A look back at the ten most popular stories on thewealthnet last week....
10.
Katie Royals offered a whistle stop tour of most of the forgotten major developments in the UK wealth management sector from 2023 in (roughly) 500 words or less…
If I were to ask what do Coutts, Stonehage Fleming, Evelyn Partners, Weatherbys Private Bank, Investec Wealth & Investments UK and EFG UK have in common, I would imagine I might be met with some confusion.
Aside from all being constituents of the UK wealth management and private banking industry, they all had a major change in 2023 – their chief executive, or UK head, left their role. These individuals all left under different circumstances, but this is still a significant amount of change for a relatively small industry. [Read more]
9.
GAM expects to report an underlying pre-tax loss of between CHF 45 and CHF 50 million in 2023.
This is an increase on the CHF 42.8 million underlying pre-tax loss for the full year 2022.
GAM said it also expects to report an IFRS net loss after tax of between CHF 105 and 110 million for 2023, a substantial decrease to the CHF 309.9 million in 2022.
This news follows the failed takeover of GAM by Liontrust Asset Management, which was derailed by shareholder group NewGAMe.
8.
The return of inflation should have rekindled interest in real return investing. After all, wealth management is primarily concerned with wealth preservation. And inflation can be a pernicious destroyer of wealth.
Many UK investors should have realised this during 2022.
With both bonds and equities having very poor years, most investors’ portfolios would have experienced significant losses in nominal terms. But these would have been amplified further in real terms by the high levels of price inflation experienced during the year, writes Ian Orton.
7.
Mirabaud Wealth Management appointed Jonathan Unwin as head of portfolio management for the UK.
Based in London and reporting directly to Stuart Bates, UK market head of Mirabaud & Cie, Mr Unwin will oversee the management of Mirabaud’s discretionary client portfolios, bringing over 16 years of experience managing private client wealth to the role.
Mr Unwin’s investment career began in brokerage and online trading before he joined Credit Suisse’s London division in 2009.
6.
US inflation continued its decline, with the headline figure falling from 3.2 percent to 3.1 percent in November.
Isabel Albarran, an investment officer at Close Brothers Asset Management, said this reading may help lead the US Federal Reserve to cut interest rates in the near future.
“While the necessary conditions for rate cuts have not yet been met, we see the evidence going in the right direction.” [Read more]
5.
Perpetual cynics, such as this writer, may cavil at the notion that any one person may exert significant influence, either within an individual company or the sector within which it operates, Ian Orton writes.
There are always exceptions, however. One may have been unearthed during 2023, albeit not within the wealth management sector.
Mention Rolls Royce Holdings plc to most investors at the beginning of 2023 and the response would have been disparaging to say the least.
4.
Wealth manager 7IM acquired City of London-based Amicus Wealth.
The transaction brings over 35 financial advisers and approximately £1 billion of assets for around 3,000 clients.
It follows the Ontario Teachers’ Pension Plan Board acquiring a majority stake in 7IM from Caledonia Investments.
The addition of Amicus Wealth creates a group with combined assets under management (AUM) of approximately £22 billion employing over 550 people.
3.
The head of investment advisory for the UK, Europe, Middle East and Africa (EMEA) at Citi left the firm, thewealthnet revealed.
Mark Mills, who has been at the US bank for nearly 24 years, is leaving to “pursue other opportunities”.
Mr Mills will be replaced by Jonathan Leach, effective immediately. [Read more]
2.
The former managing partner of accountancy and tax advisory firm Rawlinson & Hunter joined Lombard Odier, Will Sidery reports.
David Barker, who worked at Rawlinson & Hunter for over 27 years, has been appointed as a senior wealth planner at Lombard Odier.
He joined Rawlinson & Hunter in 1997 after eight years at Binder Hamlyn and was named as managing partner at the former in 2018.
1.
Wealth manager Sarasin & Partners strengthened its team with the addition of two investment professionals, Ethan Almond reports.
Edward Lloyd joined Sarasin & Partners as a senior investment manager after six years at Quilter Cheviot where he managed investments on behalf of private clients, trusts, charities and their professional advisers.
Meanwhile, Jack Brodie has joined the Sarasin Bread Street team as an investment analyst.