A look at the topten most read stories on thewealthnet last week...
10.
As part of our International Women’s Day 2023 coverage, thewealthnet took a look at what private wealth firms are doing all year round to support and encourage female employees.
Giving advice is an important part of supporting upcoming women in the industry, Isabel Baxter writes.
One firm trying to do this is wealth manager Quilter, which has signed a corporate sponsorship deal with charity Girls Are Investors (GAIN).
GAIN was set up by investment specialists to encourage diversity in the workplace and bring young women into the industry through talks, career support and opportunities. [Read More]
9.
Fintech Droit received a $23 million investment from Swiss bank UBS and Pivot Investment Partners.
This was through UBS’ venture and innovation unit UBS Next.
Meanwhile, Goldman Sachs - an existing investor in Droit - is also participating in the financing round.
8.
On International Women’s Day 2023, it seems as though women have an increasingly strong position in the workforce, particularly when it comes to motherhood, Ethan Almond writes.
Women in the UK are all entitled to maternity pay and the supposed mutual exclusivity of building a career and being a mother is an idea seemingly less prevalent than it was in previous decades.
But, as was highlighted in a 2021 survey about the menopause , there are unique experiences women often go through that require reasonable accommodations to retain women in the workforce.
And motherhood is no different. [Read More]
7.
Aspiring firms with ambitions to become leading, if not dominant, firms within the UK wealth management sector seem to have become two a penny in recent months, especially those backed by private equity firms, Ian Orton writes.
Although its ambitions are not underpinned by private equity, abrdn is one of the latest firms to announce similar intentions following its purchase of interactive investor (ii) for £1.49 billion in 2022.
More specifically abrdn aims to transform ii “from the UK’s leading subscription-based [investment] platform into the UK’s leading D2C platform”. [Read More]
6.
Andrew Ross, a former chief executive of Cazenove Capital - one of Schroders wealth management businesses - used to claim the firm was “the biggest multi-family office in London that nobody has heard of”, Ian Orton writes.
Figures contained in the data pack that accompanied the release of Schoders latest annual results appear to corroborate this.
Clients with assets of more than £50 million with Cazenove, which focuses on the rich and very rich segment, account for 24 percent of all assets managed by all of Schroders’ wholly-owned wealth management businesses. [Read More]
5.
LGT Wealth Management appointed Ben Palmer as lead portfolio manager for its sustainable service offering designed for financial advisers.
Mr Palmer joined the intermediary investment services team headed up by head of intermediary investment services Phoebe Stone.
He is responsible for the LGT Wealth Management sustainable model portfolio service (SMPS) and the Verus sustainable multi-asset fund, both held across 17 platforms.
4.
Boutique wealth manager Oberon Investments appointed Mark Burtenshaw as an investment manager, Isabel Baxter reports.
Mr Burtenshaw joined after being at WH Ireland for 12 years, most recently as the head of its London office where he was responsible for advising a large portfolio of private clients.
Mr Burtenshaw's clients include a range of institutional, high net worth (HNW) individuals and families, trusts and charities in the UK and overseas. He focuses on providing bespoke discretionary portfolio management, advisory and execution only brokerage.
3.
Kingswood Holdings, a wealth and investment management group, is considering selling its UK business operations, Katie Royals reports.
Following press speculation, the firm confirmed it has engaged investment bank Houlihan Lokey as its financial adviser.
It confirmed discussions have taken place regarding its strategic options, which include a potential sale or third party investment in the firm’s UK business operations.
2.
International Women’s Day is a day to celebrate and support women. It is also a chance for reflection. For the wealth management sector, at least at C-suite level, it could be argued the past year or so has been a backward step in female representation, Katie Royals writes.
So, what has happened to all the women?
It is worth noting the industry has not previously had an abundance of women, particularly at a senior level. Regardless of any changes in the past year, it will likely take many years before the sector gets close to gender parity. [Read More]
1.
At first glance, Schroders Wealth Management appears to have marked time during 2022, at least in terms of operating profits and assets under management (AUM), Ian Orton writes.
The former came in at £129.9 million, a £1.6 million or 1.2 percent improvement on the £128.3 million posted for 2021 according to its latest published results.
AUM amounted to £98.1 billion, which is £3.5 billion or 3.4 percent lower on the restated £101.6 billion reported at the end of the previous year.
Nonetheless, this is probably a good result considering the difficult operating conditions encountered throughout 2022, especially as far as asset values were concerned, and consolidates Schroders' position as a leading UK wealth manager. [Read More]