Investor types

Wealth managers

A wealth manager is a non-bank firm that manages portfolios for private clients on a discretionary, advisory or execution-only basis. In private markets it selects funds for client portfolios through central investment committees and approved fund lists.

What a wealth manager is

Wealth managers are non-bank firms that manage portfolios for private clients on a discretionary, advisory or execution-only basis. They differ from private banks because they do not take deposits. They differ from multi-family offices because their service is narrower and led by investment rather than by family administration. They also differ from asset managers: a wealth manager builds portfolios for individual clients, while an asset manager runs funds and mandates that wealth managers may buy.

In Switzerland these firms are called independent or external asset managers and are licensed as portfolio managers under Article 17 of the Financial Institutions Act (FinIA).¹

How large the wealth management market is

Published figures differ in scope, so they must be read with their definitions. The UK Financial Conduct Authority (FCA) covers the firms in its wealth management portfolio. Industry bodies use wider definitions that include private banking and financial advice.

Market	Figure	Date
UK, FCA wealth portfolio	Almost £1tn of assets; more than 5.5 million retail clients; 500 firms managing investments, broadly unchanged since 2022; around 5,400 investment managers²	Published 18 August 2026
UK, industry body definition	£1.65tn or more of private savings and investments³	Undated
UK, private banking, wealth management and advice	Over £1.6tn of assets; over 4 million UK clients; approximately 40,000 employed in wealth management and advice⁴	May 2025
UK, discretionary wealth management	£1.24tn of assets under management, according to Platforum⁵	End of 2025
Switzerland, licensing	1,532 of 1,864 portfolio manager and trustee applications approved⁶	28 February 2025
Switzerland, directory count	1,309 FINMA-licensed independent asset managers⁷	Late 2025
Dubai (DIFC)	More than 500 wealth and asset management firms, including 102 hedge funds⁸	2025

The Swiss licensing total covers portfolio managers and trustees together; the directory count is a secondary compilation. The DIFC figure covers asset managers as well as wealth managers.

Structures and sub-types

The main sub-types are discretionary investment managers, advisory firms, financial planners, Swiss independent asset managers and consolidators that acquire smaller firms. Some discretionary managers also run model portfolios that independent financial advisers use for their own clients. In the UK, discretionary management accounts for 65% of wealth management assets, execution-only for 27% and advisory for 8%, according to the FCA's 2026 survey as reported by Global Private Banker.⁹

Swiss independent asset managers are typically small. The average Swiss portfolio manager approved by 2022 had three employees and CHF 180m of assets under management, according to Piguet Galland citing FINMA data.¹⁰

Source of capital and investment horizon

The capital belongs to clients and is held at custodian banks. The wealth manager has authority to invest it only within the terms of each client's mandate. The investment horizon follows each client, and much of the money sits in pension and tax-advantaged savings accounts as well as ordinary investment accounts. A wealth manager does not commit its own balance sheet to funds or companies.

The service model shapes access. In a discretionary relationship the manager can invest without seeking client approval for each decision; in an advisory relationship each recommendation needs the client's agreement; in an execution-only relationship the client makes the decision.

How wealth managers invest in private markets

Where wealth managers invest in private markets, they do so through the same channels that govern the rest of the portfolio: central investment committees set model portfolios and approved fund lists. Individual managers then build client portfolios from those lists.

For a private market fund, inclusion on an approved list is therefore the decisive step. A fund that is not on the list is generally not available to the firm's discretionary managers. Because client portfolios are valued and dealt in frequently, wealth managers favour listed investment trusts and semi-liquid funds with periodic redemptions over closed-end funds that draw capital over several years. Wealth managers do not as a rule make direct equity investments in private companies.

Typical ticket sizes

The size of the firm is an indicator of capacity. A Swiss independent asset manager with CHF 180m of assets under management¹⁰ has far less capacity than the largest UK firms, such as St. James's Place with £220.0bn of funds under management.¹¹ The ten largest UK firms by client numbers serve 89% of discretionary clients.² Commitment sizes have to be established with each firm, and a placement through a model portfolio is spread across many client accounts.

