion House speech to encourage investment and boost UK growth. However, research by The Private Office found 53% of 4,300 savers hold cash for retirement planning, while 76% see earning competitive interest as key to their financial strategy. Only 11% cited lack of investment knowledge as a reason for holding cash. (Financial Planning Today, 9/7/2025, 'Chartered adviser warns govt against cutting cash ISAs')Chase de Vere reported a 24.2% rise in pre-tax profits to £31.9m for 2024, with revenue up 13.6% to £118.6m. The firm attributed its strong performance to client referrals, affinity partnerships, acquisitions, and exceptional client feedback. (Financial Planning Today, 8/7/2025, 'Profits climb 24% to £32m at Chase de Vere')Brooks Macdonald has launched a new Financial Planning brand, Brooks Financial, to unify its growing Financial Planning business. The brand consolidates the acquisitions of LIFT-Financial, Lucas Fettes, and CST, reflecting Brooks Macdonald’s ambition to provide high-quality, independent Financial Planning advice across the UK. (Financial Planning Today, 1/7/2025, 'Brooks Macdonald launches Financial Planning brand')Aberdein Considine, the Scottish wealth manager and Financial Planner, has separated its wealth division into a new business, AC Wealth, as part of its plans to establish one of Scotland’s largest Financial Planning firms. Long-standing Financial Planners Russell Anderson, Alan Davidson, and Sam Goult will become shareholders in the new company. With FCA approval, AC Wealth will operate as an independent business, with 13 Financial Planners and 23 staff transferring over. The firm stated that corporate and private clients will continue to receive comprehensive Financial Planning services. (Financial Planning Today, 30/6/2025, 'Aberdein Considine creates Financial Planning firm')The wealth tax uncertainty: impact for wealth managers and their clients - Navigating the challenges of a potential UK wealth tax for your clients? Our article explores its implications for wealth managers and their clients, offering key insights and strategic advice for proactive financial planning, and risk mitigation. Read for useful insight. (IDEX Consulting news, 'The wealth tax uncertainty: impact for wealth managers and their clients')M&A resource library - Access our free resources where M&A buy-and-sell leaders, and tax, regulatory and legal experts share simple but strategic advice on how to attract the best buyers in the market, maximise your sale value and manage a smooth transaction. (IDEX Consulting news, 'M&A resource library')IDEX Consulting unveils employer value proposition and can help you do the same - IDEX has successfully developed a powerful Employer Value Proposition to raise its profile in the consultancy market. With our proven expertise, we can help your business craft a compelling story to attract top talent, customers and investment. Check out our visually engaging EVP for inspiration to help you win against competitors. (IDEX Consulting news, 'IDEX Consulting unveils employer value proposition and can help you do the same')IDEX Consulting appoints new Head of Internal Recruitment - If you're seeking a new recruitment opportunity, our dedicated team is here to support you. Led by Michelle Paish, an experienced consultant of over 18 years at IDEX, our talent team is focused on helping you achieve your career goals. We provide a seamless onboarding experience and offer continuous support for your professional development, ensuring you have everything you need to thrive. (IDEX Consulting news, 'IDEX Consulting appoints new Head of Internal Recruitment')Mergers and AcquisitionsEnabled by IDEX Consulting, Titan Wealth plans to acquire Finance Shop (£750m AUA) and FS Wealth Management (£340m discretionary mandate), boosting its total assets under management and advice to £37bn, while enhancing its East Anglia presence and expanding client services with a focus on face-to-face advice and local expertise. (Isabel Baxter, 30/7/2025, Professional Adviser, 'Titan Wealth acquires £750m AUA Finance Shop and FS Wealth Management')Brookfield Wealth Solutions (BWS), a Bermuda-based insurance firm, has agreed to acquire UK retirement and annuity provider Just Group for £2.4 billion, merging it with its subsidiary Blumont Annuity Company. The merger is strategically aimed at accelerating BWS's growth in the UK, a key global pension market with attractive investment opportunities, while enabling Just Group to leverage BWS's scale and expertise to expand its reach and enhance its retirement solutions. Just's management will lead the combined group. (Financial Planning Today, 31/7/2025, 'Bermuda-based firm swoops on Just Group for £2.4bn')Westerby Group, a wealth adviser and pensions firm, has acquired Bristol-based pension specialist Cabot Trustees Limited, marking its fourth acquisition since 2022 and bringing its assets under administration and management to over £2bn. The deal, expanding Westerby’s reach across England, adds a Bristol office to its existing locations in Weymouth, Manchester, and