A look back at the most popular stories on thewealthnet last week...
10.
The US Federal Reserve raised interest rates by a further 0.25 percentage points to 5.0 percent in a decision which may have been designed to ward off panic, Katie Royals reports.
With fears of the US banking sector resurfacing recently, “holding interest rates where they were previously would have probably been seen as a sign of concern,” explained Daniele Antonucci, the chief economist and macro strategist of Quintet Private Bank.
“As such, increasing them was rather a token of conviction.”
9.
Close Brothers Asset Management (CBAM) appointed Ed Mawle as a senior investment director.
Based in CBAM’s new office in Cheltenham, Mr Mawle will provide a bespoke discretionary investment management service, and manage direct client relationships across the region.
He has 25 years of experience in the asset and wealth management industry and spent almost 20 years at Brewin Dolphin, latterly as a divisional director, before moving to Investec Wealth & Investment in 2017, where he was a senior investment director.
8.
Coutts made its mortgages available to the intermediary market.
The intermediary market can include wholesalers, retailers, agents and brokers.
The firm said this change signals its commitment to brokers and support of clients at every stage of their wealth journey.
Coutts specialises in the £1 million plus loans market, providing tailor-made solutions to clients who need a personalised approach when purchasing or re-mortgaging property.
7.
Liontrust Asset Management confirmed it is set to acquire GAM Holdings.
The firms were first concerned to be in discussions in mid April.
The asset manager will pay total consideration of approximately CHF 107 million – equivalent to £96 million – for GAM.
Certain shareholders, including directors and senior management of GAM, which represent around 19.6 percent of the Swiss wealth manager’s issued share capital, have indicated they support the transaction.
6.
Wealth manager Evelyn Partners launched four new models in its international managed portfolio service (MPS) range.
The new strategies are: defensive, conservative, growth and maximum growth.
These additions to the range were in response to demand from international financial advisers.
This means that Evelyn Partners’ MPS range, originally launched in 2016, now includes a total of seven risk-rated models.
5.
LGT Wealth Management appointed William James as a portfolio manager within its intermediary investment services team.
Mr James joined from Square Mile Investment Consulting & Research where he was an investment manager, to further strengthen the team’s growing bespoke model portfolio service (BMPS) offering.
Prior to this, he was a client relationship manager for four years at Natixis Investment Managers.
4.
Given that the main focus of wealth management has always been on wealth preservation rather than wealth accumulation, it is somewhat surprising to note the relative lack of discussion on the impact of price inflation on the sector, especially in the UK, Ian Orton writes.
Unlike ESG investing and the rise of fintech, inflation is one bandwagon that appears to have acquired relatively few riders, at least in the wealth management media.
Yet the emergence and persistence of high levels of price inflation in the UK should be of fundamental importance to anyone involved in the wealth management sector, whether it be as customer or provider. [Read more]
3.
Newcastle-based True Potential Group provides yet another illustration of the extent to which new firms with a distinctive business model can grow rapidly and profitably within the UK’s still fragmented wealth management market, Ian Orton writes.
Launched in 2007, just before the global financial crisis, by chair David Harrison and chief executive Daniel Harrison, True Potential has just reported gross and net revenues of £337.9 million and £225.9 million respectively for its most recent financial year which ended on 31 December 2022, along with pre-tax profits of £115.3 billion.
Assets under management and administration amounted to £23.3 billion of which over £20 billion was managed by its in-house investment management team. [Read more]
2.
UK private bank Hampden & Co appointed Mark Plummer as head of private banking for its London office.
Mr Plummer began his career at Coutts as a banker, spending 12 years there before spending a further 13 years at C Hoare & Co as a branch manager.
He then joined Barclays Wealth in 2008 as head of banking and credit before moving to Handelsbanken in 2016 to set up and run its office in Mayfair.
In his new role, he will lead Hampden & Co’s team of bankers in London and report to chief commercial officer, Andrew Bell.
1.
Boutique wealth manager Tyndall Investment Management appointed James Bowes-Lyon as an investment manager within its private client practice, Katie Royals reports.
Joining Tyndall’s 16-person private client team from Investec Wealth & Investment, Mr Bowes-Lyon brings 20 years’ industry experience.
He was previously an investment manager at Investec looking after private individuals, their pensions, charities and trusts.