BrazilSionic, PwC and EY named Europe's top wealth management advisors
More than 50 companies have been recognised as top providers to Europe’s wealth management industry, with three leading advisory firms to the sector taking home awards.
Judged by a panel of high-profile advisors, bankers and technologists, the annual WealthBriefing Awards recognises outstanding achievement and progress across the European wealth management sphere, spanning the asset management, private banking, wealth management, alternatives and investment segments.
This year’s flagship award for consultancies – Best Management Consultancy – went to Sionic, a 300-strong firm that is punching above its weight in a segment traditionally dominated by the majors.
Having already made the finalist group last year, then edged out by overall winner EY, this year the London and New York headquartered consultancy managed to take home the prestigious prize. The other finalists were EY and Alpha FMC.
According to the jury, Sionic’s specialist Wealth Management & Private Banking practice boasts “an outstanding track record of delivery in strategic advice, business and people improvement projects for a global range of wealth managers, private banks, boutique firms and family offices, software and service providers and platform providers worldwide.”
Founded in 2019 through the merger of UK-based Catalyst Development and US-based Sionic Advisors, Sionic is a specialist consultancy to the financial services industry. Its Wealth Management & Private Banking practice has its heritage in Knadel, an asset and wealth management consulting firm that was acquired by Catalyst Development in 2018.
The award for Best M&A Advisor went to PwC, on the back of its track record of transactions advised on in the wealth management industry. The jury was particularly impressed by its role as the lead diligence partner in the landmark deal of the year: Tilney Group’s acquisition of Smith and Williamson, which created a combined business with around £45 billion of assets under management.
As Tilney Group’s CFO Andrew Baddeley put it, “PwC were able to mobilise resources very quickly and effectively to help us work out whether there was a commercial problem, work out what the commercial solution was to that commercial problem and still get the deal done.”
Meanwhile, seven companies battled for the Best Wealth Management Thought Leadership prize – Aon, CapGen Partners, Earth Capital, EQ Investors, EY, Morningstar and Somers Partnership. Big Four accounting and consulting firm EY was named the year’s winner, with the jury stating: “The depth and breadth of the material provided by EY, whether it is on technology, Brexit, business models or client experience, is vast, and hard to ignore.”
