Assets managed by wealth managers, investment managers, private banks and execution-only stockbrokers soared by 11% between 2015 and 2016, hitting a new record level of £826bn.
It signals a significant hike on the £742bn of assets managed in 2015 with discretionary services driving the growth with an increase of £49bn and non-managed assets contributing an additional £29bn.
Compeer, an agency specialising in monitoring business performance, said the data revealed the industry remained resilient in the face of high uncertainty.
James Brown, head of client services at Compeer, said: “A month on from a snap election, which saw yet another unexpected result, it seems that uncertainty is here to stay.
“The FCA report on the asset management sector, released yesterday, sees an industry more scrutinised than ever before.
“However, if the results which we have seen over the last 25 years are anything to go by, we should remain confident that the wealth management industry is capable of continuing to flourish regardless of the political landscape.”
Wealth managers saw £84bn of inflows in 2016, put down to a high level of acquisitions, and overall revenues in the sector hit more than £6bn.
The annual benchmarking survey was conducted with researcher IRESS which tracked 153 firms comprised of execution only stockbrokers, full service wealth managers, investment managers and private banks.
