10.
Brown Shipley has appointed Mark Flynn as a managing director and head of Scotland.
Joining the firm in June, Mr Flynn will be responsible for leading Brown Shipley’s strategy in Scotland, as the firm looks to increase its Scottish presence.
Mr Flynn joins the firm form Barclays Private Bank where he was head of private banking for Scotland and Northern Ireland.
9.
A large proportion of ultra high net worths (UHNWs) are underserved by existing providers, managing partner at GCW Global Customised Wealth told Katie Royals.
David Bizer explained this client segment is predominantly served by private banks, which have a number of imperfections. Their interests are “generally not at all aligned with their client bases”.
Having worked for Lehman Brothers and Nomura throughout his career, Mr Bizer certainly has an insight into the workings of large financial institutions.
8.
Schroders, the UK’s biggest listed asset manager, along with Cazenove Capital, its main wealth management operation, are both keen proponents of sustainability and ESG investing, as anyone that visits their websites can verify.
In December 2021, for example, Schroders purchased a 75 percent stake in Greencoat Capital, one of Europe’s largest renewal infrastructure managers. This followed the acquisition of a minority stake in Natural Capital Research, a firm that helps its clients develop ESG, biodiversity and net zero carbon strategies.
But there is a problem with Schroders’ ESG credentials, at least to this writer, because of its dual class share structure, writes Ian Orton.
7.
Investment manager, Sarasin & Partners, has reshuffled its senior investment team as Guy Monson steps down as chief investment officer after 14 years.
He will become chief market strategist while Jerry Thomas and Phil Collins have been promoted to chief investment officers for global equities and multi-asset respectively.
Mr Monson will remain the firm’s senior partner and a member of the investment policy committee and investment strategy group, as well as focusing on client interaction and the communication of Sarasin & Partner’s positioning and strategy.
6.
Revenues reported to have fallen at Credit Suisse amid restructure.
After a disappointing Q1, Credit Suisse is planning to shift around CHF 3 billion of capital into its wealth management over the next three years.
Wealth management’s pre-tax income fell 74 percent year-on-year to CHF 212 million, on an adjusted basis.
The wealth management division also reported net revenues of CHF 1.2 billion, down 44 percent from a year earlier.
5.
“Private school fees will go up much more than a pint of milk” Jessica Ayers of Timothy James and Partners told Emelia Wild.
Such a statement will strike fear into the heart of parents of young children bound for (or already at) the UK's private schools. With inflation hitting record figures, it is likely the price of private schools will rise even more than the 6-7 percent increases we have been seeing over the last five years.
Emelia also spoke to Charlotte Ransom, cheif executive of Netwealth concurs, adding that it makes sense to start saving into an “education pot” as soon as you can.
4.
Multrees Investor Services, a provider of investment administration, technology and custody, has appointed Ian Catherall as head of change and proposition management and Martyn Johnson as programme director.
Andrew Back, chief commerical officer, spoke to thewealthnet and said these hires come as the firm is experiencing rapid growth.
The firm has increased its headcount by around 20 percent in the past six months and has also increased revenues and profits. Assets under administration are up 40 percent in the past two years.
3.
The UK wealth management sector is still highly fragmented, notwithstanding an ongoing boom in M&A activity. As a consequence, although deal flow appears to be relatively high, actual transactions tend to be relatively low value in nature.
There are exceptions, however. Abrdn and Royal Bank of Canada’s (RBC) planned purchases of Interactive Investor (ii) and Brewin Dolphin will both be around £1.5 billion, a very large amount within the context of the UK wealth management market.
2.
Waverton Investment Management enjoyed a bumper 2021. Pre-tax profits were up 46 percent to £12 million and revenues increased 17 percent to £50.3 million.
Nick Tucker, chief executive, told thewealthnet that he was very happy with the results. What was “particularly pleasing” was that the growth was consistent across all four of the firm’s business lines.
All four segments: private clients; charities; adviser solutions; and institutional clients, surpassed their 2021 growth targets.
1.
A flurry of senior staff have left Sanlam ahead of PE takeover.
thewealthnet already revealed that Penny Lovell, chief executive of private wealth at Sanlam UK, has left the firm. It now appears a number of senior colleagues have also left the firm.
The leavers include Rob Jones, who was head of financial planning in London. Having worked at Sanlam for over 14 years, he has now become head of London office for Bespoke– Advice.
