Wealth managers

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.

The Absolute Return sector - soon to be renamed Targeted Absolute Return - has often divided investors, particularly during down markets when some funds have failed to deliver a positive return.

Scottish Widows Investment Partnership (SWIP) has seen outflows of £6.6bn from the business in 2012, after investors opted to move out of its insurance products.

AIM-listed wealth manager Brooks Macdonald said today it has seen assets under management soar to £4.6bn in the last three months, boosted by the recent acquisition of Spearpoint.

David Bellamy, the chief executive of St James's Place (SJP), has said the business is "well positioned" to reap the benefits of the trading environment introduced since RDR as he revealed assets under management had reached record levels.

Standard Life Wealth has appointed David Driver as managing director.