Leicester. (Financial Planning Today, 29/7/2025, 'Westerby snaps up Bristol pension firm')Salford-based financial adviser Frenkel Topping is in ongoing discussions with private equity firm Harwood over a £68m takeover bid. Harwood initially proposed a cash offer of 50p per share or an alternative of 10p per share plus shares in a new company, allowing shareholders to retain a 1.375p final dividend. The deadline for a formal offer has been extended to 25 August with the agreement of Frenkel Topping's independent directors and the UK Takeover Panel. (Financial Planning Today, 28/7/2025, 'Deadline extended for £68m Frenkel Topping bid')Jupiter Fund Management will acquire specialist asset manager CCLA Investment Management for £100m, adding over £15bn in assets under management. CCLA serves non-profits, including charities, religious institutions, and local authorities. The deal, funded from Jupiter’s cash reserves, is expected to complete by year-end, pending regulatory approval. CEO Matthew Beesley said the acquisition broadens Jupiter’s client base and strengthens its UK presence while retaining CCLA’s brand and investment teams. (Financial Planning Today, 10/7/2025, 'Jupiter acquires £15bn AUM non-profit specialist asset manager')Partners Wealth Management, part of the 7IM group, has acquired Surrey-based Navigate Capital Management, adding £170m AUM and 175 clients. The deal brings Partners’ total AUM to £6.2bn, serving 5,700 private clients. Navigate will rebrand as Partners Wealth Management but retain its Guildford office, combining regional expertise with Partners’ scale and resources to enhance wealth management services. (Financial Planning Today, 9/7/2025, '7IM's Partners acquires £170m AUM Surrey Planner')EQ Investors has decided to remain independent after rejecting offers from potential strategic partners. The London-based wealth manager had been exploring ownership changes but concluded that independence is the best option for its clients, colleagues, and shareholders. (Financial Planning Today, 8/7/2025, 'EQ Investors scraps talks with potential suitors')Finli Group, formerly Solomon Capital Holdings, has acquired six more Financial Planning firms, bringing its total acquisitions in the past four months to 11. The latest deals add over £264m in assets, taking the firm’s total acquisitions to 51. The newly acquired firms include Accomplish Wealth Management, G&D Bignell, Wynford Davies & Co, Wheeler Wicks & Co, EP Wealth Management, and GTM Financial, expanding Finli’s reach across the UK. (Financial Planning Today, 8/7/2025, 'Finli acquires 6 more Financial Planning firms')Chesnara, the European life and pensions consolidator, has acquired HSBC Life (UK) for £260m. HSBC Life (UK), a specialist in life protection and investment bonds, holds assets of approximately £314m as of 31 December. The acquisition will increase Chesnara’s UK assets under administration to around £4bn, covering approximately 454,000 policies. The deal will be funded through internal cash (£55m), a £65m drawdown from its revolving cash facility, and the issuance of new shares. Completion is expected early next year, pending regulatory approvals. (Financial Planning Today, 3/7/2025, 'Consolidator snaps up HSBC UK life and bond arm')Shackleton has acquired South West-based Financial Planning and wealth management group Chetwood, adding £900m in AUM. The deal, Shackleton’s fourth this year, increases its total assets under advice and management to £8bn and adds 45 staff, bringing its total workforce to 450. The Chetwood Group includes Chetwood Wealth Management, Chetwood Investment Management, Chetwood Private Wealth, Ermin Fosse Financial Management, and Darnells Wealth Management. Chetwood Bank is not part of the deal. (Financial Planning Today, 3/7/2025, 'Shackleton buys £900m AUM South West Planner Chetwood')Evelyn Partners has completed the sale of its fund solutions business to Thesis for an undisclosed sum. The deal transfers 75 staff, primarily based in Glasgow, to Thesis. Evelyn Partners Fund Solutions Limited (EPFL) manages £10.6bn in assets under governance, supporting 161 funds across 40 sponsors and investment managers. The sale, initially announced in January, was subject to regulatory approval. (Financial Planning Today, 1/7/2025, 'Evelyn completes sale of fund solutions business to Thesis')Succession Wealth, owned by Aviva, has completed the integration of Leeds-based Financial Planning and wealth manager True Wealth Group. Succession acquired the £1.1bn AUA firm in November 2024 for an undisclosed sum. The integration supports Succession’s national growth strategy, preserving client continuity, adviser relationships, and cultural alignment. It also broadens Succession’s UK reach, advancing its goal to become the trusted home of financial advice. (Financial Planning Today, 1/7/2025, 'Succession completes integration of £1.1bn AUA True Wealth')MoversCanaccord Wealth has expanded its adviser market team with the addition of Matthew Keen and Michael Clark. Keen, with nearly 20 years of experience, joins from Charles Stanley & Co, where he specialised in tailored solutions for intermediaries, and previously worked at Scottish Widows promoting pension propositions. He will oversee the South East of England. Clark, with over a decade in financial services, joins from Wealthtime as a regional sales manager and previously held various sales roles at Canada Life, focusing on investment and retirement solutions. He will cover the East of England, supporting Canaccord's growth strategy across the UK. (Financial Planning Today, 30/7/2025, 'Canaccord Wealth expands IFA market team')Johnston Carmichael Wealth, part of 7IM group’s Partners Wealth Management, has appointed Leigh Townsley as a Chartered Financial Planner. With 25 years of experience, including 18 as a qualified Financial Planner, she previously worked at NFU Mutual, specialising in rural Financial Planning, and at Lomond Wealth in Glasgow. She holds a BA in Financial Services and advanced qualifications in pensions, taxation, and trusts. (Financial Planning Today, 29/7/2025, 'Johnston Carmichael Wealth adds Chartered Planner')Steve Hutton has stepped down as CEO of True Potential Wealth Management after eight months in the role. With 36 years of industry experience, he joined the firm in 2018 from UBS Asset Management as Head of Strategic Acquisitions, helping drive its rapid growth. Previously, he was a UK board member at UBS, led Fidelity International’s IFA sales team, and held roles at Scottish Widows and Invesco Perpetual. Earlier in his career, he spent five years as an IFA specialising in professional connections. (Financial Planning Today, 28/7/2025, 'True Potential Wealth Management CEO Hutton exits')Liam Coleman, former Co-op Bank CEO, has been appointed interim Chair of the Financial Ombudsman Service by the FCA, starting 10 October. He succeeds Baroness Zahida Manzoor, who steps down on 1 August after two terms. With over 30 years of financial services and board experience, Coleman has held senior roles at RBS and Nationwide and currently chairs several NHS and housing trusts. He will leave his role as an FCA Non-Executive Director to take up the position. (Financial Planning Today, 28/7/2025, 'Former Co-op Bank CEO appointed interim FOS chair')Westminster Wealth Management has appointed former Fairstone Director Mark Hewson as Director of Business Operations. Previously Managing Director of Fairstone’s City of London office and a Divisional Director, Hewson will focus on operational excellence, working with Managing Partner Martin Lockyer and the leadership team to implement the firm’s strategic vision. He will also support adviser recruitment and onboarding efforts. (Financial Planning Today, 28/7/2025, 'London Chartered Planner recruits Fairstone director')Nick Kirrage, a veteran Fund Manager at Schroders, is leaving after 23 years. Known for his disciplined value investing approach, Kirrage played a key role in shaping the firm’s Value Equities team and delivering long-term outperformance. He will be succeeded by Simon Adler, a 16-year Schroders veteran specialising in Global and International Value. (Momodou Musa Touray, 23/7/2025, 'Nick Kirrage to leave Schroders after 23 years')Chartered Financial Planner Andrew Gardiner has left his role as Associate Director with Lowes Financial Management in Newcastle after it was taken over by national firm Saltus. He has joined rival Newcastle Financial Planning firm Greenarch Wealth Management. Mr Gardiner said: “After many years delivering independent advice at Lowes, I felt it was vital to remain aligned with a firm that shares my values, putting clients first and offering truly independent advice. Greenarch stood out as a locally-rooted Chartered firm with ambition.” (Financial Planning Today, 21/7/2025, 'Planner leaves Newcastle firm after takeover by Saltus')Cooper Parry Wealth has appointed David Kendrick as its new MD, succeeding retiring CEO Stephen Jones, who spent 20 years building the business. Kendrick joined the Derby-based firm in October 2024 after leading the merger with UHY Hacker Young Manchester, where he was CEO. Cooper Parry Wealth, with £1.5bn AUM, serves 900 families and employs over 73 staff. The firm shifted focus to Financial Planning in 2010. Kendrick will assume his role this summer, pending regulatory approval. (Financial Planning Today, 17/7/2025, 'New MD for Cooper Parry Wealth as CEO retires')Evelyn Partners has appointed Philip Lewis, formerly of Fisher Investments UK, as Head of Financial Planning advice. In this new role, he will oversee all aspects of Financial Planning advice, working with a team of 300 professionals and reporting to Chief Financial Planning Officer Emma Sterland. Lewis spent eight years at Fisher Investments UK, where he oversaw UK advice and suitability. (Financial Planning Today, 14/7/2025, 'Evelyn creates new role of Head of Financial Planning Advice')Belmayne has recruited Chartered Financial Planner Alex Napier to expand its reach into Sheffield. Napier, formerly with Forest Oak Financial Planning, brings over a decade of experience, specialising in complex client