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Financial Services Newsletter - Friday 2nd December 2022

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Financial Services News

Belfast-based IFA firm Johnston Campbell (JCL) has rebranded to Amber River Northern Ireland. This comes after Amber River, formerly known as Socium Group, acquired JCL for an undisclosed sum in 2019. Now, JCL has adopted the name and brand identity as part of a phased nationwide rollout, but the business will remain autonomous. (International Adviser, 03/11/2022, Robbie Lawther, 'Amber River unveils brand in Northern Ireland')

​Asset manager Abrdn has rejoined the FTSE 100 in the latest reshuffle, after being dropped from the blue-chip index in September. Since being dropped from the blue-chip index, the firm’s share price has increased 39.6% to 197.4p. Its market capitalisation now sits at over £4bn. (Citywire Wealth Manager, 01/12/2022, John Schaffer, 'Abrdn makes FTSE 100 comeback')

​Hawksmoor has opened a new office in Worcester, adding to its existing eight branches, as it seeks to expand further into the regions. The West Midlands office, based in Oak House in Bridgewater Road, will be led by Senior Investment Manager Adam Martyn-Smith. (Citywire Wealth Manager, 29/11/2022, Robin Amos, 'Hawksmoor adds Worcester office to regional expansion')

​Adam & Co staff have been handed a £4m retention bonus following the Scottish Wealth Manager’s acquisition by Canaccord Genuity Wealth Management (CGWM) in April 2021. The bonus is aimed to lock in key Adam & Co staff for three years and will be paid annually in equal tranches, starting in October 2023. The news was revealed in the latest set of Adam & Co accounts.(Citywire Wealth Manager, 25/11/2022, Robin Amos, 'Adam & Co staff handed £4m lock-in bonus after Canaccord buy')

​Quilter’s WealthSelect model portfolio service (MPS) has surpassed £10bn in assets under management for the first time. Launched in February 2014, the service now has 56 portfolios, having expanded the range from 16 earlier this year with the launch of responsible and sustainable options. Managed by Stuart Clark, the service, which initially started with a range of blended and active portfolios, now offers passive models. (Citywire Wealth Manager, 23/11/2022, Robin Amos, 'Quilter WealthSelect MPS passes £10bn milestone')

​Net inflows at Tatton Asset Management surpassed £900m over a half-year period, on the back of a rise in its associated IFA firms and recent acquisitions. In its interim results for the six months to the end of September, the consolidator reported record organic net inflows of £907m, up from £652m for the same period the prior year. (Citywire Wealth Manager, 22/11/2022, Robin Amos, 'Tatton hits £900m H1 inflow record on ‘significant wins’')

Atomos has formed a strategic alliance with Willis Towers Watson (WTW) to bolster its investment proposition. Through the arrangement, WTW will provide multi-asset investment solutions for Atomos’s UK-based investment portfolios. Atomos will be able to tap into this service exclusively for a three-year period, giving it access to WTW’s 150 Research and Portfolio Managers dotted around the globe.(Citywire Wealth Manager, 08/11/2022, Dylan Lobo, 'Atomos strikes investment deal with WTW')

​Assets under management (AUM) at Investec Wealth & Investment UK dropped 9.1% to £38.8bn, as tough markets and subdued client activity took their toll. The £4.1bn drop in AUM in the six months to the end of September was somewhat offset by £443m of net client inflows. (Citywire Wealth Manager, 17/11/2022, John Schaffer, 'Investec shares drop on £4bn UK wealth squeeze')

Close Brothers Asset Management (CBAM) has opened a new office in Birmingham as the business expands its advice and investment management offering across the Midlands. The office will open on 5 December and will be shared between its advice and investment management teams.(Citywire Wealth Manager, 09/11/2022, Christopher Johnson, 'Close Brothers opens Birmingham branch')

Evelyn Partners has launched a financial education programme for boxers in partnership with former world heavyweight champion Anthony Joshua’s management company 258 MGT. Evelyn’s Adam Osper and Ben Gibson, who specialise in advising sportspeople, musicians and entertainers, recently delivered a presentation of their financial planning initiative tailored to boxers’ needs at 258 MGT. (Citywire Wealth Manager, 09/11/2022, John Schaffer, 'Evelyn and Anthony Joshua launch financial education programme for boxers')

​Private equity-backed Atomos, formerly Sanlam Wealth, has entered a partnership with Hubwise to launch its own white-label platform. Called Atomos Inves’ and available to use now, the new service provides investors with Atomos’s investment solutions developed with Willis Towers Watson.(Citywire Wealth Manager, 21/11/2022, Chloe Meley, 'Atomos to launch white-label platform with Hubwise')

