A look back at the ten most popular stories on thewealthnet last week....
10.
Charlie Munger, the long serving vice-chairman of Berkshire Hathaway, the Omaha, Nebraska-based multinational conglomerate holding company overseen by Warren Buffett, has died at the age of 99, Ian Orton reported.
Mr Munger would have been 100 on 1 January 2024 and had worked with Mr Buffett at Berkshire Hathaway for just short of five decades.
His death brings to an end what will probably turn out to be one of the best-performing investment partnerships ever, as well as the creation of probably the most successful conglomerate in recent times.
9.
Swiss private bank Julius Baer confirmed that the CHF 70 million booked provisions against its credit portfolio was primarily related to the single largest exposure in its private debt loan book.
This nominal exposure amounts to CHF 606 million, comprising three loans to different entities within a European conglomerate.
The aggregate exposure towards this client group is secured by multiple collateral packages related to commercial real estate and luxury retail and is now subject to a longer-term restructuring.
8.
Canaccord Genuity Wealth Management International in the Crown Dependencies (CGWM), an independent wealth management firm, promoted Charles Cohen to head of wealth management in Jersey.
Mr Cohen will succeed Ryan Harrison, who is retiring after 16 years with the firm.
In his new role, Mr Cohen will lead the portfolio management and stockbroking teams, looking after clients based in Jersey and overseas.
7.
Wealth manager Hottinger Group appointed Sarah Deaves as a chair.
Ms Deaves is currently managing director of abrdn Financial Planning having previously served as chief executive of Coutts and held a range of other executive leadership roles across financial planning and wealth management.
These roles include managing director of client relationships and wealth advice at Schroders Personal Wealth, UK wealth director at Lloyds Banking Group and managing director of private banking and advice of UK retail at RBS.
6.
Earlier this week, Ian Orton wrote about the challenges and opportunities posed by the next great wealth transfer.
Back in the 1980s, when he started to cover the beat, the vast amounts of wealth about to be passed on from one generation to the next was one of the prime factors that helped underpin forecasts about the private banking and wealth management sector’s growth prospects.
Fast forward to the 2020s and it seems the consultants and “thought leaders” have rediscovered the concept. [Read more]
5.
Smith & Williamson's - now Evelyn Partners - former Bristol private client head, Jerry Barnes, has teamed up with former Close Brothers Asset Management (CBAM) financial planning director Edward Green to launch a new South West wealth manager - Gordian Wealth Management (GWM).
The pair's combined clients have given GWM a start of approximately £100 million of client funds under management. [Read more]
4.
Brooks Macdonald appointed Maarten Slendebroek as chair and as non-executive director with immediate effect.
He will succeed Richard Price, acting chair. Having completed a nine-year term, Mr Price intends to step down from the board once Mr Slendebroek receives regulatory approval.
3.
Warwick Newbury appears to have called time on his career in the UK private banking and financial services following his resignation as a non-executive director of Rothschild & Co Wealth Management, on 21 November Ian Orton reported.
“Finally retired (again!) after 59 years in wealth management with a great finale at Rothschild & Co," he posted on LinkedIn.
During a long career, which commenced towards the end of 1964, Mr Newbury has occupied senior positions at Coutts, Hambros Bank, SG Hambros, Kleinwort Hambros, Sandaire and Rothschild.
2.
Martin Gilbert is set to join the board of wealth manager Blevins Franks.
Mr Gilbert started his career at Deloitte, qualifying as a Chartered accountant, later joining the investment department of law firm Brander & Cruickshank, undertaking a management buyout of that department a year later, founding Aberdeen Fund Managers.
Aberdeen Fund Managers acquired Deutsche Bank’s UK investment management division in 2005, bought Scottish Widows Investment Partnership (SWIP) from Lloyds Banking Group in 2014 and merged with Standard Life in 2017 to create the UK’s largest fund manager. [Read more]
1.
While best known for his time on the rugby pitch, one former professional sportsman is now making a name for himself as a wealth manager.
Allister Hogg, who played for Edinburgh and Newcastle Falcons as well as Scotland throughout his 16-year rugby career, is now a fully qualified wealth manager. He recently joined UBS in the North East having previously spent over five years at Barclays Wealth Management.
Speaking to thewealthnet, Mr Hogg said he was “very lucky” to have such a long rugby career as it gave him time to consider his plans for after his retirement from professional sport. Read more from Katie Royals