Counting down the top stories from thewealthnet last week...
10.
UK private bank Hampden & Co recorded a significant increase in its pre-tax profits in 2023.
Pre-tax profits grew from £2.0 million in 2022 to £9.1 million in 2023, as rising interest rates and increased client demand supported this growth.
When asked by thewealthnet about the reasoning for such a large increase in profits, Hampden & Co said: "It’s a combination of various factors, from increased revenue and fees on a higher level of deposits and lending, growth in the number of clients choosing to bank with us, and higher interest rates."
9.
Royal Bank of Canada (RBC) replaced its chief financial officer (CFO), following allegations of an undisclosed personal relationship.
Nadine Ahn, outgoing CFO, had her employment terminated by RBC, effective immediately.
RBC said it was made aware of allegations regarding Ms Ahn’s relationship and “immediately” launched an internal review and engaged outside legal counsel to investigate.
8.
Leeds-headquartered wealth manager The Private Office (TPO) parted ways with chief investment officer Toni Meadows.
The firm said the decision was "mutually agreed" last week (05/04/2024).
Mr Meadows was part of the firm for over three years and previously worked as chief investment officer at Omnis Investments.
While there are no immediate plans to replace him, head of investments at TPO Daniel Douglas-Wright has provisionally taken on his role.
7.
Canaccord Genuity Wealth Management in the UK and Crown Dependencies (CGWM UK) completed its acquisition of Glasgow wealth manager Intelligent Capital.
The deal, first announced in November 2023, will see Intelligent Capital's employees begin to operate under the Adam & Company brand, which represents the Scottish operating business of CGWM UK.
Intelligent Capital's core client proposition will remain unchanged and its financial planners will be fully supported in continuing to directly manage their client relationships, CGWM UK said.
6.
Over a year has passed since UBS’ rushed takeover of Credit Suisse saved the latter from probable collapse. While the Swiss government aided deal has been hailed as a success by some, others are still lamenting losses caused by perceived injustices in their treatment.
One such group is Credit Suisse’s AT1 bondholders, who saw the value of their investments written down to zero as part of the deal. These investors are not alone in considering their treatment unfair, with a number of law firms offering to fight a case for them.
thewealthnet spoke to two of these to find out why they believe taking on the Swiss government is the right thing to do. [Read more from Katie Royals]
5.
UK financial regulator the FCA issued a warning noticed to Neil Woodford and Woodford Investment Management (WIM) in relation to the collapse of a £3.7 billion fund in 2019.
In the warning notice the FCA alleged that Mr Woodford had a “defective and unreasonably narrow understanding” of his responsibilities for managing liquidity risks.
It also alleged that he and WIM failed to ensure that the WEIF's liquidity risk framework was appropriate, to respond appropriately to the ongoing deterioration in the fund's liquidity, and to maintain a reasonable liquidity profile for the WEIF.
4.
Around 25 years ago this writer used to contribute on a regular basis to the second section of the weekend Financial Times. The emphasis was very much on providing original copy on recent innovations in investment and wealth management.
Amongst other pieces I produced was one of the first articles published in the UK on retail contracts for difference along with another contribution on the impact that portfolio turnover had on the annual management fees by private clients. The latter was even referenced in a report produced by the then Financial Services Authority (FSA) on the costs of investing.
Another piece that sticks in my mind is an article on home country bias. [Read more here from Ian Orton]
3.
Boutique multi family office Hundle made two hires.
Lucy Weldon was appointed as a relationship manager, where she will focus on dedicated relationship management for new and existing clients.
She joined Hundle after six years at James Hambro & Partners where she was an assistant relationship manager.
Meanwhile, Eleanor de Rusett joined the firm last year as a client director in its client advisory team.
She joined the firm from JP Morgan, where she was a vice president in the private bank in Los Angeles. Ms de Rusett spent a decade at the US bank in both London and LA.
2.
Adam & Co is arguably one of the best-known brands in Scottish wealth management, having been operating in the country for over 40 years. For this reason, Canaccord Genuity Wealth Management UK (CGWM) decided to keep the brand despite acquiring its investment management business in 2021.
Not only has the firm decided to maintain the brand, it is actually expanding the brand. This week, CGWM announced it has completed the acquisition of Intelligent Capital, a Glasgow-based financial planning business. The business is now operating under the Adam & Co brand.
Graham Storrie, head of Adam & Co, has been with the firm for over 13 years and explained to thewealthnet how important the brand is. For this reason, CGWM was the ideal acquirer as the firm understood this. [Read more here from Katie Royals]
1.
Schroders Wealth Management expanded its offering with two senior appointments, thewealthnet revealed.
Clare Anderson was appointed as global head of Schroders’ family office service.
In this role, Ms Anderson will oversee the services the firm offers to ultra-high net worth families and their advisers.
Meanwhile, Lyn Tomlinson was appointed as head of impact solutions for the Schroders Group.
Ms Tomlinson will continue in her current role as Schroders Wealth Management’s head of philanthropy and impact but as part of her expanded remit, she will be tasked with developing the impact solutions offering for clients across the Schroders Group.