by Sellick Partnership | 10 May 2016
With Liverpool’s Wealth Management industry boasting a combined total of almost £15 billion AUMs, the city has unquestionably earned its reputation as the Second City of Wealth and Investments in England; yet the connection between affluence and Liverpool isn’t perhaps an obvious one. Historically, Liverpool is famed as a working-class city kept afloat by its Docking industry, so the city’s current status within the UK wealth management world seems almost ironic. However, there is more of a connection between the two industries than meets the eye. With our waterfront being branded the best in Europe, it’s no wonder the major players within the Wealth and Investments industry have anchored themselves (almost literally) on the Docks.
In March 2016, Liverpool’s Mayor named the waterfront “the key to city's future economic prosperity”. Our presence on the Docks has always paved the way for transatlantic trade, allowing the smooth flow of business and bringing diversity to the city. Our waterfront has grown to include some of the country’s most impressive buildings, which has serendipitously created the perfect backdrop for wealth managers to entertain their clients. Ultra-high net-worth individuals are no doubt enticed by the aesthetics of the Albert Dock area, and what has previously been known as a back office hub for many wealth managers is now expanding to include a distribution and investments function within the Liverpool offices of some key players in the industry.
The city’s stunning setting no doubt aids in attracting both local and visiting investors alike. With Liverpool being just a stone’s throw from Alderley Edge, where there are reportedly more millionaires per square mile than anywhere else in Britain, a strong local existing client base remains buoyant, but what the waterfront has brought to the city culturally also paves the way for more distant investors – not bad for what was once known as one of the most deprived cities in the UK.
Merseyside continues to flourish as a major destination for wealth and investment managers, something reflected by recruitment needs. Some of the larger houses in the city have hired one person a week since Christmas, whilst others are expanding the floor space in their offices to allow for expansion.
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