There are numerous competitors in the private banks UK and wealth management market.
The market can be divided into groups depending on business model: integrated and standalone private banks; asset managers; family offices; and IFAs are all fighting for a share of the HNW space.
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Some of the largest and best know wealth management competitors in the UK are integrated private banks.
Barclays, HSBC, Lloyds and RBS all operate in this way offering graduated propositions through different units in order to cater for a range of clients from the mass market – up to the ultra high-net-worth level.
Private banks UK
Standalone private banks operating in the UK tend to focus on the domestic market. One example is Arbuthnot Latham, which has three offices in the UK, servicing London, the Southwest and Northwest, in addition to its office in Dubai.
Some retail banks, such as Santander, have also launched a private banking arm in the UK.
Santander’s private banking operation was launched in 2016 and is aimed at those with at least £500,000 of investable assets or an income of £250,000 — substantially lower than the entry level for a traditional private bank.
Traditional private banks have responded by innovating and launching services online. For example, UBS launched its SmartWealth online robo-advice service last year — with lower entry requirements than its private bank.
As Brexit unfolds, London is expected to still be a key financial centre – according to delegates at the recent Private Banking and Wealth Management London 2018 conference.
Paul Kearney, managing director at Kleinwort Hambros, said: Our colleagues in rival EU bases said they see London as a location favoured by the UHNW client base. Of our European colleagues, the only country which didn’t see London as competition was Switzerland.”
Overall, private banks in the UK expect to deal with the challenges of Brexit and the future is positive for the sector.
