Wealth Management: Yearly Review 2023

Further market turmoil has caused severe pressure on asset values for UK wealth firms throughout 2022 and as such has limited growth in investment management fees – the main source of revenue for these firms.

However, costs continue to rise and therefore margin compression is evident across a large number of firms.

At Compeer’s Yearly Review conference we are delighted to share all of the key business performance results from our annual benchmarking survey – the most extensive of its kind for this industry, covering in excess of 180 firms.

Join us on 21st June 2023 when we will unveil the results for 2022, highlighting the extent to which firms have been impacted by the recent volatility and economic uncertainty as well as any success stories. We will also be joined by industry experts as well as a CEO wealth management panel, providing you with further insights.




Event Information

14:30 – 15:00           Networking

15:00 – 15:05           Bruce Weatherill – Welcome & Introduction

15:05 – 15:20           James Govan, Barings

15:20 – 15:35           Tariq Khan, Objectway

15:35 – 16:05           James Brown, Compeer

16:05 – 16:20           Neil Beveridge, Bernstein

16:20 – 17:00           Wealth Management Panel Discussion

(David Durlacher – Julius Baer, Jonathan Polin – atomos, Charles Boulton – HSBC Private Bank, Tariq Khan – Objectway)

17:00 – 18:00           Networking

Bruce Weatherill, Master of Ceremonies

Bruce is a Chartered Accountant with over 35 years’ financial services industry experience around the world. He was a partner in PwC for 20 years and is now a non-executive director of Compeer as well as other companies.

James Govan – Investment Manager & Director, Barings

James Govan is an Investment Manager on Barings’ Global Resources Team and Co-Manager on the Barings Global Resources and Global Agriculture Funds. James has worked in the industry since 2002. Prior to joining the firm in 2008, he was as an Assistant Fund Manager on a U.K. equity long/short hedge fund at BC Asset Management. James holds a B.Sc. in Banking and International Finance from Cass Business School, City University, London. He was awarded the Investment Management Certificate in 2002 and is a member of the CFA Institute.

Tariq Khan – Client Development Director, Objectway

Tariq is responsible for Business Development and Account Management in the UK and Middle East. An accomplished professional with over 20 years experience of working with senior management and board level in financial services.  Tariq’s role involves understanding our clients’ business objectives and ensuring Objectway’s solutions can enable these as well as adding value to the clients’ future roadmap in a true partnership approach.

James Brown – Head of Client Services, Compeer

James joined Compeer in October 2006 as an analyst following his graduation from The University of Warwick, where he studied Mathematics, Operational Research, Statistics and Economics.  Today he manages Compeer’s team of analysts. He has widely presented key trends in the UK Wealth Management Industry, with in-depth experience of providing statistical analysis of firms’ business performance. He regularly provides recommendations during presentations to Executive boards, and is actively involved in bespoke research projects.

Neil Beveridge – Senior Analyst, Bernstein

Neil Beveridge is the Senior Analyst at Bernstein covering Global Energy Storage and Fuel Cells, Asia-Pacific Oil & Gas and Gas Utilities. Before joining Bernstein in 2008, Neil worked for BP for 11 years. He held a number of technical, commercial, and finance roles within BP and has worked in the United Kingdom, the North Sea, China, Russia, and the Middle East where he was Head of Finance for BP Middle East. During his career with BP, Neil worked within the Exploration and Production, and Gas and Power business segments in the development and operation of major international oil and gas projects. Prior to BP, he worked for BG Group for two years within its Exploration and Production division. Neil has an honours degree in Geology from the University of Edinburgh and a PhD from the University of Cambridge. While at university, he published a number of research articles in leading scientific journals, including Nature. He also holds an MBA from Edinburgh Business School.

David Durlacher – CEO, Julius Baer International Limited

David is chief executive of Julius Baer International Limited, responsible for Julius Baer’s business in the UK and Guernsey. He is a director of the board of Julius Baer International Limited. He joined Julius Baer from Merrill Lynch International Wealth Management UK when the business was acquired in 2013. In the previous 14 years at Merrill Lynch, he held a number of roles, originally joining the business as an associate financial adviser. He sits on the British Museum Chairman’s Advisory Board.

Jonathan Polin – CEO, atomos

Jonathan is CEO of atomos, following its acquisition from Sanlam UK by funds managed by Oaktree Capital Management in 2022. He believes passionately in the value of both financial planning and wealth management, and his goal is for atomos become a UK market leader. Previously, Jonathan served in the army, followed by 26 years working with Prudential, Aberdeen Asset Management, Britannic and, most recently, Ashcourt Rowan where he oversaw its rejuvenation and sale in 2015.

Charles Boulton – CEO of Private Banking, HSBC UK Bank plc

Charles has led HSBC Private Banking UK since April 2018. In this role Charles is responsible for the Private Banking business in the UK which includes looking after over 10,000 clients across HNW and UHNW segments (domestic clients and those with international needs), managing assets of over $53bn as of March 2023.

Charles has been recognised as one of the PAM 50 Most Influential by PAM Insight Ltd in 2021, 2022 and 2023 for helping shape the private asset management community, being at the forefront of innovation and helping to bring best service to client.

Prior to his current role, Charles was HSBC Private Banking’s UK Market Head, with responsibility for all core UK Relationship Management teams. In addition, he ran the London-based International team, focussing on UK Resident Non-Domiciled clients. Before this Charles held roles as Head of the High Net Worth and Ultra High Net Worth Teams for the UK Private Bank.

Charles originally joined HSBC through its acquisition of Bank of Bermuda. Before moving into banking Charles spent almost ten years with Deloitte in three different jurisdictions. He is a member of the Society of trust and Estate Practitioners (STEP) and a Fellow of the Chartered Institute for Securities (FCSI). He is married with two children.

Research Partner


Other upcoming events

Wealth Management Yearly Review 2024

Wednesday 26th June 2024
14.30 - 18.00

Sharing results from our in-depth annual benchmarking survey, Compeer will outline the key business performance trends for the UK wealth management industry.

ESG 2024: Is client demand being served effectively?

Wednesday 25th September 2024
15.00 - 18.00

Demand for ESG services continues to rise among high net worth investors. Wealth management firms are adapting their services, but is this enough? Compeer will review the comparisons between what is being offered and what clients wish to receive in the ESG space.

How To Achieve Profitable Growth

Tuesday 1st October 2024
15.00 - 18.30

Compeer, who have benchmarked the UK wealth management industry for over 30 years, have highlighted that just under 40% of wealth management firms currently make a loss or return less than 10% net margin. The average net margin for the wealth management industry, as a whole for 2022, is 23%, which appears healthy.

This event will examine why so many firms are poorly performing and the practical measures they can take to improve their performance.