Graeme Watkins

At the end of March, there were over 12 million DIY investor accounts in the UK. This number has more than doubled since the pandemic hit in Q1 2020. Despite all the shenanigans of Liberation Day and trade turmoil, Q125 non-advised investor assets also hit a new high of £472 billion. I started tracking this market in 2010 when there was just £65 billion here, largely in Hargreaves Lansdown, some share dealers which also offered funds, and a handful of discount brokers (before commission was banned). The key change in user make-up is how the accessibility of investing and better user experiences have led to lower average balances, lower confidence customers and lower average ages. The gender investment gap is the one stat which hasn't really budged over the last decade. Competition has intensified and we now see newer players, with typically better UX and compelling charging structures, taking market share by customers, if not by assets. The top 5 players have more than 70% market share by assets but just 34% by customer accounts. 3 strategic questions I'm spending quite a lot of time thinking about: - Will Targeted Support be the 'gift' which finally enables large banks and life cos to gain traction in this channel? - Will the challengers be able to keep their clients as they 'grow up' and get more money and the stakes get higher? - As workplace pensions get bigger and auto enrolment increases the value of people's pensions, what will happen when consumers ignore our definitions of 'channels' and move from a workplace pension to a 'retail' pension? There's a much longer list but these 3 are fairly chunky questions to be starting with! If your business needs good quarterly data to track the evolution of this market, ours goes back 10 years and combines provider and consumer data, as well as reviewing proposition shifts and competitor trends. Is used by Boards, PE firms, ExCos and proposition/marketing teams. Have a look at Market Monitor here. https://lnkd.in/evUfUWRi #diyinvesting #fintech #robo #roboadvisor #investing #adviceguidanceboundaryreview #agbr #platforms

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What is an investment bank worth? This deal slipped a little under my radar but I noticed it when reviewing last month's transactions on the platform and it sprung up in The Times too. Evercore has paid £146 million for Robey Warshaw, a boutique investment bank that definitely falls into the 'elephant hunter' category, advising on monster deals that are usually the preserve of the bulge brackets (Goldman Sachs, J.P. Morgan, Morgan Stanley, Bank of America Merrill Lynch, Deutsche Bank, UBS, Citi and Credit Suisse). Recent mandates include the disposal of Reckitt Benckiser's Essential Home business to Advent for $4.8 billion and the acquisition of Keywords Studios by EQT Group for $2.8 billion. As you would expect with a low volume operator in a cyclical sector, revenues fluctuate but most of what does come in accrues to the partners (there were 5, including George Osborne). Last year £86 million in revenue translated into profit before drawings of £70m (actual drawings in the year totalled £43m). The previous year the equivalent numbers were £46m (revenue), £26m (profit) and £25m (drawings). Definitely not shabby. Article below (ignore the huge fish, it's not relevant). #corporatefinance #mergersandacquisitions

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“Outsourced trading opens the door to scale, speed and specialised expertise – without the overhead.” It’s become a go-to strategy for hedge funds looking to grow, diversify and run leaner operations. But not all providers are the same. In my article for the recent AIMA - The Alternative Investment Management Association Journal, I look at why outsourced trading isn’t just about efficiencies – it’s a strategic lever for growth. ·        Instant access to experienced traders and liquidity ·        Flex execution bandwidth when and where you need it ·        Built-in infrastructure, reporting and operational support ·        Cost efficiencies that scale with your business ·        Full transparency and control throughout the trade lifecycle The opportunities are real, but they depend on finding a partner that can act as an extension of your team, understand your goals and deliver more than just execution. Read the full article ‘Outsourced trading: Solving cost, scale and execution challenges for hedge funds’: https://lnkd.in/eBbhBB_a Marex #OutsourcedTrading #Trading #HedgeFunds #BuySide #CapitalMarkets

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I'm seeing a real surge in demand across the multi-asset trading world right now. Companies are scaling fast expanding into new regions, building out product lines, and looking for people who truly get how this industry works. What's standing out is that more firms are realising they don't just need recruiters they need partners who actually understand the space. Someone who can talk tech, product, and market structure, and identify talent that fits both the pace and ambition of these teams. As platforms continue to bridge traditional and digital assets, the competition for top talent is only heating up. The companies that will really win are the ones hiring strategically building strong, long-term teams rather than just reacting to growth. It's a brilliant time to be in this space, and working so closely with so many forward-thinking trading firms makes it even more exciting to see where things are heading. #MultiAsset #Trading #FinTech #Recruitment #EdisonSmart

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