It’s been a rollercoaster ride for markets and sentiment, owing to the invasion of Ukraine and the cost-of-living crisis. Despite the rocky start to the year, retail wealth management assets recovered some of the ground lost during the first three months of the year and closed the quarter with assets of £580.7bn (£598bn in Dec 2021).
Interestingly, gross sales jumped by 21% during the quarter to £60.6bn, while net sales dropped 20% to £8.2bn. That means the market was home to a considerable amount of switching, transferring and moving to safe havens and less new money was invested overall.
Despite the uncertain outlook, some firms generated strong business flows. The top 10 distributors of the quarter by gross sales were:
- Succession Wealth
- Cazenove Capital
- Brewin Dolphin
- Ascot Lloyd
- Investec Wealth
- Chase de Vere
- Tilney Financial Planning
Succession Wealth, Fairstone and Ascot Lloyd are three of the UK’s largest advice consolidators and between them their collective influence on flows is significant. There is plenty of M&A activity in the retail wealth management industry. Royal Bank of Canada announced that it is to acquire Brewin Dolphin to give it a much-needed wealth footing in the UK market, while Succession was recently acquired by Aviva. Fairstone and Ascot Lloyd have private equity parents to support their ongoing expansion.
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