A look at the most read stories on thewealthnet last week...
10.
Former Investec Wealth & Investment (W&I) chief risk officer Mike Rigby joined investment platform WealthKerel as chief compliance officer.
In his new role, he will lead the compliance, risk and financial crime function across WealthKernel and manage the day-to-day relationships between the regulator - the FCA - and the company.
At Investec W&I, Mr Rigby was responsible for managing the framework designed to identify and address regulatory, operational, data and financial crime risks arising in the firm.
9.
Those that saw the headline figures of an 8.3 percent decrease in pre-tax profits and a 16.8 percent drop in assets under management (AUM) in 2022 would be within their rights to be confused by such a positive statement from Mr Pradelli, Katie Royals writes.
However, taking a closer look, it appears the private banking group may have had a more positive year than it first appears.
A large reason for this drop was the settlement of an ongoing legacy issue relating to a client relationship with a Taiwanese insurance company which has been on the firm’s radar for over five years. [Read More]
8.
Martyn Johnson
Multrees Investor Services, a provider of outsourced custody, execution and trading, investment administration and services, made two key appointments as the company looks to continue its expansion, Katie Royals reports.
David Harrand was appointed as a business development manager, while Martyn Johnson joined the firm as chief transformation officer (CTO).
With over 23 years’ industry experience, Mr Johnson joined the firm from JP Morgan last year where latterly he was a data strategist in its global funds services division.
And Mr Harrand joined Multrees from SIX Securities Services, having previously worked at Swift, Pershing and BNP Paribas.
7.
Investment and wealth manager Walker Crips is changing the name of its wealth management and financial planning division.
Its rebrand from current name Walker Crips Wealth Management to Walker Crips Financial Planning will take place from 6 April 2023.
The firm said the new name better reflects the full range of financial planning services its financial planners can offer clients.
6.
Boutique asset management ‘think tank’ - the Independent Investment Management Initiative (IIMI) - appointed Sebastian Stewart as its chairman.
He will be joined on the board by Daniel Pinto, chief executive of Stanhope Capital, and Charles Scott Plummer, head of institutional solutions at Waverton Investment Management.
Mr Stewart has been on the board of the IIMI since 2017 and became deputy chairman in 2019. He succeeds Nick Mottram who has held the role for three years.
5.
HSBC Global Private Banking (GPB) is the latest wealth management business to report a surge in income and profits despite a fall in assets under management (AUM), Ian Orton writes.
Now a component part of HSBC’s wealth and personal banking (WPB) division, GPB reported total operating income and pre-tax profits of $1.98 billion and $574 million respectively for the year to 31 December 2022, according to HSBC Holdings’ latest annual report and accounts.
Total operating income increased by $232 million over the $1.75 million reported for 2021, a 13.3 percent increase.
4.
The Financial Conduct Authority (FCA) is in “advanced confidential discussions” with Link Group and Link Fund Solutions (LFS) regarding its proposed enforcement action, Katie Royals reports.
LFS managed the LF Woodford Equity Income Fund (WEIF), which is still subject to investigation by the FCA.
In September, the FCA said it was “likely” to seek a redress payment from Link Fund Solutions of up to £306 million.
3.
With total income and operating profits of £1.06 billion and £436 million respectively for the year to 31 December, Coutts’ - or more precisely NatWest Private Banking’s - latest set of results came out as more or less expected, Ian Orton writes.
Indeed, the operating profits figure of £436 million was only £1.4 million greater than a benchmark forecast based on ceteris paribus assumptions of £434.6 million.
At £1.056 billion the income figure was £61.5 million greater than the forecast £994.5 billion. But the margin only amounts to 6.2 percent, an acceptable level for what was effectively a back of an envelope estimate. [Read More]
2.
The PAM Awards Judging Panel has named 22 firms as finalists, and for commendations, in the 2023 PAM Awards. These firms are contesting 10 award categories.
As in previous years a wide range of firms have made the list, with size being no barrier.
The results will be announced on Wednesday 26th April 2023 at the annual Awards Ceremony, this year held at the Royal Lancaster London.
Click here to see the list.
1.
The PAM 50 Most Influential was revealed.
It is the definitive list of those at the forefront of shaping private client wealth management in the UK and Crown Dependencies.
It is based on nominations and PAM Insight’s knowledge of the sector. The quality and quantity of nominations are considered, alongside the nominee’s leadership, achievements, and career progression – particularly in the preceding 12 months. Firm performance and reputation is also taken into account.
Click here to see the list.