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View the article online at http://citywire.co.uk/wealth-manager/article/a724376

Why are hedgies pouncing on wealth managers?

by Robert St George on Dec 19, 2013 at 09:26

He agrees too that execution-only services can provide a first step for clients towards higher margin wealth management. ‘We very much buy into the life cycle idea of clients.’

Among larger companies, Duncan notes the vogue has been more around ‘financial planning’ rather than stockbroking.

‘If you look at the likes of Charles Stanley and Brewin Dolphin, they all have some element of financial planning in them now.’

So while their legacy as brokers may temporarily dampen their valuations, the smaller players like Walker Crips and WH Ireland are determined to emerge as fully fledged wealth managers.

David Gelber, chairman of Walker Crips, targets a ‘transformation of the company from a traditional private client stockbroker to a full service, increasingly fee-based, investment and wealth management group’.

WH Ireland is described as ‘one of the fastest growing wealth management companies’ by its chairman, Rupert Lowe, who highlighted that its wealth management revenues grew by 18% in the first half of the year compared with the equivalent period of 2012. In contrast, its broking revenues fell by 23%.

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