A look at the top ten most read stories on thewealthnet last week...
10.
Wealth manager Evelyn Partners appointed Caroline Jarvis Gee as head of charity business development.
In her new role, Ms Gee will work directly with charities, help with their investment and income needs and work across the regions to augment Evelyn’s charity thought leadership programme.
She will be working alongside Keith Burdon who heads up charities in Scotland and Northern Ireland and Geraldine Wright, partner for charities.
Ms Gee has joined with a background in charities that spans more than 20 years. She began her career as a charity fundraiser in the US.
9.
John Glanville and Mark Prentice
UK private bank Hampden & Co appointed John Glanville as a banking director in its London office.
He will report to Mark Prentice, head of banking, and work alongside the banking teams in Edinburgh and London.
Mr Glanville joined from SG Kleinwort Hambros after over 10 years, where most recently he was in the ultra-high net worth team as a private banker.
In his new role, he will provide clients with a bespoke banking service including day-to-day banking, deposits and a range of tailored borrowing products.
8.
Credit Suisse once again found itself in a difficult spot and this time has turned to the Swiss central bank for a loan of CHF 50 billion, Katie Royals reports.
The latest problem follows the collapse of Silicon Valley Bank (SVB) in the US, which has shaken the banking sector and prompted investors to spot weaknesses in other institutions.
In a statement on Wednesday (15/03/2023), the Swiss National Bank (SNB) said Credit Suisse meets the capital and liquidity requirements imposed on systemically important banks.
7.
Picture credit: Aimee Hoving
Edmond De Rothschild appointed Ariane de Rothschild as chief executive.
Ms de Rothschild was previously chair of the board.
She will be supported by Cynthia Tobiano, who will become deputy chief executive of Edmond de Rothschild (Suisse) SA.
Ms Tobiano has been with the group for 12 years most recently as chief executive of Edmond de Rothschild Holdings.
6.
Overnight, a consortium of US banks stepped in to help First Republic Bank, a US commercial bank and wealth manager, Katie Royals writes.
JP Morgan Chase, Bank of America, Citigroup and Wells Fargo will each put $5 billion into the Californian-based bank. Meanwhile, Goldman Sachs and Morgan Stanley will deposit $2.5 billion apiece and BNY Mellon, PNC Bank, State Street, Truist and US Bank will put in $1 billion each.
In total, the 11 banks will put $30 billion into First Republic Bank, which said it caters for low-risk high net worth individuals. [Read More]
5.
UK Chancellor Jeremy Hunt confidently started his speech stating his Budget would “prove the doubters wrong”, Katie Royals writes.
Whether or not they are doubters will depend on the individual, but did the Budget prove the private wealth sector wrong? There were a number of expected announcements in the Budget and a few that were unexpected.
Click here to read the key announcements for the private wealth sector…
4.
Close Brothers Asset Management (CBAM) reported a 43 percent decrease in operating profits in the six months to 31 January 2023.
Operating profits fell from £13.7 million at the end of H1 2022 to £7.8 million. The firm attributed this to stable costs being offset by a reduction in income.
As a result, its operating margin fell from 19 percent to 12 percent year-on-year.
3.
Launched in 2001, New York-based Signature Bank - the latest US bank to fail in recent days - is one of the more interesting financial firms to have emerged over the past 25 years, and not just because of its involvement in the cryptocurrency sector, Ian Orton writes.
In addition to growing rapidly throughout its 22-year history, thanks in part to an aggressive hiring and remuneration policy, its client list included Donald Trump along with other members of his family.
Signature was established in the aftermath of HSBC’s takeover of Edmond Safra’s Republic National Bank of New York (Republic Bank) at the end of 1999. [Read More]
2.
Walker Crips’ decision to rebrand its wealth management arm to Walker Crips Financial Planning may have surprised some, Katie Royals writes.
However, Dominic Martin, the managing director of the rebranded arm, said it was important to distinguish between its investment management arm and financial planning offering.
“There has always been some confusion,” he explained. Investment management and wealth management are often used interchangeably both within the industry and by clients. Financial planning is seen as separate, which is why the firm opted to use it in its branding. [Read More]
1.
Haig Bathgate, who started his career at Turcan Connell in Edinburgh, joined atomos in March 2023. Shortly after, the sale of Sanlam Private Wealth to Oaktree Capital Management completed, and Sanlam rebranded to atomos, Polina Hoare writes.
“We were carving out the wealth management side of Sanlam UK, getting Oaktree involved and reformatting the business. I get a kick out of restructuring and making everything more efficient,” Mr Bathgate said.
He spent time detaching from the old “Sanlam mothership” where the wealth management team was taking its ideas from the asset management side, and re-attaching it to the new partnership with WTW, who now provides investment expertise to the team. [Read More]