situations and collaboration with other experts. (Financial Planning Today, 8/7/2025, 'Belmayne expands into Sheffield')Greaves West & Ayre has expanded its wealth management team with the addition of three newly qualified IFAs: Daniel Bullen, Matthew Brown, and Tony Douglas. The appointments bring the team to eight advisers. Douglas joined in 2021 after earning a business and finance degree, while Bullen, a former Paraplanner, gained his diploma in 2023. Brown began his financial advice career after graduating from the University of Leeds in 2018, progressing from trainee to qualified adviser in 2021. (Financial Planning Today, 3/7/2025, 'Northumberland accountancy firm adds adviser trio')Emma Watkins, former Senior Executive at Scottish Widows, will become UK CEO at Canada Life on 1 September. Watkins, who spent a decade at Scottish Widows as Managing Director of Retirement, succeeds Lindsey Rix-Broom, who will transition to CEO, Europe, at parent firm Great-West Lifeco. At Scottish Widows, Watkins built a £6bn bulk annuity business, drove annuity portfolio growth, and led the modernisation of annuity operations. Prior to this, she was a Partner at pensions consultancy Lane Clark & Peacock LLP and held senior roles at MetLife Assurance and Ace European Group. (Financial Planning Today, 3/7/2025, 'Canada Life looks to Scottish Widows for new UK CEO')Fairstone, the expanding Financial Planner and wealth manager, is set to appoint a new Chief Executive to succeed Founder Lee Hartley. Hartley, who launched the national wealth advisory firm nearly 18 years ago, will transition to the role of Deputy Chair on 1 October. He stated that the change marks a natural evolution for both himself and the business. (Financial Planning Today, 1/7/2025, 'Fairstone to hire new CEO to replace Hartley')All information provided in this market digest has been gathered from Financial Planning Today, Money Marketing, Professional Adviser, and IDEX Consulting.

Financial Services newsletter Friday 28th February 2025

Financial Services NewsSchroders has secured regulatory approval for an infrastructure-focused LTAF, feeding into its Energy Transition fund, which invests in 160 global assets like wind farms and battery storage. Aimed at UK wealth managers, the Oeic-structured fund has a 1.27% annual fee with no performance fee. (John Schaffer, 25/2/2025, Citywire Wealth Manager, 'Schroders to launch infrastructure LTAF for wealth market')Evelyn Partners reported record 2024 AUM of £63bn and £2.6bn in Q4 gross inflows, up 36.8% from Q3 and 23.8% year-on-year. Outflows rose as clients reacted to the Autumn Budget, interest rates, and borrowing costs. (Financial Planning Today, 12/2/2025, 'Evelyn Partners AUM hits record £63bn')Aviva’s wealth arm saw net flows rise 23% to £10.3bn in 2024, with assets under management growing 17% to £198bn. Retirement sales surged 33% to £9.4bn, driven by record bulk purchase annuity (BPA) sales of £7.8bn. (Financial Planning Today, 27/2/2025, 'Aviva net flows climb 23% as AUM rises 17%')In further news...In 2024, Aviva generated over 7,000 referrals into Succession Wealth, creating £2.5bn in opportunities for its planners. Since acquiring Succession for £385m in 2022, Aviva has seen an 84% increase in the value of assets secured through referrals. The acquisition aimed to strengthen Aviva's position in the UK wealth market. (Lois Vallely, 27/2/2025, Money Marketing, 'Aviva referrals create £2.5bn opportunity for Succession')Brooks Macdonald saw £300m in net outflows in H1, with £1.1bn in new money offset by £1.4bn in withdrawals, mainly from its bespoke service before October’s Budget. In contrast, its model portfolio service (MPS) saw £288m in net inflows, bringing total MPS assets to £5.8bn, up 7% year-on-year. (Charles Walmsley, 27/2025, Citywire Wealth Manager, 'Brooks Macdonald’s MPS arm offsets bespoke outflows')St James’s Place (SJP) is exploring a passive investing proposition for the first time while also integrating AI tools and engaging in the advice guidance boundary review. Currently focused on active funds, SJP has gradually allocated more to passives in its Polaris range. Full-year results show a post-tax cash profit of nearly £400m and over one million clients, though shares fell 5% amid forecasts of lower profitability in 2025-26 due to a £160m fee model overhaul. (Victoria Bell, 27/2/2025, Citywire Wealth Manager, 'SJP explores passive proposition in strategy shift')In further news...St. James’s Place has launched a £92.6m share buy-back to reduce issued share capital, following a return to profitability, with shares recovering 24% this year after hitting a low of 808p in January. (Financial Planning Today, 28/2/2025, 'St James's Place launches £93m share buy-back')Rathbones’ 2024 pre-tax profits surged 73% to £99.6m, largely driven by its merger with Investec Wealth & Investment. Despite some investment manager departures and client transitions, the integration has been positive, with nearly all 55,000 clients set to migrate by June and only 0.3% declining the move. (Sophie Downes, 26/2/2025, Citywire