There has been continued consolidation across the market, largely driven by regulatory changes such as MiFID II, that have placed a significant burden on smaller firms operating in the market.
Huge changes in the global regulatory environment continue to have a massive impact on the financial services sector. Although giving better protection to investors, these regulations are coming at some cost both to customers and to institutions.
The impact of Brexit on the UK’s sizeable wealth management industry continues to remain very uncertain. The industry manages around £2.7tn1 (€3.1tn) for overseas clients and more than half of the overseas client money managed from the UK is managed on behalf of European clients.