10.
Geneva-based wealth manager Lombard Odier partnered with asset manager Robeco to expand the funds offered on its ‘PrivilEdge’ open architecture fund platform.
The firm has added PrivilEdge - Robeco emerging markets equities beta enhanced.
The fund aims to provide investors with consistent returns from emerging market (EM) equities, based on the application of a factor-based investment approach.
9.
NatWest private banking – of which Coutts is the main component – recorded a 75.2 percent drop in operating profit in its Q1 2024 results, from £133 million in the quarter ended 31 March 2023 to £33 million in the same period this year.
However, the figure is 1750 percent higher than the -£2 million loss made in Q4 2023, demonstrating signs of recovery.
Total income dropped 29.7 percent from the £296 million recorded in Q1 2023 to £208 million this year.
8.
Brown Shipley replaced its head of Scotland and Northern Ireland, following the exit of Mark Flynn.
Mr Flynn, who was a managing director and head of Scotland and Northern Ireland, has taken a sabbatical after two years in post.
Writing on LinkedIn, he said he is taking time to “reflect, rejuvenate and decide on the next chapter”.
His responsibilities will be assumed by Martin Cuthbert, who is currently head of Manchester at Brown Shipley.
7.
Listen to our latest podcast episode now
The importance of biodiversity is a growing topic within the private wealth management industry, with more firms beginning to recognise the role it can play in reducing carbon emissions and helping to tackle climate change.
In this episode, Katie Royals speaks to Stephen Metcalf, head of sustainable investing for the British Isles and Asia at RBC Wealth Management, about the firm's strategy for tackling biodiversity and how clients and advisers alike can be best placed to align their portfolios accordingly.
6.
Brett Lankester returned to UBP after two and a half years working in private equity, Katie Royals reports.
Re-joining as a senior banker, Mr Lankester - the former London chief executive - will report to Frédéric Lamotte, the chief executive of UBP’s London branch.
Mr Lankester was chief executive of London-based ACPI Investments when it was acquired by UBP in 2018. Following this, he led the integration process and became chief executive of UBP London.
5.
The majority of ultra-high net worth (UHNW) individuals are currently worrying about their financial situations, according to recent survey data from Arbuthnot Latham.
Spotlighting the research, Kevin Barrett, managing director of private and commercial banking at Arbuthnot Latham, told thewealthnet: “Whilst high and ultra-high net worth individuals are not as worried as the rest of the population, they nonetheless share many of the same concerns.”
Almost two thirds (65 percent) of those with assets over £1 million said they worry about their finances. [Read more from Ethan Almond]
4.
The House of Lords' financial services regulation committee highlighted its concerns about the Financial Conduct Authority’s (FCA) proposal to announce in advance its enforcement investigations into firms, suggesting it risks undermining the principle of "innocent until proven guilty".
Under the plans, the FCA will publish updates on investigations as appropriate and be open about when cases have been closed with no enforcement outcome. This would likely include naming firms when the FCA opens an investigation into them.
In a letter to Nikhil Rathi, chief executive of the FCA, the financial services regulation committee warned that the FCA’s proposal risks having a disproportionate effect on firms named in investigations, where those firms are subsequently cleared of any wrongdoing.
3.
C Hoare & Co’s UK trust business was purchased by Ludlow Trust, a provider of specialist trust administration services for private clients and the charitable sector.
As part of the deal, Ludlow Trust entered into a partnership with C Hoare & Co, the UK’s oldest privately owned bank.
Through the partnership, Ludlow Trust will provide trust administration services to C Hoare & Co’s clients going forward.
2.
UBS Global Wealth Management appointed Bruno de Kegel as an ultra-high net worth (UHNW) private banker based in London, thewealthnet revealed.
Mr de Kegel has joined the Swiss headquartered bank from impact-focused boutique Arvella Investors, which he co-founded in 2018.
Before this, he spent 23 years at Goldman Sachs, where he held a number of senior roles including managing director and head of portfolio management for EMEA and Asia for the private wealth management division.
1.
Data from PAM, part of PAM Insight, thewealthnet's publisher, revealed which private asset managers in the UK and Crown Dependencies are growing the fastest.
Looking at the percentage increase of assets under management (AUM) over a three year period rather than total increase, this research has revealed the fastest growing firms regardless of their size.
To make the top 10, firms had to grow their AUM by over 46 percent between 2021 and the end of 2023. For comparative purposes, the average percentage of AUM growth across the private asset management industry in the same period was just five percent. [Read more]