Wealth Manager, 'Rathbones reports 72% jump in profits; headcount to fall further')James Hambro & Partners posted an 18% rise in pre-tax profit to £17.2m for the year to April 2024, with revenue up 11% to £39.1m and AUM reaching £7bn by December. Amid industry consolidation, its 59 partners shared £10.2m in profits, with the top earner receiving £2m. (Sophie Downes, 20/2/2025, Citywire Wealth Manager, 'James Hambro & Partners CEO: Consolidation is an excellent opportunity for us')Aviva Investors has launched its fourth LTAF, the Venture & Growth Capital fund, aimed at DC pension customers. Seeded with £150m from Aviva, the evergreen fund targets UK, European, and North American ventures in fintech, healthtech, science, and sustainability. (Victoria Bell, 4/2/2025, Citywire Wealth Manager, 'Aviva launches venture LTAF for pension customers')Leicester-based Chartered Financial Planning firm Boolers has launched three multi-asset fund of funds, transferring £500m from model portfolios. Managed in-house, the Cautious and Balanced funds have a 1.16% OCF, while the Adventurous fund has a 1.19% OCF. (Financial Planning Today, 25/2/2025, 'Chartered Planner adds 3 multi-asset fund of funds')Aegon’s UK adviser platform saw £1.77bn in net outflows in H2 2024, improving from £1.9bn a year prior, amid high withdrawals and market consolidation. AUA rose 2% to £51.6bn, with Aegon investing £70m annually to enhance the platform, targeting growth by 2028. (Financial Planning Today, 21/2/2025, 'Aegon adviser platform outflows continue')Bath-based Chartered Financial Planner Fidelius has rebranded after securing investment from Sweden’s Söderberg & Partners. Aiming to double AUM by 2029, the firm seeks to become a top 20 IFA and has introduced a new logo, website, and the slogan “Make it happen.” (Financial Planning Today, 18/2/2025, 'Bath Planner Fidelius rebrands amid expansion plans')Quilter Financial Planning has added four new appointed representative firms: LDB Wealth Management, Sound Wealth Planning, Andrassy Parkin Financial Planning, and MacKenzie Financial Management. LDB, led by Lewis and Donna Burt, joins from St James’s Place in Dartford. Sound Wealth Planning, founded by Graeme Oudney in Fife, started last year. Andrassy Parkin, led by Kathryn Andrassy and Kathryn Mumby, is based in Wakefield. MacKenzie, led by Alastair MacKenzie with 35 years of experience, operates in Surrey. These firms join eight others that joined in December. (Financial Planning Today, 6/2/2025, 'Quilter network adds 4 new AR firms')Rathbones expects an additional £7m in annual costs from the April 2025 increase in employers' National Insurance Contributions (NIC). The firm anticipates reducing headcount in 2025 to offset the costs, driven by synergy delivery and continued cost discipline. (Lois Vallely, 26/2/2025, Money Marketing, 'Rathbones expects to cut jobs as NIC changes add £7m per year in costs')2025 Employee Benefits employment outlook - The 2025 employee benefits outlook highlights rising healthcare costs, talent shortages, and dissatisfaction with workloads and development opportunities. Employers are facing challenges in attracting and retaining talent, leading to higher salaries and costs. Competitive compensation and a strong employer brand will be key to recruitment success. Access our article for the latest data driven insights. (IDEX Consulting news, '2025 Employee Benefits employment outlook')Building hybrid inclusive cultures - Inclusive hybrid work cultures require businesses to go beyond diversity metrics by embedding inclusive management practices, ensuring equal access to opportunities, addressing remote work challenges. Read how you can foster open communication, and actively support diverse employees to prevent marginalisation and retain talent. (IDEX Consulting news, 'Building hybrid inclusive cultures')2025 Wealth Management employment outlook - In 2025, the wealth management sector anticipates growth and innovation, with 73% of employers planning to hire new talent; however, 64% foresee challenges in finding suitable candidates due to an ageing workforce, compliance and regulatory pressures, and the need for competitive compensation packages. Learn how you can attract the best talent in the market with our insights piece. (IDEX Consulting news, '2025 Wealth Management employment outlook')How predictive analytics is shaping insurance - Predictive analytics is revolutionising the insurance sector by enhancing risk assessment and underwriting through the analysis of extensive datasets, improving fraud detection by identifying patterns indicative of fraudulent activity, and increasing operational efficiency by automating routine tasks, thereby enabling insurers to offer more personalised services and remain competitive in the market. Learn how it might impact your relationship with insurers and brokers. (IDEX Consulting news, 'How predictive analytics is shaping insurance')Mergers and AcquisitionsEvelyn Partners is refocusing on core wealth management, with PE backer Permira streamlining operations to facilitate a