UK pension rule changes, fresh headlines from St James’s Place and shifting client behaviour are putting asset and wealth managers under the spotlight. Clients are moving money to manage potential 40% inheritance tax on pensions, and adviser networks are being reshaped. For you as an investor, this creates both pressure points and potential openings. This article looks at how these developments affect St James’s Place and its peers, and highlights 3 stocks from our UK Asset Management and Wealth Management Companies screener that appear positively exposed to the current news flow.
Tatton Asset Management (AIM:TAM)
Overview: Tatton Asset Management is a UK focused wealth manager that runs discretionary model portfolios and multi manager funds for independent financial advisers. It also provides them with compliance support, technical advice, and mortgage and insurance distribution services through its Tatton and Paradigm segments.
Operations: Tatton Asset Management generates about £47.6m of revenue from its Tatton investment management arm and £6.8m from Paradigm adviser support services, with virtually all of its £54.3m revenue coming from the UK.
Market Cap: £443.0m
Investors watching the St James’s Place outflows may pay close attention to Tatton Asset Management. The company focuses on outsourced portfolio management for independent advisers, which can position it to pick up assets and relationships when clients and advisers look for alternatives. It combines high margins and strong earnings quality with a business model that does not rely on customer deposits. However, this also means funding comes from higher risk external sources. The stock trades on a premium P/E multiple. Analysts expect revenue and earnings to increase from already solid levels, so expectations are not low. That premium reflects a business that sits in the slipstream of adviser led wealth flows, and the recent pension rule changes could affect that position.
Tatton Asset Management’s premium P/E and outsourced model suggest a bigger story. Get the full analyst forecasts for Tatton Asset Management and see how current expectations, margins and funding risks really fit together.
Liontrust Asset Management (LSE:LIO)
Overview: Liontrust Asset Management is a London based investment manager that runs a range of equity, fixed income and multi asset funds for clients around the world, with a strong presence in sustainable investing.
Operations: Liontrust generates about £134.4m of revenue from its Investment Management business.
Market Cap: £165.7m
Liontrust Asset Management sits at the crossroads of several themes for investors. Its focus on active and often sustainable funds, backed by recognised technology platforms and experienced leadership, is intended to position it to benefit if clients move assets away from larger vertically integrated groups after the St James’s Place headlines and upcoming pension tax changes. At the same time, the company has felt the pressure of weaker fund performance, fee pressure and a dividend that was cut sharply in 2026, which highlights the risk around future cash flows. Understanding how these positives and negatives balance out, including the current P/E premium and funding risks, is an important next step for investors.
Growth ambitions at Liontrust Asset Management are colliding with tough fund performance and a cut dividend. Read the full 1 key reward and 2 important warning signs to see what the current P/E premium might really be pricing in.
XPS Pensions Group (LSE:XPS)
Overview: XPS Pensions Group is a UK based specialist that advises and administers workplace and personal pension schemes, helping employers, trustees and individuals design, run and protect retirement plans. Its services range from pension and investment advice to day to day scheme administration, technology tools and support for complex projects such as de risking and pension equalisation.
Operations: XPS Pensions Group generates about £262.7m of revenue from consulting and administration services for UK pension schemes, with all of this revenue currently coming from the United Kingdom.
Market Cap: £674.1m
XPS Pensions Group sits in the middle of the current pension rule changes that are driving clients to rethink how they manage retirement wealth. It is focused on pension consulting and administration, and management reports strong demand for advice as schemes respond to new inheritance tax rules, market volatility and regulatory change. Some investors may see forecast revenue and earnings trends, along with a Simply Wall St DCF value above the current share price, as a sign that the business could be underestimated. At the same time, the P/E multiple is higher than many peers, margins have come under pressure and the dividend is not fully covered by earnings. Understanding how those growth prospects compare with funding risks and recent earnings trends is where the real opportunity or caution lies for you as an investor.
Fast changing pension rules put XPS Pensions Group at the centre of a complex story, where strong demand for advice meets questions around margins, dividend cover and valuation. Get the analysis report for XPS Pensions Group for the crucial context behind those pressures and what could shift next.
The three stocks in this article are just a starting point, and the full UK Asset Management and Wealth Management Companies screener includes 10 more UK focused asset and wealth managers with equally compelling stories around pensions, inheritance planning and adviser flows. Use Simply Wall St to identify and analyze the specific catalysts, risks and narratives that matter most to you so you can focus on the highest conviction ideas in this space.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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