Apcims membership stable despite industry consolidation

Membership of the Association of Private Client Investment Managers and Stockbrokers (Apcims) has seen slow but steady growth over the past three years, despite the consolidation in the industry.

The trade body’s membership has risen by seven since 2010, with nearly all of the new members established firms, an Apcims spokeswoman said. She pointed to increased regulation as a key driver behind wealth managers wanting representation.

‘They have seen that we are going to be very useful representing them,’ she said. ‘Word has got round and they can see the value that we are putting in. We have been doing a lot of work and hopefully, that’s becoming apparent to managers.’

Apcims head of investment and member services Jason Baxter added: ‘The industry is certainly experiencing a huge amount of regulation and pressure across the board from both at home and from the EU, and we are working harder than ever across many different areas to represent our industry and provide help and support wherever we can.’

Membership has grown despite industry consolidation over the past three years, which has seen more than 16 firms being swallowed up by larger rivals.

Most active on the acquisition front has been South African giant Sanlam Private Investments, which has bought Principal Investment Management, Iain Nicolson and Merchant Securities.

The historic Williams de Broë and Rensburg Sheppards brands were taken over by South African giant Investec, which acquired the former’s parent Evolution Group for £233 million.

Meanwhile, Duncan Lawrie Asset Management snapped up Douglas Deakin Young and Will Martin Asset Management.

Apcims was keen to stress its fee income is not based on the number of firms and that this figure is not a proxy for its workload.

The body also said it was ‘definitely’ seeing interest from discretionary independent financial advice firms, but that so far participation has been limited.

‘They are definitely in the mix but we haven’t seen an obvious increase in this group,’ Baxter said.