potential £1.5bn sale in 2026, likely to another PE firm or a bank. (Zachariah Sharif, 27/2/2025, Citywire Wealth Manager, 'Will Evelyn’s wealth refocus trigger a sale in 2026?')According to Opinium’s latest IFA Barometer, merger and acquisition activity in the IFA market has accelerated, with 9% of firms acquiring others since December 2024. This marks a rise from 5% in February and 6% in September 2024, highlighting increased consolidation in the sector. Meanwhile, smaller firms are increasingly exiting the market. (Financial Planning Today, 5/2/2025, 'M&A activity in IFA sector gathers pace')Abrdn Diversified Income and Growth (ADIG) is in talks to sell its remaining portfolio as it winds down. A potential buyer is reviewing its private assets, with the board assessing the deal against other strategic options. The trust has already returned £115m to shareholders, with remaining assets maturing between 2025-2033. (Danielle Levy, 26/2/2025, Citywire Wealth Manager, 'Abrdn Diversified in talks to sell private assets portfolio')In further news...Abrdn has put its restricted advice business, formerly 1825, up for sale as CEO Jason Windsor seeks to simplify the group’s structure. The sale process is in the early stages, with an information memorandum sent out for the £4bn asset business with over 60 planners. Corporate finance adviser Dyer Baade is advising, with the internal name for the process being Project Easter. (Victoria Bell, 6/2/2025, Citywire Wealth Manager, 'Abrdn puts advice arm up for sale')Canaccord Genuity Wealth Management (CGWM) has completed the acquisition of Brooks Macdonald’s international arm for up to £50.85m. CGWM will pay £28m upfront for Brooks Macdonald Asset Management International, with the remainder contingent on performance. The sale follows a strategic review after Brooks took an £11.6m hit on the business’s value, allowing it to refocus on core investment management and financial planning. (Dylan Lobo, 24/2/2025, Citywire Wealth Manager, 'Canaccord seals deal for Brooks Macdonald’s international arm')Tavistock has completed its £6m acquisition of asset manager and DFM Alpha Beta Partners (ABP), with total consideration potentially reaching £18m based on performance over the next five years. ABP, with £3bn in AUM, specialises in tailored portfolios for advisers and high-net-worth clients. This follows Tavistock’s sale of its financial advice businesses to Saltus in December. (Financial Planning Today, 20/2/2025, 'Tavistock completes takeover of £3bn AUM DFM')Saltus has acquired Newcastle-based Lowes Financial Management, marking a new chapter in the 54-year-old firm's history. The acquisition aims to enhance service and value while preserving Lowes’ long-standing values. The financial terms of the deal were undisclosed. (Financial Planning Today, 17/2/2025, 'Saltus takes over Newcastle Planner Lowes')Benchmark Capital, part of Schroders, is acquiring Huddersfield-based Robertson Baxter, a directly authorised adviser firm with £200m in assets. The deal, part of a retirement strategy for Founders Greg Robertson and Stephen Baxter, will enhance practice management and compliance support. The financial terms were undisclosed. (Financial Planning Today, 13/2/2025, 'Benchmark acquires £200m AUA Yorkshire adviser')WBR Group has acquired Standard Life’s SSAS book, comprising 270 schemes, 246 properties, and £403m in assets. WBR, which has administered the book for over 20 years, will continue managing clients with a branding change. The acquisition provides clients access to additional investment options and services, with the trustee switching to WBR Trustees Limited. (Financial Planning Today, 13/2/2025, 'WBR acquires Standard Life’s £403m SSAS book')In further news...WBR Group has acquired pension consultancy Censeo Actuaries & Consultants, rebranding it as WBR Actuarial Limited on 1 April. The acquisition, aimed at enhancing SSAS, DBSSAS, and actuarial services, adds three qualified actuaries to WBR’s team of nine professionals. The deal supports WBR’s strategy of growth through acquisition and diversification. (Financial Planning Today, 10/2/2025, 'WBR Group acquires pension consultancy Censeo')Lumin Wealth has acquired Berkshire-based Financial Planner Professional Financial Centre (PFC), with £50m in AUM, marking its ninth acquisition since 2019. The deal supports Lumin's strategy of partnering with like-minded advisers. Lumin Wealth, a financial adviser and discretionary fund manager, has offices across multiple locations, including St Albans, London, and Reading. This follows Lumin’s recent acquisition of B W Financial Consultants Ltd, adding £95m in assets. (Financial Planning Today, 13/2/2025, 'Lumin Wealth acquires Berks Financial Planner firm')Shackleton (formerly Skerritts) has acquired Norfolk-based Harrold Financial Planning, adding £300m in AUM and expanding its presence in the east of England. This marks the 16th deal since Shackleton's £55m investment from Sovereign Capital Partners in March 2021. CEO Paul Feeney said the acquisition aligns with the firm’s goal of becoming