How decisions are made

Central investment committees set model portfolios and approved fund lists. Fund research teams assess funds for inclusion on those lists, covering investment merit, liquidity terms and whether the fund can be held on the platforms that the firm uses. Individual investment managers then allocate within the limits that the committee sets.

What wealth managers look for

Because the firm invests client money under regulatory duties, a fund must be suitable for the firm's clients as well as attractive as an investment. Liquidity terms that match the firm's dealing cycle, low minimum investments and availability on the firm's custody and dealing platforms are practical conditions for inclusion.

Regulation and governance

In the UK, wealth managers are authorised by the FCA and are subject to the Consumer Duty. In Switzerland, portfolio managers have needed a FinIA licence since 1 January 2020,⁶ with ongoing supervision by a FINMA-authorised supervisory organisation.¹² FINMA had approved 1,532 of the 1,864 applications it received by 28 February 2025.⁶ EU and US requirements turn on local law.

Trends in 2025 and 2026

Three trends stand out in the published data.

Concentration in the UK. The ten largest firms by client numbers now serve 89% of discretionary clients, up 19% since the FCA's first wealth management survey in 2022, in the FCA's own words.² International Adviser reported the change as a 19 percentage point increase from 70%.¹³
Growth in portfolio management. UK portfolio management clients grew to 1.3 million, up 20% since 2022, while the number of firms managing investments stayed broadly unchanged at 500.²
Growth in Dubai. The number of wealth and asset management firms in the DIFC rose 22% in 2025 to more than 500.⁸

Taken together, the UK figures show more clients served by a broadly stable number of firms, with a growing share of discretionary clients at the largest of them.

Notable examples

Name	Headquarters	Size	Date
St. James's Place	Cirencester	£220.0bn funds under management¹¹	31 December 2025
Quilter	London	£141.2bn assets under management and administration¹⁴	31 December 2025
Rathbones Group	London	£115.6bn funds under management and administration¹⁵	31 December 2025

The measures differ. St. James's Place reports funds under management and Rathbones funds under management and administration. Quilter reports assets under management and administration, which include its investment platform. Size on these bases is not the same as the assets managed on a discretionary basis.

How advisers and placement agents work with wealth managers

In market practice, fund managers work through wealth managers' chief investment officers, fund research teams and platforms: its research team assesses the fund and the investment committee decides whether to add it to the approved list. Advisers help private market managers to offer a structure that the firm can hold and to complete onboarding on the platforms concerned. Because UK discretionary clients are increasingly concentrated at the largest firms, a small number of research teams control access to a large share of clients. Anglo-Suisse Capital advises on capital raising, M&A and secondary transactions with professional investors.

Frequently asked questions

How big is UK wealth management?

Almost £1tn of assets in the FCA's wealth management portfolio;² over £1.6tn on the wider industry definition that includes private banking and advice.⁴

How many UK wealth management firms are there?

The FCA counts 500 firms that manage investments, broadly unchanged since 2022.²

Is the UK market concentrating?

Yes. The ten largest firms by client numbers serve 89% of discretionary clients.²

Which are the largest UK wealth managers?

At 31 December 2025 St. James's Place reported £220.0bn of funds under management,¹¹ Quilter £141.2bn of assets under management and administration¹⁴ and Rathbones £115.6bn of funds under management and administration.¹⁵

What is the difference between a wealth manager and a private bank?

A private bank holds a banking licence, takes deposits and lends against portfolios. A wealth manager does not take deposits.

Do Swiss independent asset managers need a licence?

Yes. Since 1 January 2020 they need a portfolio manager licence under the Financial Institutions Act.⁶

What is the typical size of a Swiss independent asset manager?

The average firm approved by 2022 had three employees and CHF 180m of assets under management.¹⁰

Working with Anglo-Suisse Capital

Anglo-Suisse Capital advises companies, fund managers and shareholders on capital raising, M&A and secondary transactions with professional investors in the UK, Switzerland and internationally.

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Sources

This page is general information for professional investors and is not investment advice. Figures are taken from the sources listed, as at the dates stated.