A look back at the most popular stories on thewealthnet last week...
10.
EFG International and EFG Bank nominated Philip Lofts as a new member of its board of directors.
He will be formally proposed for election to the board at the firm's annual general meeting in April 2023.
Mr Lofts will succeed Susanne Brandenberger, who has decided not to stand for re-election as a member of the board. Ms Brandenberger has been a member of the board since October 2015.
9.
Canaccord Genuity Wealth Management UK and Crown Dependencies (CGWM) appointed Duncan Stratford to the newly created position of UK managing director, Katie Royals writes.
Effective immediately, his role was created to manage the UK business following its recent growth.
The firm has made a number of acquisitions in its 10 years in the UK and Crown Dependencies. Most recently, these include the investment management business of Adam & Co in 2021 and Punter Southall West in 2022.
8.
The UK government has published new draft legislation regarding the promotion of cryptoassets.
The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 draft legislation brings certain cryptoassets into the scope of financial promotion regulations.
The legislation introduces new exemptions for cryptoasset exchange providers and custodian wallet providers included on the Financial Conduct Authority's (FCA's) register for the purposes of money laundering regulations. They are not considered "authorised persons". [Read more]
7.
St James’s Place (SJP) is set to expand into Dubai with the opening of a new office in the Dubai International Financial Centre (DIFC), subject to regulatory approval.
SJP said it had received in-principle approval from regulators at the Dubai Financial Services Authority (DFSA).
“This is still subject to receiving formal approval and licencing from the DFSA and we will announce any further details in due course.”
6.
Private bank Arbuthnot Latham increased its pre-tax profits by 115 percent in 2022.
Profit before tax and group recharges stood at £32.9 million at the end of 2022, a significant increase from the £15.3 million reported a year earlier.
Its average net margin increased from 4.1 percent to 5.1 percent.
During the period, its customer loans increased by 10 percent from £2.0 billion to £2.2 billion, while customer deposits were up 9.0 percent from £2.8 billion to £3.1 billion.
5.
UBS reappointed Sergio P Ermotti as its group chief executive and president of the group executive board, following the announcement of its acquisition of Credit Suisse.
He will take up the role on 5 April 2023, after the Annual General Meeting and succeed Ralph Hamers.
UBS said Mr Hamers has agreed to step down to serve the interests of the “new combination, the Swiss financial sector and the country”.
4.
Investec Wealth & Investment appointed Andrew Mays as an associate investment director in Bournemouth and Sebastian Culpan-Scott as an investment manager in Cheltenham.
Mr Mays has over nine years of experience within investment, seven of which were at Ruffer, where he was an investment manager specialising in institutional charities.
Meanwhile, Mr Culpan-Scott began his career at Investec and worked there for five years before moving to Sanlam Wealth – now atomos wealth – as an investment manager.
3.
An executive director at UBS Wealth Management has retired after 38 years in the industry, 23 of which were spent at UBS, Katie Royals reports.
James McGuire announced his retirement on LinkedIn over the weekend (25/03/2023).
He wrote: “It’s been a long journey but after over 38 years in the fund industry I’ve decided to call it a day.
“A large part of my career has been at UBS and to my friends and colleagues there I thank you, not least for the support you gave me when times were tough. I wish you well for the future.
2.
Weatherbys Private Bank hired two private bankers.
Maya Lewis joined from Investec, where she also worked as a private banker, with a focus on sports and entertainment clients, for almost a decade.
Meanwhile, Anthony Rawlinson joined Weatherbys after working for two private families in the creation of their respective family offices.
1.
“The times I was happiest in my career was when I was building things,” said Andrew Bell, chief commercial officer (CCO) at Hampden & Co.
Having spent over 30 years in the industry, he has built up some experience too, largely at big firms including Coutts and Aegon Asset Management.
Describing himself as a “career business builder”, at these firms he built and developed offerings and services, but decided it was time to try it without the “safety net” of a large firm behind him. As a result, he ended up at one of the UK’s newest private banks – Hampden & Co. [Read more]