Wealth managers

Wealth managers and asset managers have led the pack in early morning trading after a number of companies delivered positive updates to the market.

Brooks Macdonald has reported 45% growth in discretionary funds under management for the year to June but warned the costs of investing in the business will drag on margins in 2014.

Brewin Dolphin is reviewing the service it offers clients with less than £50k in assets under management.

UBS has become the largest global wealth manager after its assets under management soared in 2012, according to a survey from UK-based research firm Scorpio Partnership.

Law firm Regulatory Legal has set up an alternative business structure with a wealth manager to package up legal advice for financial advisers to provide to their clients.

Wealth manager Ashcourt Rowan posted a loss of £2.5m in the 12 months to April as the group continues its transformation into a holistic financial planning business.

Shore Capital has upgraded wealth manager Brewin Dolphin to a 'buy' after the group successfully navigated the RDR rule change by retaining clients despite an increase to its fees.

Redmayne-Bentley has opened five new offices and taken on 13 staff from embattled wealth manager Fyshe Horton Finney.

Wealth manager Ashcourt Rowan today said revenues had fallen in the last year amid a restructure of the group as it looks to prepare for future expansion.

Banking giant HSBC has proposed reducing staff numbers by 1,149 as part of a restructure of its wealth business.