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Financial Services Newsletter Friday 30th June 2023

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Financial Services News

​RBC Brewin Dolphin has moved its Cardiff team to new premises as part of the company’s wider push into the region. The Cardiff office, which has been led by Geraint Hampson-Jones since January 2022, has worked with individuals, families, charities, trustees and pension funds in the area for more than 30 years. The 38-strong team offers a full range of financial advice and investment management services. (Olivia Bybel, 21/6/2023, Citywire Wealth Manager, 'RBC Brewin Dolphin moves Cardiff team to new office')

​Vanguard has partnered with Manchester-based advice firm Rosebridge Asset Management (RAM) to build a custom model portfolio service (MPS). The partnership will see Vanguard provide five bespoke portfolios of its own index funds for RAM’s newly launched discretionary fund manager (DFM) business. It represents the first custom model portfolio solution the $7tn (£5.5tn) US-based asset management giant has entered into in the UK to date. (Nicola Blackburn, 20/6/2023, Citywire Wealth Manager, 'Vanguard builds first custom MPS for new Manchester DFM')

​Abrdn will close its offices in Reading and Sheffield by the end of the year as part of a restructuring of its financial planning business. The decision could lead to several job cuts. At the time of publication, Abrdn had not responded when asked how many roles were at risk. The group will divide the business into a financial consultant model and regional advice model, according to a statement from an Abrdn spokesperson. (Robin Amos, 13/6/2023, Citywire Wealth Manager, 'Jobs on the line as Abrdn shuts Reading and Sheffield offices')

​Wealth manager and Financial Planner Evelyn Partners has launched a new digital hybrid platform which will offer employees of companies a financial coaching service provided by qualified professionals. The Moneyhealth platform will provide guidance on savings, budgeting, tax, debt, pensions, investing and other personal finance topics.  The launch comes in the same week as rival wealth manager Charles Stanley added a financial coaching service for its direct investing clients. The Charles Stanley service offers a free 15-minute call with a Financial Planner to answer questions about personal finances or a one-hour coaching session via video at a fixed cost of £150. (Financial Planning Today, 30/6/2023, Financial Planning Today, 'Evelyn launches new digital hybrid platform')

​Söderberg & Partners has raised £170.9m to fund its ambitious international expansion. The Swedish wealth manager will use this capital injection to facilitate and support ongoing expansion in new markets particularly in UK and Spain. The new capital is being provided by global investment firm KKR, an existing minority investor since 2019. KKR is making the additional investment primarily through its European Fund V. (Momodou Musa Touray, 26/6/2023, Money Marketing, 'Söderberg & Partners raise £171m to support expansion')

Mergers & Acquisitions

​Rathbones shareholders have given their approval for the firm’s proposed £839m deal to buy Investec Wealth & Investment. At a Rathbones general meeting, approximately 94% of just under 50,000 votes cast backed the deal. Rathbones’ CEO Paul Stockton described the vote as an ‘important step’ in a statement.(Dylan Lobo, 23/6/2023, Citywire Wealth Manager, 'Rathbones shareholders give Investec W&I deal the green light')

​Evelyn Partners agreed to nearly £20m in acquisitions since the start of 2022 as it has been swallowing up smaller advice firms across the UK. In its accounts for the year to the end of December 2022, the group noted it had set aside a total of £15.5m to pay for 10 deals during the reporting period. It has spent a further £4.3m on IFA buyouts since the start of this year. The deals in 2022 include £6.4m for Edinburgh-based adviser Capital Risk Management and £3.9m for Newcastle-based adviser Scholes & Brown. (Robin Amos, 20/6/2023, Citywire Wealth Manager, 'Evelyn Partners racks up £20m acquisition spree bill')

In further news...Evelyn Partners is to buy boutique wealth firm Dart Capital for an undisclosed sum. Dart Capital was founded in 1987, and has been led by Chief Executive Richard Whitehead since a management buyout in 2008. Since 2008, the firm’s assets under management (AUM) has grown from £120m to £739m. The move will add to Evelyn’s £55.4bn in AUM.(John Schaffer, 12/6/2023, Citywire Wealth Manager, 'Evelyn Partners buys Dart Capital')

Corbel Partners has completed four buyouts in the past month as it aims to help advisers plan their financial services exit. Three of the acquisitions were already appointed representatives of the network, with the third being the client bank of a registered individual. One of the acquired firms was Staffordshire-based advice, Wealth Design with 350 clients and £98m assets under management (AUM). They will now be under Corbel Partners’ supervision, although the Wealth Design brand will remain, and the four existing advisers will stay with the business. (Michael Klimes, 22/6/2023, Money Marketing, 'Corbel Partners makes four acquisitions')

