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Big winners and losers in the private-client investment market

Some of the biggest private-client investment managers lost more than a quarter of their assets under management last year as market volatility hit investor confidence.

According to the PAM dir-ectory of UK private asset managers, companies including Lazard, Baring and Cazenove haemorrhaged huge chunks of their assets under management as instability prompted mass desertions from their books.

Baring saw a 27.4 per cent plunge, Lazard lost 23.8 per cent and Cazenove suffered a 20.4 per cent drop. Raphael Asset Management was the biggest loser, however, losing 37.5 per cent of its assets in 2001.

Despite the losses, many private-client managers saw their assets under management rocket. Man Group had a 87.5 per cent increase, Deut-sche Bank 49.7 per cent and GAM&#39s 35.2 per cent.

PAM believes the companies which gained benefited from consolidation and consistent performance while the losers coped less well in volatile markets, resulting in dwindling assets under management and investor defections.

Editor-in-chief James And-erson says: “Knowing the way that the markets work, I would say the problems for the companies that have lost assets are investors pulling out and market falls. But people are only likely to be pulling out if the performance is not up to scratch.”

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