A look back at the top stories from thewealthnet last week...

10.

SG Kleinwort Hambros – which rebranded earlier this month - announced four senior board appointments.

- Konstantin Graf von Schweinitz has been appointed chairman of SG Kleinwort Hambros, succeeding Stuart Barnett who has retired.

- Anne Ewing, an existing independent NED with extensive board level experience, will assume the role of chair of the risk committee.

- Joanna Hall has also joined the firm as an independent NED to help strengthen the board with her digital and marketing experience.

- Demetrio Salorio, group country head, UK and Ireland, and chief executive of Societe Generale London Branch, joins the board as non-executive director. 

9.

LGT Wealth Management appointed Elliott O’Brien, a partner at the firm, as head of business transformation.

In the newly created position, he will report to chief executive Ben Snee.

Mr O’Brien will work in conjunction with Simon Boyley, head of technology, and the firm’s client facing and adviser facing teams to help shape and deliver the firm’s digital strategy, centered on enhancing the client and adviser experience.

8.

Forecasts have a nasty habit of making fools of their perpetrators.

But a forecast that NatWest Private Banking, which encapsulates Coutts, will report annual income and profits of around £1 billion and £500 million respectively on 17 February can be made with more confidence notwithstanding the fact it is based on a back of an envelope calculation - as all the best forecasts are, Ian Orton predicted.

This was proven right as on Friday (17/02/2023) NatWest Private Banking, of which Coutts is the main component, recorded revenues of £1.06 billion in 2022, a 29.41 percent increase on the £816 recorded a year earlier.

7.

UK inflation fell “more than expected” in January, offering some optimism as the cost-of-living crisis continues in the country.

Inflation fell from 10.5 percent in December to 10.1 percent in January year-on-year. Consensus expectations were 10.3 percent.

George Lagarias, the chief economist at Mazars, warned: “All other things being equal, slowing inflation suggests further economic weakness ahead and, possibly, an uptick in unemployment.”

The Bank of England (BoE) knew a weaker economy and potential higher unemployment would likely be the price to pay for increasing interest rates in order to lower demand to reduce inflation.

6.

UK wealth firms have been struggling to tame their unruly dogs in the past six months, according to Bestinvest.

In its latest edition of its ‘Spot the Dog’ report - which identifies consistent underperformers in fund management – St James’s Place (SJP), Schroders and Hargreaves Lansdown all featured.

SJP had just one fund on the list, but it was a large one. The £2.2 billion SJP international equity fund was highlighted for its underperformance.

5.

It certainly seems to be a glass half-full at Credit Suisse, the troubled Zurich-based universal bank, judging by the commentary that accompanied its annual results announcement for 2022.

Instead of leading with the news that the bank had experienced its worst year since the global financial crisis of 2006, with annual losses amounting to CHF 3.26 billion, of which its wealth management division accounted for CHF 631 million, it focused on its latest restructuring initiative.

“Our performance in 2022 underscores the importance of our forward focus on radically transforming the bank, efficiently reducing risk, lowering our cost base, strengthening our capital position and playing to our strengths and core franchises,” it said.

4.

Mirabaud appointed Paul Whelan as a director in its London wealth management team, Katie Royals revealed. 

He has joined the firm from Berenberg, which made headlines in October 2022 when it shut its UK wealth management arm with immediate effect.

At Berneberg, Mr Whelan was a senior private banker, where he specialised in international entrepreneurs and trusts.

3.

A surge in net interest income coupled with a modest increase in fee and commission income helped boost revenues and pre-tax profits during 2022 despite a fall in assets under management at Paris-based Rothschild & Co’s wealth and asset management businesses.

According to the bank’s full year 2022 results, revenues came in at €703 million, a €110 million or 19 percent increase on the €593 million posted for 2021.

Pre-tax profits amounted to €154 million, a 32 percent improvement on the €117 million recorded for the previous year.

2.

The private wealth industry is a small community, often described as being very close knit. But, for some, it is even closer.

As it's Valentine's Day, we thought we would celebrate some of the couples taking the private wealth sector by storm... Who said tax returns and asset allocation can't be romantic? Find out who the industry's power couples are here

1.

Wealth manager Brooks Macdonald made a trio of senior appointments.

These include Andrew Bennie and Rachael Marsden, who have been appointed as the heads of investment management for Manchester and Leeds respectively.

These appointments recognise the roles they have played across their teams, Brooks Macdonald said.