A look back at the ten most popular stories on thewealthnet last week....

10.

Schroders appointed Frederic Wakeman to its board as an independent non-executive director (NED), effective 1 January 2024. 

He will also join the nominations committee and the audit and risk committee.

Between 1998 and 2021, Mr Wakeman served as a managing partner and head of TMT at Advent International, a global private equity investor.

During his 23-year career, Mr Wakeman managed Advent’s London and New York offices and served on both their European and North American investment advisory committees. [Read more]

9.

The investment manager co-founded by MP Jacob Rees Mogg - Somerset Capital Management – is winding down its operations.

Somerset Capital said it is in “advanced talks” with its ACD to transfer its top performing funds to a new investment adviser, while the firm will close its wider institutional business in London.

It is looking to transfer its UK funds, including the Somerset Asia income fund and Somerset emerging market dividend growth fund, along with their investment teams, to a new investment adviser but hopes to retain the existing fund and third-party infrastructure. 

8.

While there are currently around 120 “open” jobs for wealth managers in the UK, there are 697 jobs open for sustainability specialists, indicating the sector’s appetite for responsible investing, Katie Royals reported.

This is according to Billy Stephenson, managing director of Stephenson Executive Search.

Additionally, the number of wealth managers in the UK has grown by two percent in the past year, but the number of sustainability specialists has grown by a much larger 14 percent. [Read more]

7.

Wealth manager Sarasin & Partners hired Alastair Baker as a fund manager and Cédric Phounpadith as head of investment risk.

Mr Baker has moved to Sarasin & Partners to work with Guy Monson, chief market strategist and senior partner, on the management of Sarasin’s target return strategies.

He was most recently at abrdn, where he undertook a comprehensive review of their multi-asset investment capability, whilst Mr Phounpadith was most recently at Vanguard, where he focused on equity index and multi-asset strategies.  

6.

Each year Saxo Bank releases a compilation of outrageous predictions for the next year focusing on "a series of unlikely but underappreciated events which, if they were to occur, would send shockwaves across the financial markets."

Ian Orton reported on the Copenhagen-based bank's predictions for 2024.

These included an EU wealth tax, Robert F Kennedy Jr winning the 2024 presidential election, a national security crisis arising from AI deepfakes and Saudi Arabia purchasing a Champions' League football club. [Read more]

5.

The wealth management sector is rarely bereft of paradoxes where the conventional wisdom and reality differ significantly, Ian Orton wrote.

One of these is that although private assets, real estate and renewable infrastructure are three sectors that have been regularly highlighted recently as alternative sources of return to more conventional asset classes, investors, and especially those that favour listed closed-ended companies, would tend to differ.

Investors, and especially those that favour listed closed-ended companies, would tend to differ

4.

Wealth manager Van Lanschot Kempen has appointed Daphne Engelke as chief executive of its Swiss branch.

She will succeed Susan Leerkes, who will become regional director West at Van Lanschot Kempen Private Banking in the Netherlands.

Ms Engelke has joined Van Lanschot Kempen from UBS Wealth Management having held senior wealth management positions at the firm since 2005.

Meanwhile, Ms Leerkes has a career in the Dutch financial services industry spanning over 25 years. [Read more]

3.

UK private bank Hampden & Co appointed Claire Mann to the new role of head of client proposition.

In the role, Ms Mann will lead the bank’s client relationship management (CRM) programme to continue building on its commitment to provide "exceptional" client service and foster deep, long-term relationships.

She will report to Andrew Bell, chief commercial officer at the bank.

2.

Evelyn Partners appointed Bindesh Sajvani as group chief risk officer.

Mr Sajvani has joined Evelyn Partners from Pendal Group, the owner of J O Hambro Capital Management, where he was the global chief risk officer for around four and a half years.

Prior to this, he was global chief risk officer for alternative asset manager Intermediate Capital Group.

1.

Katie Royals reported breaking news on Thursday las week that wealth and investment management 7IM has appointed Ben Covey as managing director of its private client business.

This appointment follows the decision by Colin Rowe, the current managing director of 7IM’s private client arm, to leave the business at the end of March 2024 after three years in the role.

In his new role Mr Covey will become a member of the executive team, reporting to 7IM's chief executive, Dean Proctor.