​Perspective Financial Group has completed four further acquisitions, meaning it made 12 acquisitions in the first half of 2023, matching the number made in the whole of 2022. The four acquisitions are: Brighter Financial Services Ltd in Halifax; Airedale Personal Financial Solutions Ltd in Holmer Green, Buckinghamshire; Granite Coast Ltd in Cambridge and Brigham Wealth Management LLP in Harrogate. In total, the group has completed 67 acquisitions since it was founded 16 years ago, and now has 31 offices across the UK, 110 financial planners and a total of 410 staff.(Lois Vallely, 21/6/2023, Money Marketing, 'Perspective announces four further acquisitions')

​Titan Wealth Holdings has announced it has acquired investment research and consultancy firm Square Mile. This move is subject to regulatory approval. Square Mile and its 21-strong team will all remain in their positions. It has £2.6bn in assets under management (AUM) within its model portfolio services (MPS) division. The acquisition takes Titan Wealth’s AUM to £12bn.(Darius McQuaid, 27/6/2023, Money Marketing, 'Titan Wealth acquires Square Mile')


​Columbia Threadneedle’s Emea Chief Executive Nick Ring is to retire from asset management at the end of the year, after more than three decades in the industry. Ring has been in the role since September 2019, joining after four years at Jupiter where he was Global Head of Distribution. Prior to that, he had another seven-year stint at Columbia Threadneedle (then Threadneedle Asset Management), where he was Head of Distribution. (John Schaffer, 29/6/2023, Citywire Wealth Manager, 'Columbia Threadneedle Emea boss Nick Ring to retire')

​Veteran wealth manager Peter Land has joined City of London investment boutique Capital Financial Markets (CFM). Land joins the firm from Walker Crips, where he spent the past seven years as an Investment Manager. He brings about 40 years of experience in private client and family office management to CFM, including more than 17 years at Brewin Dolphin, where he was a Divisional Director in London. (Robin Amos, 29/6/2023, Citywire Wealth Manager, 'Walker Crips 40-year wealth veteran joins city boutique')

Canaccord Genuity Wealth Management UK (CGWM) has poached Coutts star Adviser Hazel Bowen to set up new advice arm at its Norwich base. Bowen, who won the 2023 Personal Finance Society’s Chartered Financial Planner of the year, will lead CGWM’s advice proposition across the Norfolk area. She spent about a year at Coutts, serving as Director in the private bank’s East Anglia branch, focusing on high-net-worth and ultra-high-net-worth clients. Prior to this, she spent a year at Tilney Smith & Williamson and five years as a Chartered Financial Planner at Smith & Pinching. (Christopher Johnson, 28/6/2023, Citywire Wealth Manager, 'Canaccord hires Coutts star to set up new regional advice arm')  

​Two senior figures have left wealth manager 7IM as it merges its technology and client service teams. Chief Technology and Information Officer Will Thornton-Reid has left 7IM after nearly four years at the company. His role has been taken on by Chris Phillips, who has been Chief Transformation Officer since January and was previously Chief Client Officer at 7IM. Steve Crichton, 7IM’s Head of IT Development, has also left the business and has joined Abrdn as Head of Change Management. (Alicja Hagopian, 28/6/2023, Cityiwre Wealth Manager, 'Departures at 7IM as it merges tech and client teams')

​Simon James, one of the Founders of Gore Browne Investment Management (GBIM), is retiring from the business after 19 years. James will leave the Hawskmoor subsidiary, where he is Chief Investment Officer (CIO), at the end of the week. His responsibilities will be assumed by Hawksmoor’s investment team.(Robin Amos, 28/6/2023, Citywire Wealth Manager, 'Gore Browne CIO and co-founder Simon James retires')

Investec W&I veteran Marcus Vertue has moved to Close Brothers Asset Management (CBAM) after 36 years with Investec W&I. Vertue has joined CBAM’s London City head office as a Senior Investment Director. In this role, he will manage portfolios for high-net-worth clients. He specialises in taxable portfolios, ISAs, self-invested pension plans, family trusts and inheritance tax planning wrappers. Vertue’s appointment marks CBAM’s fifth hire from Investec W&I since the start of the year.(Caroline Hug, 27/6/2023, Citywire Wealth Manager, 'Investec W&I loses another IM veteran to Close Brothers')

