A look back at the most read stories on thewealthnet last week....
10.
Law firm Clyde & Co decided to offer Credit Suisse’s additional tier 1 (AT1) bondholders the opportunity to take action against Switzerland for expropriation.
Clyde & Co plans to bring investment treaty claims, aiming to hold the Swiss state accountable for breaching its international investment agreements when it wrote the bonds down to zero as part of the takeover of Credit Suisse by UBS.
These claims are different to others challenging the decision, which will be determined according to Swiss national law. Instead, these will use an international arbitration mechanism and will be decided on the basis of international investment agreements. [Read more here]
9.
Sally Boyle
Wealth manager Evelyn Partners appointed Sally Boyle as an independent non-executive director (NED).
Ms Boyle is set to replace Elizabeth Chambers, who left the board having served as a NED since 2015.
Ms Boyle is an experienced NED who is currently on the board of UK listed construction group Galliford Try, where she chairs the remuneration committee, and the board of Cambridge University Press and Assessment.
8.
Brown Shipley confirmed that director, Boryana Perfanova, left for Union Bancaire Privée (UBP).
She is the fourth Brown Shipley employee to join UBP in the last four months.
Ms Perfanova joined Brown Shipley in 2021 and has previously held roles at Barclays, Santander and HSBC. [Read more here]
7.
Arbuthnot Banking Group – the holding company of private and commercial bank Arbuthnot Latham – reported a 135 percent increase in pre-tax profits.
Pre-tax profits grew from £20.0 million at the end of 2022 to £47.1 million a year later.
This was supported by a 231.9 percent increase in banking profits, which grew from £19.1 million to £63.4 million. In part, this was due to a 77 percent increase in net interest income and a 21 percent increase in deposit balances.
6.
Since opening for business in 2017, Saranac Partners managed to recruit a diverse range of investors, encapsulating both wealthy investors, such as Jim Mellon, as well as a variety of institutions.
The latest to invest in the London-based firm established by Tom Kalaris, a former head of Barclays Wealth, is Montreal-based Walter Global Asset Management (WGAM).
WGAM describes itself as a private equity firm that focuses on “building a network of affiliates through enduring partnerships with high potential investment managers, financial services firms who operate within the asset management industry.” [Read more from Ian Orton]
5.
European multi-family office Saranac Partners received an investment from Canada-based Walter Global Asset Management (GAM).
The financial details of the transaction and the size of the stake Walter GAM took have not been disclosed.
However, it could be significant as Sylvain Brosseau, Walter GAM’s chief executive and founding partner, was appointed as a director of Saranac Partners, according to a filing at Companies House.
4.
Wealth management group GSB is set to open in Ireland.
The firm received approval for a licence from the Central Bank of Ireland (CBI), giving GSB the ability to serve clients across Europe.
Following the approval, GSB Capital Ireland will offer a range of advice services surrounding pensions, investments, and insurance.
3.
Neil Croxford
Tideway appointed Neil Croxford as chief executive, allowing James Baxter, Tideway’s founder, to become the group’s executive chairman.
Mr Croxford's appointment was approved by the FCA and he took up the position with immediate effect.
Having joined Tideway in 2017 as chief operating officer, Mr Croxford has over 25 years' experience in the financial services industry, both as a consultant and industry practitioner, working with C-level executives and boards.
2.
Gareth Jenkins
James Hambro & Partners (JH&P) appointed Gareth Jenkins, financial planner, and Mark Richmond-Watson, portfolio manager, as partners.
With over two decades of financial planning experience, Mr Jenkins specialises in creating personalised strategies to help clients achieve their long-term financial goals.
Meanwhile, Mr Richmond-Watson joined JH&P in 2011 and is currently a portfolio manager, looking after a range of private clients while also contributing to the investment process as the asset class leader for our fund selection process. [Read more here]
1.
The Swiss regulator – FINMA – reported serious violations at Swiss private bank Banque Audi (Suisse) in relation to the prevention of money laundering.
As a result, FINMA ordered the disgorgement of CHF 3.9 million profits and a capital surcharge of CHF 19 million.
Additionally, for two years or until all measures have been fully implemented, the bank may not enter into any new relationships with politically exposed persons or high-risk corporate clients.