Counting down the top stories on thewealthnet last week...
10.
Wealth management lobby group PIMFA launched its ‘make it.’ campaign on TikTok and Instagram, Katie Royals reports.
In December 2022 PIMFA launched the ‘make it.’ campaign, which was designed to attract diverse talent to the industry, while dispelling common myths – like the need for a degree to enter the profession.
So far, the TikTok and Instagram campaign consists of two videos, each featuring a range of individuals working in the industry, who share their experiences.
You can find the organisation on TikTok and Instagram by searching for @pimfa_uk.
9.
With returns of minus 7.6 percent (sterling cautious), minus 9.1 percent (sterling balanced asset), minus 10.2 percent (sterling steady growth) and minus 11.4 percent (sterling equity risk) 2022 turned out to be a very bad year for sterling-based, at least according to the private client indices (PCIs) produced by Guernsey-based Asset Risk Consultants (ARC), Ian Orton writes.
According to ARC, the PCI returns were the second worst recorded since the inception of the indices in 2004. They were only surpassed by those recorded for 2008, which coincided with the onset of the global financial crisis.
Not surprisingly they were also well below the historical average.
8.
Richard Brass
We took a look back at the top people move stories of the month, including Brooks Macdonald’s chief financial officer (CFO), chief operating officer (COO) and chief risk officer (CRO) all exiting the firm and Rothschild & Co appointing Richard Brass as a managing director in its UK wealth management business.
Click here to count down the top 10.
7.
Terry Smith’s Fundsmith Equity is arguably still the UK’s poster child of quality style investing, notwithstanding the fact that it delivered its first loss since its inception in November 2022, Ian Orton writes.
The £22.5 billion fund has still managed to generate a total return of 478.2 percent since its inception in November 2010, an annualised return of 15.5 percent.
But Fundsmith, or Terry Smith, is not the pioneer of what has come to be known as quality style investing. There is a good case for giving this accolade to Morgan Stanley Investment Management’s (MSIM) London-based international equities team.
6.
Andrew Shepherd
Wealth management trade association PIMFA appointed Brooks Macdonald chief executive, Andrew Shepherd, and Tatton Investment Management chief operating officer, Helen O’Neill, to its board of directors.
Mr Shepherd joined Brooks Macdonald in 2002 and became the chief executive in 2021. He also sits on the group board.
Ms O’Neill joined Tatton Investment Management in 2013 as head of governance before being appointed chief operating officer of the group in 2016 and joining the group’s board in 2019.
5.
LGT Wealth Management appointed Rupert Gorman as a wealth manager.
Mr Gorman joins the firm from Berenberg, where he was a private banker in the UK wealth management team.
Before this he was a vice president at JP Morgan, having spent almost 15 years in the British army.
4.
Deutsche Bank appointed Antonio Risorto as head of wealth planning for the UK, thewealthnet revealed.
He reports directly to James Whittaker, head of UK wealth management and chief executive of Deutsche Bank UK.
With over 25 years’ advisory experience, Mr Risorto joined the firm from Barclays Private Bank where he was head of wealth advisory for key clients and strategic partners.
3.
A third member of Berenberg’s UK wealth management business joined Rothschild & Co’s UK wealth management team, Katie Royals reports.
Sidd Kapila, who was an investment adviser at Berenberg, has joined Richard Brass’ new client adviser team at Rothschild & Co.
Before he joined Berenberg, Mr Kapila was a private banker at SG Kleinwort Hambros.
2.
LGT Wealth Management promoted five team members to partner, Katie Royals reports.
Three of these are in the investment management team, one in business development and one in custody services.
Of the new partners, two have been with the firm since its inception as Vestra in 2008. LGT then took a majority stake in the firm in 2016, leading to the name LGT Vestra. It rebranded as LGT Wealth Management in March 2022.
1.
John Elder, one of the longest standing members of the PAM Awards Judging Panel, died following a long illness, thewealthnet reported.
Mr Elder was a member of the inaugural PAM Judging Panel in 2001 while managing director at Ernst & Young Investment Consulting.
He stood down from the Panel after the first year, having been appointed director of investment management at Newton Private Investment Management, but accepted the Panel’s invitation to rejoin in 2005, after being appointed to lead the development of BNY Mellon’s Family Office Services business in the EMEA region.