Britain’s leading financial adviser. Harrold Financial Planning was founded in 1988 by Paul and Pauline Harrold. (Financial Planning Today, 10/2/2025, 'Shackleton snaps up £300m AUM Norfolk Planner')Nest, the UK’s largest pension scheme with over 13m members, has acquired a 10% stake in IFM Investors’ holding company, subject to shareholder and regulatory approvals. The deal, expected to complete by mid-2025, supports Nest’s goal of increasing private market asset allocations from 17% to 30%. Nest plans to invest £5bn through IFM by 2030, focusing on infrastructure, debt, and private equity, with an emphasis on new UK investment opportunities. (Financial Planning Today, 5/2/2025, 'Nest acquires stake in pension capital investor')Brooks Macdonald has completed its £45m acquisition of LIFT-Financial Group and LIFT-Invest, adding £1.6bn in assets under advice (AUA) and 1,350 clients to its Financial Planning business, which now has £6.4bn in AUA. The deal, first announced in October, also brings around 90 advisers and Paraplanners into the fold. LIFT Founder Michael Holden will assume the new role of CEO of Financial Planning for the combined business. (Financial Planning Today, 3/2/2025, 'Brooks Macdonald completes £45m LIFT deal')MoversSchroders has appointed Oliver Gregson, former JP Morgan Private Bank UK Head, as CEO of its wealth management business, succeeding Mary-Anne Daly in June. Daly will remain a Strategic Adviser to Schroders Wealth. Gregson brings over 25 years of experience, having previously held senior roles at JP Morgan, HSBC, Barclays, and UBS Wealth Management. (Sophie Downes, 26/2/2025, 'Schroders hires ex-JP Morgan Private Bank UK head as wealth CEO')In further news...Schroders has appointed Vikram Bhandari as Head and CIO of Schroders Capital Solutions. Bhandari joins from BlackRock, where he spent seven years as Senior Portfolio Manager for its multi-alternatives private markets solutions business, designing and managing products for institutional and wealth clients. At Schroders Capital, with €90.8bn in assets, he will focus on expanding the solutions business, creating portfolios across various asset classes. (John Schaffer, 24/2/2025, Citywire Wealth Manager, 'Schroders poaches from BlackRock for head of private assets solutions')Abrdn has appointed Siobhan Boylan as CFO from Coutts, succeeding Jason Windsor, with Boylan also joining the board; interim CFO Ian Jenkins will become Finance Director of the investment business upon her summer arrival. Boylan brings extensive experience, having previously served as CFO at Brewin Dolphin, LGIM, and various Aviva divisions, and led finance at Coutts for 18 months. (Zachariah Sharif, 28/2/2025, Citywire Wealth Manager, 'Abrdn hires CFO from Coutts')Fintech Dunstan Thomas CEO Ihab El-Saie will retire at the end of March after nearly a decade at the firm and a distinguished fintech career, including leading three successful software firms and driving multiple corporate exits. Julia Fintz, the current COO, and Paul Muir, the CPO, will step in as joint Managing Directors. Fintz brings operational expertise, while Muir has deep product development experience, ensuring strong leadership continuity. (Tom Browne, 27/2/2025, Money Marketing, 'Leadership change at Dunstan Thomas as CEO retires')Brooks Macdonald has hired Neil Cowell, former Head of UK Distribution at Vanguard, to lead its IFA sales efforts. Cowell spent 12 years at Vanguard and previously led distribution for UK retail banks and wealth managers at Standard Life for six years. Brooks has also appointed Debbie Dalzell, previously of GAM and BlackRock, as Chief People Officer. (Natalia Vasnier, 21/1/2025, Citywire Wealth Manager, 'Brooks hires ex-Vanguard veteran in IFA sales push')Barry Smead, Chief Operating Officer of JM Finn’s investment management function, has resigned after nine years with the firm. He is currently on gardening leave after submitting his notice in September 2024. Smead joined in 2016 as a Business Manager and rose to Head Investment Management Operations before becoming COO. Prior to JM Finn, he held COO roles at Capital Position Ventures and Hermes Fund Managers. The reason for his departure remains unclear, and it’s not known if JM Finn plans to appoint a replacement. (Sophie Downes, 21/2/2025, Citywire Wealth Manager, 'Revealed: JM Finn investment operating chief resigns')Michelle Pearce-Burke, Co-Founder and Chief Strategy Officer of Wealthify, has stepped down after 10 years. She co-founded the digital wealth firm in 2014, with Aviva acquiring a majority stake in 2018 and full control in 2020. Pearce-Burke held over 4% of Wealthify’s shares before the sale. Her successor has yet to be announced. (Sophie Downes, 20/2/2025, Citywire Wealth Manager, 'Wealthify co-founder Pearce-Burke exits Aviva-owned robo')In further news...Aviva-backed Wealthify has appointed Jessie Kwok, former Senior Investment Director at Investec, as its new Chief Investment Officer (CIO). She replaces Colleen McHugh, who remains as an Investment Consultant. Kwok brings experience from Fidelity