10.

Wealth manager Brooks Macdonald partnered with Family Business United (FBU) to provide financial wellbeing support to UK family businesses and their employees.

Through the partnership, Brooks Macdonald will become FBU’s financial wellbeing partner in the UK.

It will support members with a range of services including financial planning and investment management, alongside access to knowledge, advice, research and insights.

9.

LGT Private Banking’s chief investment officer (CIO) left his role to study AI.

Thomas Wille said he has left the firm to pursue a Master’s degree focused on AI and investment strategy.

Based in Zurich, Mr Wille has worked at LGT Private Banking since 2016, originally as head of investment strategy and communication, before becoming head of research and strategy.

8.

Private bank Arbuthnot Latham appointed two new independent non-executive directors - Jayne Almond and Lord James Meyer Sassoon - to its board, effective 1 September 2023.

Ms Almond, also known as Jayne Hale, is a professional in the banking, mortgages and financial services arenas, with past and present appointments as chair, chief executive and NED in a wide range of organisations.

Meanwhile, Lord Sassoon is a professional in the banking and financial services industry.

7.

Liontrust Asset Management’s takeover of GAM Holding fell through after not enough of GAM’s shareholders backed the deal.

It is thought around 33 percent of GAM shareholders gave their support, which is roughly half of the 66 percent needed for the deal to go through.

From almost as soon as the acquisition was announced in April 2023, it has been marred with controversy, on a scale that is rarely seen in the wealth management industry.

But what exactly went wrong with the deal? [Read more from Katie Royals]

6.

Should you invest internally in a tech solution (insourcing), or pay an outside company to manage that part of what they do (outsourcing)? Each can be right, depending on the firm. Weighing up the pros and cons can help trigger a decision.

“Wealth managers are good at managing wealth, and outsourcing their technology allows them to focus on that core expertise,” says Nigel Reynolds, chief information officer at wealth manager Mattioli Woods.

“Ultimately outsourcing lets wealth managers be wealth managers, rather than a tech shop.” [Read more from Laura Miller]

5.

BBVA grew its Spanish wealth management unit by 28 bankers.

The hires represent a headcount increase of 38 percent and bring the total team to 101 professionals.

Of these new entrants, 13 will focus on ultra-high net worth clients through the launch of a new specialised service.

4.

Argubably, one of the overlooked aspects of the Nigel Farage affair is the role of Coutts’ board of directors.

The board of NatWest Group, Coutts’ owner, has certainly received considerable attention, especially in the days before the resignation of Dame Alison Rose, NatWest’s chief executive, on 25 July for admitting a “serious error of judgement” in discussing Mr Farage’s relationship with bank with Simon Jack, the BBC’s business editor.

But the role of Coutts’ board has so far escaped much scrutiny, especially from the media and politicians. [Read more from Ian Orton]

3.

Swiss wealth manager Lombard Odier appointed Kim Chatting as UK market head in Geneva.

As head of the UK team in Geneva, Ms Chatting will be responsible for driving the region’s growth, as well as hiring new talent.

With 30 years’ industry experience, Ms Chatting will join Lombard Odier from Julius Baer in Geneva, where she was a senior private banker.

Before this, she was a director and head of the UK market at Société Générale Private Banking. Before this she spent six years at Credit Suisse and 10 at Coutts.

2.

Targeting professional services groups has become an increasingly important source of customers for wealth management firms in recent years.

But Citigroup has gone much further in this respect than many of its peers.

Instead of focusing on a professional services provider as an introducer of new business, based on the latter’s customer base, Citi targets the firm itself, or - more specifically - its staff as clients for its wealth management operations. [Read more from Ian Orton]

1.

Boutique wealth manager Oberon Investments increased its pre-tax losses significantly in the year ended 31 March 2023, Katie Royals reports.

Losses grew year-on-year from £580,814 to £3.9 million.

At the same time, revenue decreased from £6.73 million to £5.05 million. Despite this, Oberon said it expects revenues to increase by over 60 percent in 2023 to 2024.

The firm said it was a “year of investment”, reflected by an increase in expenses from £7.5 million to £8.74 million.