confirmed as one of the most powerful players in the UK wealth
management business, according to new industry data. The US bank is
ranked as the UK’s fourth-largest private client asset management
firm, with £22.9 billion ($46 billion) in assets under management
(AuM) as of the end of 2006, the latest edition of the Private
Asset Manager-PAM yearbook shows.
JPMorgan is disclosing its assets total to PAM, which tracks the
domestic UK wealth sector, for the first time. The £22.9 billion
total compares with its £19.2 billion of AuM at the end of 2005 and
£16.6 billion at the end of 2004.
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Although the US bank hasn’t elaborated on the mix of clients
holding these assets, experts say the total, as with a number of
other banks, includes a proportion of non-domiciled residents’
wealth. These are wealthy foreigners who live and work in the UK,
taking advantage of tax laws that are applied only to their
earnings within the UK – not their incomes generated abroad in
their home countries.
Other players
Overall leader in UK wealth management remains Barclays Wealth,
with £41.9 billion of AuM, followed by Coutts & Co with £36.5
billion. UBS Wealth Management ranks third with £29.7
billion.
Goldman Sachs International is another house with a prominent
position, ranked sixth by PAM with £16.0 billion. Morgan Stanley
Private Wealth Management is in ninth position, with £13.2 billion.
Tenth place is taken by HSBC, with £12.7 billion.
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By GlobalData
Overall, the 40 biggest private client asset management firms
active in the UK wealth market increased client assets under
management by a healthy 14 percent to £389.6 billion during 2006,
according to PAM.
James Anderson, chief executive of Tru-Est, publishers of the PAM
research, said: “Most firms reported increased business volumes, as
measured in terms of asset growth, a situation we expect to
continue during the current year despite the recent market
turbulence.”
While Barclays is the absolute leader in UK wealth, Coutts, part of
Royal Bank of Scotland, outperformed its rival in terms of asset
growth during 2006. It boosted total client assets by £5.9 billion
during the year, compared to Barclays Wealth’s £5.2 billion.
However, Barclays Wealth easily came out on top in terms of the
number of client accounts, at 700,000 versus 63,000 at Coutts. This
is explained in part by a large number of brokerage accounts at
Barclays.
Cheviot Asset Management, a wealth newcomer, ranked as the most
rapidly growing manager measured by relative expansion in AuM. Its
£2.04 billion of AuM at end-2006 was up 1,470 percent over 2005. In
a celebrated mass defection, Cheviot last year hired a number of
UBS staff, many of whom previously worked at Laing &
Cruikshank, a brokerage the Swiss bank acquired several years ago.
Cheviot was set up by former Laing & Cruikshank chief executive
Michael Kerr-Dineen.
