A look back at the most popular stories on thewealthnet last week....
10.
Iress Wealth UK, a provider of software solutions for the UK financial advice and wealth management market, hired John Parker as head of business development for the UK wealth market.
Mr Parker has experience of domain experience, having previously held business development roles at iPipeline, Aviva, and CTC.
Most recently, Mr Parker ran his own financial advice firm and is an FCA-registered adviser. He will be responsible for driving customer growth, ensuring that product development roadmaps align with customer needs, and working in partnership with advice firms to modernise technology.
9.
Cash deposits platform Flagstone received a £108 million equity investment from US financial services specialist private equity firm Estancia Capital Partners.
Under the terms of the deal, Estancia will take a minority stake in the Flagstone business.
Co-founded by Andrew Thatcher and Simon Merchant, Flagstone launched in 2015 to create a service-driven fintech platform that helps UK savers make their money work harder.
8.
Elizabeth Weir
Brown Shipley's head of private banking Elizabeth Weir will join Barclays in June as head of UK domestic for the private bank.
With over 23 years’ experience working within the UK private banking market, she will report to Annabelle Bryde, head of private bank wealth management UK and Crown Dependencies.
At Brown Shipley, Ms Weir led the UK private bank and wealth planning team.
7.
Barclays Private Bank appointed Mark Mills as head of investment distribution, private bank and wealth management for the UK and Crown Dependencies.
Mr Mills joined from Citigroup where he held a variety of senior roles, most recently as regional head of investments for Europe, Middle East and Africa.
He spent 24 years at the firm, having initially joined in 2000 as a managing director.
6.
The Financial Conduct Authority (FCA) fined the financial advice firm Inspirational Financial Management (IFM) £897,840.
IFM poorly advised people to transfer out of defined benefit (DB) pension schemes, including the British Steel Pension Scheme (BSPS), the regulator found.
Arthur Cobill, an adviser at IFM, and William Hofstetter, one of its directors, was banned by the FCA from advising customers on pension transfers and pension opt outs.
5.
Will the £432 million that Pollen Street Capital, or more pertinently Bidco, its acquisition vehicle, is prepared to pay for Leicester-based Mattioli Woods enable it to grow faster?
Bidco clearly thinks it will.
“Bidco believes that Mattioli Woods’ management team has put in place a robust, growth-focused strategy to create a high-quality, differentiated player in the UK wealth and asset management and employee benefits markets,” it said in the statement it released announcing its bid. [Read more here from Ian Orton]
4.
Following its recent merger with Investec Wealth & Investment (UK), Rathbones Group confirmed the planned relocation of its headquarters to 30 Gresham Street, London.
It agreed to transfer all current leases pertaining to its offices at 8 Finsbury Circus to Grant Thornton UK. Grant Thornton will occupy all the floors that Rathbones currently uses.
Rathbones will join Investec Wealth colleagues at 30 Gresham Street and will continue to bring together its wider regional property portfolio over the rest of 2024.
3.
Roger Weatherby
Roger Weatherby, the former chief executive of Weatherbys Banking Group, rejoined the business as chairman, succeeding David Bellamy who will continue his association as a trustee of the Weatherby family business.
Mr Weatherby served as chief executive of the bank from 2000 until 2023 during which time the bank’s assets have grown from less than £50 million to £1.7 billion.
Quentin Marshall, previously managing director, succeeded him as chief executive of the banking group on 1 September last year.
2.
A full list of winners and finalists from the 26th PAM Awards, presented last night (14/03/2024) at a black tie gathering attended by over 400 guests at the Royal Lancaster London.
PAM Insight would like to congratulate the companies listed below, and thank all those that took time to submit an entry.
PAM Insight, the organiser of the PAM Awards, would like to thank the sponsors and supporters: FIS (lead sponsor), Amundi ETF, FA Solutions, iCapital, Multrees, WisdomTree, ARC, Louis Roederer, Wilton Holdings and The Goring. [Read more here]
1.
Victoria Hagmann
UBS appointed Victoria Hagmann as head of wealth management for the UK, Jersey and Guernsey, thewealthnet revealed.
A spokesperson for UBS confirmed the appointment.
In this role, Ms Hagmann will report to Christine Novakovic, head of global wealth management EMEA. She will also work closely with Beatriz Martin Jimenez, president of EMEA and UK chief executive. [Read more here from Katie Royals]