A look back at the most popular stories on thewealthnet last week...
10.
Evelyn Partners increased its operating income by 10.6 percent year-on-year in the first quarter of 2023.
The firm’s income increased from £146.9 million to £162.5 million for the three months ended 31 March 2023.
In its financial services business, operating income grew from £107.2 million in Q1 2022 to £115.1 million in Q1 2023.
Operating income in its professional services business also increased by £45.2 million in Q1, up 20.9 percent compared to £37.4 million recorded the same period last year.
9.
For the past two decades, PAM Insight, thewealthnet's publisher, has been the media sponsors for one of London’s leading wealth management networking charity events.
The 35th Gull’s Egg Luncheon will return to Merchant Taylors’ Hall on 16 May 2023.
For the eighth year running, this signature event is being held in support of Cure Parkinson’s, a charity dedicated to funding urgently needed research into a cure for Parkinson’s.
Tickets for the 35th Gulls’ Egg Luncheon can be purchased here.
8.
Experienced wealth management duo Derek Gawne and Lizz Ewart acquired Charteris Asset Management, an independent wealth management company specialising in financial advice.
Mr Gawne and Lizz Ewart acquired Charteris Asset Management from the parent company of Charteris Treasury Portfolio Managers for an undisclosed sum.
The duo rebranded the independent financial adviser (IFA) business to CAM Wealth Group and will run its own discretionary management service as part of its offering.
Mr Gawne and Ms Ewart operate the head office from Liverpool city centre.
7.
“The wealth management industry needs to evolve to stay relevant and competitive in Europe.” That was the warning of Bartosz Golba, a research director at data and analytics firm GlobalData.
Speaking at Objectway’s OWIN23 conference last week, he argued the wealth management industry needs to clearly define its goals and properly assess its own abilities before embarking on radical change projects.
Individual firms will need to do this effectively in order to remain competitive, he suggested.
Data suggests high net worth (HNW) investors are reducing the number of wealth managers they have relationships with. [Read more]
6.
The 26/04/2023 marked the 25th PAM Awards celebration and over 400 guests attended the black tie event at the Royal Lancaster hotel in London.
As the excitement built for the evening, thewealthnet took a look back at which firms have been most successful over the past 24 years.
One firm is far above the rest in terms of Award wins.
Sarasin & Partners has won 33 PAM Awards, the most recent of which being the sustainable investment solutions Award at last year’s ceremony. [Read more]
5.
Close Brothers Asset Management (CBAM) appointed Charles Purves as a senior investment director.
Based in Cheltenham, he will provide a bespoke discretionary investment management service and manage direct client relationships across the region.
With 15 years’ experience in the industry, Mr Purves joined the firm from Investec Wealth & Investment, where he provided bespoke investment management services for private clients, charities and family trusts.
He began his career at stockbroking company Edward Jones Stockbrokers before joining Investec in 2008.
4.
Waverton Investment Management and Veritas Investment Partners dominated the latest iteration of the PAM Awards. Both firms each won two of the 10 Award categories contested.
Citi Private Bank, HSBC Private Bank, Lombard Odier, Nedbank Private Wealth, Ruffer, and TMGA Wealth Management were the other Award winners.
A Lifetime Award was posthumously given to John Elder, one of the PAM Awards Judging Panel’s inaugural and longest serving members, who died earlier in 2023.
Read Ian Orton's analysis of the 2023 PAM Awards here.
3.
Credit Suisse reported an adjusted pre-tax loss of CHF 1.3 billion in the first quarter of 2023, ahead of its takeover by UBS, Katie Royals reports.
The Swiss bank said its performance in Q1 was mainly impacted by actions leading up to and stemming from the planned takeover of Credit Suisse by UBS, which was announced on 19 March 2023.
Significant deposit and net asset outflows also contributed to Credit Suisse’s results.
Credit Suisse reported pre-tax income of CHF 12.8 billion in Q1, which primarily reflected the write-down to zero of CHF 15 billion of Additional Tier 1 (AT1) capital notes as ordered by the Swiss Financial Market Supervisory Authority (FINMA) in light of the planned takeover. [Read more]
2.
Richard Charnock joined the board of Handelsbanken Wealth & Asset Management as an independent director.
With extensive industry experience, he was formerly the chief executive for discretionary management at abrdn.
He also previously served as chief executive of Williams de Broe and chief executive of Lloyds TSB Private Banking, Lloyds TSB IFA and Lloyds TSB Stockbrokers.
In February, he was named the first non-executive director (NED) of London-based micro-investing platform Wombat.
Mr Charnock received the PAM Lifetime Achievement Award for his contribution to the private client industry at the 2022 PAM Awards.
1.
A full list of winners, finalists, and commendations from the 25th PAM Awards, presented on 26 April at a black tie gathering attended by almost 400 guests at the Royal Lancaster Hotel in Mayfair.
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: BNY Mellon Pershing, FIS, Amundi ETF, Findlay Park Partners, iCapital, Multrees Investor Services, Miller Harris, Francos, Louis Roederer and ARC.
Click here to see the list of winners.