Investec Wealth and Investment has been labelled the UK’s most expensive wealth manager in a leaked report examining charges across the 20 largest firms in the industry.
Grant Thornton compared the cost of investing £100,000 for a decade with assumed annual returns of 5% via a reduction in yield approach (RIY), the Sunday Times reported.
Investec W&I had the highest RIY of 3.8%, followed by Rathbones on 3.4%. Barclays Wealth, 1825 and Smith & Williamson were next highest at 3.2%.
The document was reportedly commissioned by St James’s Place to keep an eye on rivals’ charges and is based on public information and mystery shopper interviews. SJP had an RIY of 2.4%.
HSBC and Nationwide were the cheapest at 1.7% and 2%.
Investec would not comment on the figures because it had not seen the report. Smith & Williamson and Barclays said the figures were not an accurate representation of their charges.
