Fund buyers have been rotating their equity exposure from growth to value plays, to take advantage of improving global economic conditions.
Charles Stanley has reported a jump in revenue over the first quarter of its financial year, pointing to growing FUM and increased investor confidence.
A number of wealth managers have privately warned fund groups they will be less inclined to recommend funds which give preferential prices to the biggest distributors in the market, Investment Week understands.
Charles Stanley has reported an 8% increase in adjusted pre-tax profit for 2012-13 but lamented that an 'unfair' Financial Services Compensation Scheme levy knocked final figures.
Fund closures and mergers in the UK have soared to a record high in the past six months as groups cull smaller or underperforming funds amid pressure on margins.
Fund managers are starting to buy back into UK-listed large-cap miners, seeing valuations as too good to refuse as wider sentiment on the sector hits a "decade low".
Charles Stanley saw its funds under administration hit a new high in the year to end March 2013, according to its pre-close trading update.
Total assets in UK wealth management reached a record high of £527bn in Q4 last year, despite fears regulation would dampen inflows and put pressure on costs.