International, Schroders, and HSBC Global Asset Management. (Sophie Downes, 17/2/2025, Citywire Wealth Manager, 'Wealthify appoints Investec W&I investment director as CIO')Hawksmoor Investment Management has restructured its management board after appointing a new CEO and Managing Director. Ben Conway, Dan Ellis, and Richard Pursglove stepped down from the board but remain in senior executive roles. The changes follow the hiring of Andrew Westenberger as CEO of parent company Hurst Point Group and Michael Bishop as Managing Director of Hawksmoor in 2025. Both will serve as Directors on Hawksmoor’s investment board, pending Companies House approval. (Sophie Downes, 18/2/2025, Citywire Wealth Manager, 'Hawksmoor reshuffles board')Fintech Cadro has appointed Sophie Jamieson, former Senior Business Development Associate at Ruffer, as Investment Manager. Jamieson will manage strategies for high-net-worth individuals and institutional clients. She joins after over five years at Ruffer, following recent staff cuts there. (Sophie Downes, 17/2/2025, Citywire Wealth Manager, 'Fintech Cadro hires investment manager from Ruffer')Andy Briggs, CEO of Phoenix Group, has been appointed President of the Association of British Insurers (ABI), succeeding Tim Bailey. Bailey will become CEO of Zurich’s global life protection business. Briggs will serve as ABI President for the next two years. (Momodou Musa Touray, 25/2/2025, Money Marketing, 'Phoenix Group CEO Briggs named new ABI president')Sarah Smart, Chair of The Pensions Regulator (TPR), will step down in July after nearly 10 years on the board. She joined in 2016, initially as Senior Independent Director before becoming Chair. During her tenure, TPR evolved into a "risk-based, outcome-focused" regulator and contributed to the success of auto-enrolment, which now sees 8 in 10 workers saving for retirement. The DWP is now seeking a successor. (Financial Planning Today, 13/2/2025, 'Chair of The Pensions Regulator to step down')Neil Stevens, joint CEO of Fintel, will step down at the end of June, leaving Matt Timmins as sole CEO. Timmins will take over full responsibility after Fintel’s AGM on 20 May. Stevens will not seek re-election at the AGM but will continue in his role until then. (Financial Planning Today, 11/2/2025, 'Fintel joint CEO steps down')FNZ, a platform engine provider that powers several UK investment platforms, has appointed former senior Santander banker James Dunne as its Managing Director, client management and business development. Mr. Dunne was formerly Head of Wealth Management and Insurance at Santander’s UK arm. He also held roles as Global Head of Digital for Santander’s wealth management & insurance division, and Director of SME markets across Europe and the US. (Financial Planning Today, 10/2/2025, 'FNZ recruits managing director from Santander')Abby Thomas has unexpectedly left her role as CEO and Chief Ombudsman at the Financial Ombudsman Service (FOS), amid reports of a disagreement over planned fees to be charged to claims management companies (CMCs). The FOS has declined to comment on the issue or the search for a new permanent CEO. (Financial Planning Today, 7/2/2025, 'FOS CEO Abby Thomas in shock exit')The CII has appointed Adam Harper as Executive Director, strategy, advocacy & professional standards, and Holly Porter as Executive Director, markets & opportunities, starting in March. Harper, from AAT, has expertise in corporate strategy and professional standards, while Porter, formerly with BCS, focused on member development and technology. (Financial Planning Today, 4/2/2025, 'CII appoints two new executive directors')Charles Ferry has left RBC Brewin Dolphin, with Managing Director Hal Catherwood taking over his responsibilities. Ferry joined in 2008 from Gerrard (Barclays Wealth) and held key roles, including leading the investment team, serving as Regional Director for London & the South East, and later becoming Co-Head of private clients. (Dylan Lobo, 13/2/2025, Citywire Wealth Manager, 'Revealed: RBC Brewin Dolphin wealth MD Charlie Ferry exits')LGT Wealth Management has promoted 11 new partners, including eight former Abrdn Capital Managers: David Sullivan, Anthony Emmings, Marco Evans, Craig Joiner, Kevin Bowhay, Charlie Thompson, Richard Harrison, and Gair Brisbane (Scottish charity head). Also promoted are Investment Managers Lewis Mackinnon and Toby Willis, along with Business Development Manager Brendan Macken. (Dylan Lobo, 12/2/2025, Citywire Wealth Manager, 'LGT Wealth Management makes eight Abrdn alumni partners')Charles Stanley has appointed Paul Measures to lead IFA business in the North. Measures spent 30 years at Legal & General, including as Head of Intermediary Sales. He will work alongside Tom Hawkins (South) and report to Group Head of Sales Sean Osborne. (Natalia Vasnier, 12/2/2025, Citywire Wealth Manager, 'Exclusive: Charles Stanley hires LGIM sales boss to lead IFA push')All information provided in this market digest has been gathered from Citywire Wealth Manager, Financial Planning Today, Money Marketing, and IDEX Consulting.