Barclays Wealth tops UK wealth management survey
Barclays Wealth continues to dominate the UK wealth management market after growing its asset group by nearly £7bn last year, according to a new ranking from the Private Asset Managers awards.
Barclays had over £48.8bn of client assets under management at the end of 2007 in 700,000 client accounts, according to the PAM survey compiled by London-based publisher Tru-Est.
Coutts, with assets of £42.9bn and UBS Wealth Management with £37bn, followed Barclays in second and third places respectively in the UK wealth management league. Coutts and UBS grew new asset stakes by £6.4bn and £6bn last year.
JP Morgan achieved the highest rate of asset growth with £7.4bn of new assets added last year, and now has £30.3bn of client assets under management - fourth place in the list.
Barclays also grew assets at a healthy pace, despite continuing relationship manager attrition at Gerrard, the stock broker it acquired in December 2003. Overall, Barclays Wealth added nearly £7bn of assets during 2007, the second highest increase.
In addition to JP Morgan two other Wall Street firms featured in the Top 10. Goldman Sachs occupied 6th position with £19.8bn of assets. Morgan Stanley filled 9th position with £14.5bn. Brewin Dolphin, which has been one of the main beneficiaries of the ongoing changes at Gerrard, occupied 5th position with £21.6bn of assets under management.
Brewin Dolphin also had the second biggest number of client accounts at more than 110,000, reflecting the fact that the firm’s client base is firmly based in the retail and mass affluent sectors. Rensburg Sheppards, another firm with stock broking heritage, took 10th position with £14.5bn of assets and 72,000 accounts.
St James’s Place Wealth Management, a subsidiary of HBOS, entered the Top 10 for the first time with £18.2bn of assets at the end of 2007. It also had the third largest number of accounts with 80,000.
Lloyds TSB Private Banking, the private banking arm of Lloyds TSB, occupied 7th place with £16bn of assets.
“The efforts made by Barclays to grow their wealth management activities appears to be generating results, both in terms of asset growth and, perhaps more importantly, revenues and profits,” said James Anderson, chairman of Tru-Est.
“Wealth management remains the only segment of the financial services market that continues to grow. It is also a source of high quality, annuity–like earnings, which will be valued even more in the current economic environment," he added.
del.icio.us
Digg
Newsvine
reddit
StumbleUpon