Peter O’Sullivan, Managing Director of Benchmark Financial Planning, is to retire, ending a 36-year career in financial services. O’Sullivan will leave the Schroders subsidiary after four years at the helm to be replaced by Tim Sargisson, who has been appointed as its new Managing Director, subject to FCA approval. Sargisson brings with him 20 years of experience in wealth and financial planning. He most recently spent more than seven years as Chief Executive of Sandringham Financial Partners. (Christopher Johnson, 26/6/2023, Citywire Wealth Manager, 'Benchmark Financial Planning boss calls time on 36-year career')

​Raymond James has opened a new office in Newcastle, led by former RBC Brewin Dolphin Divisional Director Gary Fawcett. Fawcett spent 23 years at Brewin in Newcastle, joining the firm as a Graduate Trainee. He worked his way up to Divisional Director in 2009 before leaving for Raymond James. The new branch will be called Raymond James, Monument and will target clients in the North East, from the Scottish Borders to North Yorkshire and the Lake District. Fawcett is being joined in the new venture by fellow Brewin alumni Rob Brotherton and James Carrick. Brotherton also spent 23 years at Brewin’s Newcastle office, as a Financial Planner, joining the firm a year before Fawcett. He left the firm in July last year for a one-year stint as a wealth adviser at Womble Bond Dickinson Wealth. Carrick spent more than six years at Brewin and was most recently an Investment Manager in its Newcastle office. He started his investment career as a Graduate Trainee at The Private Office in Leeds.(John Schaffer, 21/6/2023, Citywire Wealth Manager, 'Raymond James opens Newcastle branch for ex-Brewin trio')

​Franklin Templeton has added to its UK sales team with the hire of a former Birmingham City FC player. Jacob Rowe will take on the role of Business Development Director covering the South West and the Midland’s region. Prior to joining Franklin Templeton, he worked for more than seven years at Russell Investments, starting his career at the firm as a Relationship Management Associate, working his way up to Sales Director in charge of the UK and Europe.(Christopher Johnson, 20/6/2023, Citywire Wealth Manager, 'Franklin Templeton expands sales team with former Birmingham City footballer')

Cazenove Capital has hired from Brown Shipley to bolster its push into the north of England. Nathalie Connell joins Cazenove as an Associate Portfolio Manager for the northwest of England. Before taking on the role, Connell worked as a Client Advisor at Brown Shipley for more than four years. Prior to this, she was at Tilney Group as a Trainee Relationship Manager. (Christopher Johnson, 20/6/2023, Citywire Wealth Manager, 'Cazenove hires from Brown Shipley in northwest push')

Evelyn Partners has appointed a former professional rugby player as a Financial Planning Director in its London office. Craig Dowsett, a Chartered Financial Planner, joins from London-based Vintage Wealth Management where he spent more than seven years as an IFA. Prior to that, he played rugby professionally at Rotherham Titans in the RFU Championship, the second tier of English rugby. Dowsett also received representative honours for England Students Rugby, as well as being internationally capped for Belgium. (Jeremy Gordon, 19/6/2023, Citywire Wealth Manager, 'Evelyn appoints ex-rugby pro as director in London office')

In further news...Wealth manager Evelyn Partners has announced Paul Geddes as the group’s next Chief Executive Officer, subject to regulatory approval. He will succeed Chris Woodhouse, who is retiring from full-time executive management after five and a half years in the role. Geddes is a highly experienced Senior Executive, over a 33-year career, the last 15 years of which have been in CEO roles. He joins Evelyn Partners from QA Group where he has been CEO since 2019. (Michael Klimes, 9/6/2023, Money Marketing, 'Evelyn Partners announces Paul Geddes as new CEO')

​Investec Wealth & Investment has hired James Neale as Investment Manager to its Cheltenham office. Neale joins the firm from Canaccord Genuity Wealth Management, where he worked as Investment Manager for over five years. The appointment is the latest in a series of new hires for Investec W&I, with the firm recently hiring Senior Investment Director Ian Burrows for its charities team. Burrows joined from RBC Brewin Dolphin, where he was Head of Charities in the Midlands. Investec W&I also appointed Mark Wright as Head of Entrepreneurs within its private office, who joined the firm after 15 years at Barclays. Investec W&I also appointed Mark Wright as Head of Entrepreneurs within its private office, who joined the firm after 15 years at Barclays. (Caroline Hug, 15/6/2023, Citywire Wealth Manager, 'Investec W&I appoints Canaccord IM in Cheltenham office')