Mergers & Acquisitions

​Advice network In Partnership, which supports around 500 advisers, is up for sale. The firm’s private equity backer Russell Investments Group is thought to be looking to offload the network. (Money Marketing, 28/11/2022, Lois Vallely, 'Advice network In Partnership ‘up for sale’')

Kingswood Holdings has bought a Glasgow-based financial advice firm for £5.1mn. The group has bought Strategic Asset Managers (SAM), which has three advisers and managers 400 clients with assets under administration of £200mn.(FT Adviser, 14/11/2022, Sally Hickey, 'Kingswood enters Scottish market with £5mn IFA purchase')

Kingswood has added another advice firm to its war chest with the acquisition of Cheshire-based JFP Financial Services. The deal is for a total cash consideration of £12.4m, payable over two years. Upon regulatory approval, £7.44m will be paid, with the remainder settled subject to pre-agreed performance targets. (Citywire Wealth Manager, 01/12/2022, John Schaffer, 'Kingswood snaps up Cheshire adviser for £12.4m')

Benchmark Capital (Benchmark), a provider of financial planning solutions and part of the Schroders Group, is continuing its business expansion across the UK. It has completed the 100% acquisition of Advison and has also has taken a 49% stake in chartered financial planning firm Chartered Independent. (Money Marketing, 22/11/2022, Jean-Baptiste Andrieux, 'Benchmark continues business expansion')

Over the last 10 years Canaccord Genuity Wealth Management has seen its assets under management grow to £32.3bn, with much of this driven by acquisitions of major rivals. But in an exclusive interview with Citywire Wealth Manager, the firm’s Chief Executive David Esfandi said the firm had no plans to make buys of this size again in the immediate future. Instead, the priority is to be consolidating its most recent acquisitions. (Citywire Wealth Manager, 02/12/2022, Christopher Johnson, 'Canaccord Wealth UK CEO pauses major acquisitions')

Progeny has acquired professional services firm Lewis Brownlee Financial Services for an undisclosed sum. The deal expands Leeds-based Progeny’s presence in the South of England and increases its assets under management to about £7bn.(Citywire Wealth Manager, 22/11/2022, Christopher Johnson, 'Progeny continues southern regional push in latest acquisition')

Movers & Shakers

Schroders Personal Wealth has appointed Dominic Sheridan as Chief Executive of its Authorised Corporate Director (ACD) business, subject to regulatory approval. He joins from Omnis Investments Ltd where he was the Chief Executive Officer and established an asset management company with £10bn + AUM and a discretionary fund management business. (Money Marketing, 16/11/2022, Momodou Musa Touray, 'Schroders hires Dominic Sheridan as CEO of ACD business')

​Wealth Wizards has appointed Ben Hampton as its new Chief Executive. Hampton, who is currently the firm’s Chief Product Officer, will take up the role from 1 January 2023. He replaces Wealth Wizards Founder and current Chief Executive, Andrew Firth, who will continue as Chairman. (Money Marketing, 30/11/2022, Momodou Musa Touray, 'Wealth Wizards appoints new chief executive')

Platform technology provider Seccl has appointed Alex Henderson as Chief Risk Officer as it bolsters its executive team. Henderson is currently Head of Capital Management at Virgin Money where she has spent the past nine years. (Money Marketing, 24/11/2022, Momodou Musa Touray, 'Seccl hires Alex Henderson as chief risk officer from Virgin Money')

Evelyn Partners has appointed Annabel Kerley as Head of Fraud and Financial Crime. She is a former Senior Investigator at the Serious Fraud Office and Financial Conduct Authority and a fellow of the Institute of Chartered Accountants England and Wales. Kerley joins from boutique forensic firm StoneTurn where she founded the London investigations practice. Prior to that, she held a senior position at EY. (Money Marketing, 21/11/2022, Jean-Baptiste Andrieux, 'Evelyn Partners hires former FCA investigator')

In further news...The Head of Investment Management for Evelyn Partners’ Guildford office has stepped down. Maggie Lowe has retired as a Managing Partner at the firm after more than 30 years in financial services, a spokesperson for the business has confirmed. Lisa Henderson, who has worked at Evelyn’s predecessor Smith & Williamson since graduating from university in 2002, has taken over Lowe’s role as Managing Partner in the Guildford office. (Citywire Wealth Manager, 15/11/2022, Robin Amos, 'Evelyn Partners Guildford investment head retires')

