The UK wealth management market could shrink by 5 percent in both 2019 and 2020 if there is a no deal Brexit, a global analytics firm has claimed.

GlobalData predicted that declines in funds, UK equities, and GDP would contribute to the assets managed by UK wealth managers shrinking. It predicted the market would contract to a far larger extent than seen during the Global Financial Crisis.

Part of its justification is the predicted drop in GDP. KPMG has predicted a 1.5 percent GDP decline in 2020 if Brexit ends in a no deal, worse than the 0.34 percent GDP decline in 2008.

Sergel Woldemichael, a wealth managem...