​Brooks Macdonald has filled its Chief Financial Officer (CFO) void with the appointment with Aviva Chief Risk Officer (CRO) Andrea Montague. Montague joined Aviva in April 2020, initially as Group Chief Financial Controller before being appointed CRO in November 2021. Prior to this she held senior finance leadership roles at Royal London and Standard Life. Earlier in her career worked at Scottish & Newcastle and PricewaterhouseCoopers. (Dylan Lobo, 15/6/2023, Citywire Wealth Manager, 'Brooks Macdonald hires Aviva risk boss as CFO')

Waverton Investment has appointed Steve Chhoker as Chief Financial Officer. He will begin his new role on 1 August 2023, replacing David Welch, who has left after 26 years at the company.  Chhoker brings 20 years of experience to Waverton, joining the firm from WH Ireland where he spent a year as Finance Director. Previously, he also held senior positions at Saunderson House and Brooks MacDonald. (Olivia Bybel, 6/6/2023, Citywire Wealth Manager, 'Waverton hires new chief financial officer from WH Ireland')

​Vermeer Partners has hired Chris Hogarth to lead the launch of a new financial planning business. Hogarth has about 20 years of experience in financial services, including financial planning roles at UBS, Kingston Smith Financial Advisers and RSM Tenon. He joined Cazenove in January 2020 as the Schroders-owned wealth firm went on a hiring spree across London private client and charity teams.(Robin Amos, 1/6/2023, Citywire Wealth Manager, 'Vermeer hires Cazenove director to launch financial planning arm')

​JM Finn has hired Rebecca Dawkins as an Associate Wealth Planner in a bid to bolster its wealth planning team. Dawkins joins the firm from London Wall Partners, an advice firm founded by former Saunderson House Chief Executive Nick Fletcher a decade ago. She is the ninth hire the firm has made to its wealth planning team and recently completed her exams to achieve chartered status with the CII. Prior to working for London Wall Partners, Dawkins held financial planning positions at Riverside Financial Consultants and Saunderson House. (Olivia Bybel, 1/6/2023, Citywire Wealth Manager, 'JM Finn hires financial planner from London wealth firm')

​Fairstone has announced the expansion of its senior leadership team with Simon Wilson joining as Chief Financial Officer (CFO). With almost 30 years of professional experience, Wilson has worked at an executive level across a range of sectors including fund management, business services, real estate and media. He was CFO at River and Mercantile Group PLC which had £50bn of assets under management and CFO of Topland Group PLC, one of UK’s largest privately owned investment companies. Wilson has also served as Managing Director of Corporate Finance at Pacific Investments the multi-asset fund management group. (Michael Klimes, 26/6/2023, Money Marketing, 'Fairstone appoints CFO amid finance team reshuffle')

National IFA firm Continuum has expanded its team in Wiltshire with the appointment of Chartered Financial Planner Stephen Hall. Hall has been providing clients with bespoke financial advice for over 23 years and will join Continuum after 13 years at Positive Solutions. (Momodou Musa Touray, 16/6/2023, Money Marketing, 'Nationa IFA Continuum expands Wiltshire team')

Research specialist NextWealth has appointed Emma Napier to the new role of Consulting Director, to support and expand the services offered by the firm. Napier was previously Head of Sales and Proposition at Bravura and Head of Distribution at True Potential. She is a Non-Executive Director for The Verve Group and also Co-Chairwoman of the Women in Platforms Network. (Lois Vallely, 5/6/2023, Money Marketing, 'NextWealth adds Emma Napier to senior team')

​M&G Investments has announced that Richard Godfrey is joining the business as Chief Operating Officer for asset management, subject to regulatory approval, on 31 July. With extensive operational experience in financial services, he joins M&G from HSBC where his most recent role was Global Co-Head of the securities services and securities financing businesses. He has held a series of leadership roles at HSBC since starting with the bank in 2004, including Global COO of securities services with responsibility for its business operations and transformation initiatives. He previously held roles at Mello as CEO of its investment servicing business in Europe and Robert Fleming in senior asset management and insurance operations roles. (Lois Vallely, 29/6/2023, Money Marketing, 'M&G names Richard Godfrey as asset management COO')

Legal & General Retail has appointed Matt Kirwin to the newly created role of Head of Retail App. Kirwin has over 20 years’ of experience in the financial services space and previously worked as Senior Digital Strategy Lead at Barclays. He brings expertise in retail, corporate banking and digital technology with a specific focus on the online and mobile customer experience. (Momodou Musa Touray, 27/6/2023, Money Marketing, 'Legal & General Retail appoints head of retail app')

For an informal chat on how IDEX Consulting can support your business needs and professional career goals, please contact Tony Bates, Managing Director on 07534 507 007 or

All information provided in this Market Digest has been gathered from Money Marketing, Financial Planning Today and Citywire Wealth Manager.