Wealth Management

Adviser consolidator Succession Group has bought tax planning and investment firm Cassidy Coutts, adding £50m to its funds under management.

Wealth managers are urging fund providers to open preferentially-priced share classes to their businesses, as opposed to just the largest, typically platform-based distributors.

Bestinvest founder John Spiers has hired a six-strong team for the launch of a new investment service at his recently acquired wealth management business, EQ Investors.

Restricted advice group Towry is evaluating its house view on structured products and investment trusts following its acquisition of national IFA Ashcourt Rowan, in a move which could see the combined business registered as independent.

WH Ireland's pre-tax profits have fallen 70% after a year of restructuring, but assets under management in its wealth division rose healthily.

Adviser firm consolidator AFH Financial Group has acquired the assets of CIB Wealth Management, including its five advisers and principal, in a deal worth up to £973,000.

AXA Wealth has moved into profitability following "strong growth across the business", which saw overall funds under management (FUM) increase by 11% last year.

Shares in wealth management group St James's Place (SJP) rose almost 5% in early trading on Wednesday, after it reported a near-30% rise in profits last year despite a negative contribution from its distribution business.

'Wealth managers have a lot to learn from supermarkets'

Hargreave Hale is to expand its reach with the opening of a new office in Norwich, led by two former Brewin Dolphin investment managers.