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

10.

Berkshire Hathaway, the US diversified conglomerate overseen by Warren Buffett and Charlie Munger, is not usually perceived as an investment management firm, much less a wealth management firm whose clients have a disposition towards philanthropy, Ian Orton writes.

Mr Buffett, Berkshire’s chief executive, sees otherwise, however.

The introductory paragraphs of his latest annual letter to shareholders, which is always required reading for anyone interested in investment management, puts the view that Mr Buffett and Mr Munger are responsible for managing the savings of individuals, an occupation that is not a million miles away from that of a regular wealth manager. [Read more]

9.

“I don’t really want to relive it,” is not a glowing endorsement for 2022, but perhaps is an understandable reaction to the year, Katie Royals writes.

Nonetheless, this is what Paul Stockton – the group chief executive of Rathbones – told thewealthnet following the firm’s results on 01/03/2023.

Like many wealth managers, Rathbones found 2022 tough. [Read more]

8.

It may only be an associate company rather than a subsidiary, but Schroders Personal Wealth (SPW) still managed to feature more prominently in the latest data releases from Schroders plc, its minority owner, than Lloyds Banking Group, its majority owner, Ian Orton writes.

The reality is that SPW probably has a much more important role in Schroders' wealth strategy than is the case at Lloyds.

Nonetheless, it is still difficult to ascertain just how well - or badly - SPW performed from the data presented relative to not just the rest of Schroders’ wealth management businesses but its peers in the affluent and mass affluent market segments. [Read more]

7.

The number of people identifying as LGBTQ+ is steadily on the rise, especially among younger generations, and wealth management firms are at risk of missing out if they neglect this diverse talent pool, Ethan Almond writes.

Arguably, members of the LGBTQ+ community come with in-built sensitivity training.

As a group that has had to work hard to gain an understanding of who they are, the LGBTQ+ community is aware of the compassion integral to client-facing roles in the financial services industry. [Read more]

6.

Consistency underpins Arbuthnot Latham’s approach to client relationships and managing portfolios, Katie Royals writes.

“We want to offer clients the best we can as a business, not the best an individual decides to put in front of them on any given day,” Eren Osman, managing director for wealth management at the private bank, told thewealthnet.

The idea is that if a client were to see two different advisers from Arbuthnot Latham, they would essentially receive the same advice. [Read more]

5.

Pre-tax profits fell by almost a third at Rathbones in 2022 as the combination of difficult market conditions and significant technology investments made its impact, Katie Royals reports.

Pre-tax profits fell 32.5 percent from £95 million to £64.1 million in the year to 31 December 2022.

Meanwhile, operating income increased 4.6 percent from £435.9 million to £455.9 million.

4.

LGT agreed to buy abrdn’s discretionary fund management (DFM) business – abrdn Captial – for £140 million.

Following the deal, approximately £6.1 billion in assets under management (AUM) and 140 employees will transfer to LGT.

Upon the deal closing, LGT Wealth Management – LGT’s UK wealth management arm – will take over all abrdn Capital’s client relationships and all of its employees.

3.

Wealth manager Waverton Investment Management appointed Sarah Keltie as a business development director to lead its growth plans for the private client division, Katie Royals reports.

In her new role she will work with Rupert Elwes, head of private clients, to expand Waverton’s high net worth client proposition as the firm aims to grows its wealth management offering in London and Edinburgh.

Ms Keltie joined the firm from Close Brothers Asset Management, where she led the firm’s efforts to attract clients within the professional services sectors, including lawyers, accountants, trust companies and investment consultants.

2.

Lloyds Banking Group has sometimes appeared to be ambivalent as far as personal wealth management is concerned, especially since the global financial crisis, Ian Orton writes.

While its big retail banking peers expanded their private banking and wealth management offerings, Lloyds remained aloof. If anything it reduced its exposure to the market most notably by selling off the 60 percent stake it owned in St James's Place (SJP) following its acquisition of HBOS in 2009.

This seemed to change, however, in 2018 when Lloyds formed a joint-venture with Schroders called Scottish Widows Schroders Personal Wealth Holdings. [Read more]

1.

Investec Wealth and Investments (W&I) chief executive Barbara Ann King left the firm after just eight months in post, Katie Royals reports.

She stepped down on 14 February and will remain on gardening leave until 13 August when she will officially leave the firm.

Ms King joined Investec in 2020 and was responsible for leading its UK W&I division, enhancing the services available to private clients, intermediaries and charities to meet their evolving needs.