Quilter Private Client Advisers has expanded its regional footprint by adding Planners in both Bristol and Glasgow. The business has hired two Financial Planners in both Bristol and Glasgow. Quilter Private Client Advisers previously did not have a presence in either city. Quilter Private Client Advisers has also hired seven Trainee Financial Planners on to a new trainee programme. (Money Marketing, 23/11/2022, Lois Vallely, 'Quilter Private Client Advisers expands into Bristol and Glasgow')

Quilter Cheviot has appointed three Investment Managers to its offices in Edinburgh, Jersey and Birmingham. Andrew Hannay, Rhea Wright and James Rennie will work with private clients and intermediaries, including Financial Advisers, to manage their investment portfolios. Hannay joins the Edinburgh office from Cornelian Asset Managers, now part of Brooks Macdonald. Wright joins Quilter’s Jersey office from JTC Employer Solutions. Rennie rejoins the firm’s Birmingham office from Rathbones’ sustainable and impact division, Rathbone Greenbank. (Citywire Wealth Manager, 03/11/2022, Caroline Hug, 'Quilter Cheviot adds three investment managers to regions')

Dynamic Planner has appointed Melinda Lovell as Enterprise Development Director. Lovell has worked within the financial services industry for 20 years, delivering solution sales to wealth management firms. Prior to joining Dynamic Planner she was responsible for UK and European Sales at BITA. (Money Marketing, 14/11/2022, Jean-Baptiste Andrieux, 'Dynamic Planner appoints enterprise development director')

​Artorius Wealth has appointed UBS veteran Jonathan Brown as a Senior Adviser. Brown spent 20 years at UBS Asset Management, working his way up to Managing Director of its UK regional business. He started his career in 1986 at Wise Speke, where he spent 12 years, which was followed by a four-year stint at Merrill Lynch, where he was a Vice President. (Citywire Wealth Manager, 30/11/2022, Christopher Johnson, 'Artorius Wealth hires UBS regional MD as senior adviser')

Michael Martin has left his position as Partner and Private Client Manager at Seven Investment Management (7IM) to found a new financial planning firm in London. According to a separate Companies House filing, he has established a new firm, Cannizaro Financial Planning, as a Director.(Citywire Wealth Manager, 29/11/2022, Robin Amos, '7IM partner leaves to launch new London firm')

​RBC Brewin Dolphin has appointed two Wealth Advisers to expand its 1762 team. Edward Brown and Adam Gentry join the firm’s London office at 8 Waterloo Place in St James’s from Arbuthnot Latham. Brown joined Arbuthnot Latham in 2018, where he provided solutions to high-net-worth and ultra-high-net-worth clients. Prior to joining Arbuthnot Latham in 2019 as a Business Development Manager, Genty worked as a Consultant at VARO Partners for almost three years. (Citywire Wealth Manager, 28/11/2022, Caroline Hug, 'RBC Brewin Dolphin poaches Arbuthnot Latham duo')

In further news...RBC Brewin Dolphin has added to its intermediary team with the appointment of James Clark as Nationals and Networks Development Manager. Clark joins the Wealth Manager from insurance and savings provider Utmost Group, where he held various positions, including Head of Expatriate Sales EU and Partnerships Director. (Citywire Wealth Manager, 08/11/2022, Robin Amos, 'RBC Brewin Dolphin bolsters intermediary team with senior hire')

Amati Global Investors has hired Tom Whitfield as Sales Director. Whitfield joins Amati from Sanlam Investments, where he worked as an Account Director. (Citywire Wealth Manager, 23/11/2022, Caroline Hug, 'Amati hires Sanlam sales director for Southeast push')

Brooks Macdonald has hired a veteran sales manager from Hawksmoor. Kieran Daly joins the firm as a Regional Sales Manager covering the Midlands, Wales and the North of England, according to a post on his LinkedIn profile. (Citywire Wealth Manager, 11/11/2022, Robin Amos, 'Brooks Macdonald hires Hawksmoor regional sales manager')

LGT Wealth Management has hired Olivia Wingrove as Portfolio Manager. Wingrove joins from Quilter Cheviot, where she spent five years as an Investment Manager in the firm’s MPS team.(Citywire Wealth Manager, 08/11/2022, Robin Amos, 'LGT Wealth hires Quilter 30 under 30 star for MPS push')

All information provided in this Market Digest has been gathered from International Adviser, Money Marketing, Citywire Wealth Manager and FT Adviser.