According to the latest EY ITEM Club outlook for financial services, the ‘Wealth and Asset Management’ sector will reach assets of £1.15tn at the end of the year and continue to grow to £1.24tn by 2020.
It comes after better-than-expected economic momentum and growth in household wealth last year, with 11-year high growth of 9% seen.
It said assets in the sector grew by 12.3% to just over £1tn in 2016, faster than the previous year’s 7.7% rise.
EY’s Financial Services Managing Partner Omar Ali said: “This forecast should be seen as encouraging.
“The outlook for the UK economy is much better than many envisaged even six months ago, and compares well to other developed economies.”
