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Financial Services Newsletter - Friday 11th January 2019

11 Jan 2019

Market News

National advice firm Quilter Private Client Advisers has announced a trio of advice acquisitions, taking its total firms bought in 12 months to 11. Cheltenham-based Eastgate Financial Management, Surrey-based Holdaway Johnson and Blackburn-based Clive C Aitkenhead Financial Consultant have all been acquired by Quilter Private Client Advisers. David Irving, Clive Aitkenhead and Charles Holdaway, the owners of the three firms, will retire following the migration of their businesses into the Quilter-owned advice arm.

A development framework, created by St. James’s Place (SJP) to support its adviser back office teams, has gained accreditation by the Chartered Insurance Institute (CII). SJP says the framework “demonstrates a commitment to ongoing learning via externally validated CPD standards set by the sector’s largest Chartered body.” Now a “benchmark within the wealth management sector,” the framework was first introduced across SJP partner practices in August 2018 and was accredited last month.

IRESS has said that XPLAN clients will be able to easily allow third party software providers to directly access and integrate with XPLAN. The announcement was part of IRESS Open, which will see IRESS expand the number of integrations available to clients by making access to IRESS’ existing APIs "simpler and easier."

Charles Stanley has acquired a £59 million client bank of collapsed wealth firm Full Circle Asset Management.  In a letter, Full Circle Managing Director Andrew Selsby told clients they would be shortly receiving formal notification from the administrators PCR, together with an introduction letter from Charles Stanley. In total, 206 clients have been offered the opportunity to transfer to Charles Stanley under the deal. Charles Stanley was already providing custody and administration to Full Circle before its collapse.

Raymond James has launched the Women Wealth Manager Network (WWMN) in the UK, with the aim of supporting and retaining female wealth mangers and to encourage women into becoming wealth professionals. Women’s share of wealth is growing rapidly – as a recent Credit Suisse report showed. Women account for 40% of the world’s wealth and female investors are more likely to choose and work with a diverse wealth management team. As a result of this demographic shift, Raymond James has set up the WWMN, established for women by women to share best practice, mentor, network and develop events. The UK launch marks the third such Raymond James’ network, following ones in the US and Canada. The US Women Adviser Network started 24 years ago. The WWMN is also open to Paraplanners and women working through their qualifications.

Sanlam UK has acquired chartered financial planning firm Astute Wealth Management to deepen its presence in the North West. The Preston-based business offers financial planning to clients across the region and has a family office service for individuals with more complex financial requirements.  It was founded in 2007 by Andy McLaughlin, the current Managing Director and Co-Director, Jean McLaughlin. Sanlam UK declined to disclose the sum it paid for the acquisition.

Tilney ended last year with the acquisitions of Index Wealth Management and the wealth business of Moore Stephens, with the latter deal involving the transfer of 11 of the firm's London-based staff. The team includes five advisers and two Partners of Moore Stephens: Stephen Humphreys, head of the Moore Stephens wealth management division, who has been with the firm since 1989 and James Springham, who has been with the business since 1999. 

Brooks Macdonald has proposed a plan to “streamline” its business which is expected to lead to some 50 redundancies. Brooks said the proposed changes are responding to clients’ and Advisers’ needs and will make it easier for Advisers to do business with the firm. The company said it identified  “a range opportunities to streamline and remove duplication from its core processes”, for example centralising client account opening and client reporting. These proposed changes, which the firm will consult on with its staff today, will lead to some 50 redundancies, mainly in administration and IT areas.

 


 

Market Movers and Shakers

Rathbones Chief Executive Philip Howell is to retire next year with the role passing to long-serving Finance Director Paul Stockton, who was promoted to Managing Director of the private client wealth arm in May. Stockton joined the company in 2008. He will head Rathbones following Howell's formal departure in May, with the two working on a handover basis in the interim.

Michael Covell, the former Chairman of Tilney Group, has replaced Grenville Turner at Ascot Lloyd. Covell, who was Tilney Chairman from 2010 to 2016, takes over as Chairman of the Independent Financial Adviser (IFA) firm as of this month. In another hire by Ascot Lloyd, Wai Au, former Chief Operating Officer of UK Banking for Barclays, replaces the outgoing non-Executive Director Jonathan Whiticar.

In other news... Tilney has added an Investment Director to its Manchester office as part of a spate of hires which has seen it double in size over the last year. Ben Roberts moves from Brooks Macdonald, where he also worked as an Investment Director for six and a half years. He previously held the role of Private Client Manager for Brown Shipley Private Bank. In his new role Roberts will be part of the firm's 'two expert' approach, paired with the firm's Financial Planners to give advice to clients. 

Charles Stanley has opened an office in Aberdeen for two recent Tilney hires. The opening adds a second Scotland office to the company's national footprint, alongside an base in Edinburgh and ups its UK network to 25 branches. The office will be headed by Scott Morrison, who joined the firm in September as a Director of financial planning, following a 20-year stint with Tilney where he rose to become a Partner. During his career, Morrison has built a client network spanning north and north East of Scotland, including Inverness and the Shetland Isles. According to Charles Stanley, his clients include Partners of law and accountancy practices and professionals in the oil and gas sector.  Morrison is joined in the Aberdeen office by Chartered Financial Planner Linda Edward, who joined Charles Stanley in June after 10 years with Tilney.

In other news... Charles Stanley strengthened its financial planning business in Oxford with the hires of Ian Brookes and James Huntington. It also appointed David Hamilton-Stubber as an Investment Manager and Luke Horvath as a Trainee Investment Adviser.

Brewin Dolphin has lost two Divisional Directors from its Glasgow office. Michael Wedderburn and Craig Forbes have left the firm. Wedderburn had been with Brewin since 2011. He had joined the wealth business as part of a seven-strong team from Adam & Co, alongside branch head Stephen Martin. Forbes was previously at Barclays Wealth and Investment Management and joined Brewin in 2014.

In other news... Brewin Dolphin hired Rory Corstorphine as Wealth Director in its West End office, which opened earlier this year, bringing its headcount to 24. Corstorphine joins from UBS Wealth Management, where he was a Director. Prior to that, he had been a private banker at Kleinwort Benson.

WH Ireland hired Stephen Ford to head its wealth management division. Ford has spent the past two years as an Executive Director at City Asset Management, where he oversaw a restructure of both its investment process and distribution strategy. He is best known for his 16-year stint at Brewin Dolphin, where he served as head of its London office and latterly head of wealth and investment management, before leaving in 2016.

Sandaire hired Janet Tarbet, formerly head of clients and Chief Operating Officer at Signia Wealth, as Client Relationship Director. The recruitment of Tarbet, who joined Signia in 2013 following a 13-year stretch at Coutts, where she rose to become Director of entrepreneurs, follows the appointment of Andy Mattocks as head of corporate development and Marc Cane as head of risk.

Redmayne Bentley continued to expand, with two hires to its investment management team in Leeds. Investment Manager Ian Booth joined from Brewin Dolphin and Investment Management Department Manager Stuart Ryan migrates from Rayner Spencer Mills.

Boutique investment house Apollo Multi Asset Management merged with financial planning business Total Wealth Planning, recruiting Kevin Ronaldson as Chair. Ronaldson – who previously co-founded both Intrinsic Financial Services and Bellpenny – said he was 'delighted' to help lead the combined business, which has £450 million in assets.

Brighton Capital Management hired Brewin Dolphin divisional Director Sylvia Bowen. Bowen told Wealth Manager she decided to leave Brewin to take up the role as a Private Wealth Manager at the Raymond James branch in order to improve her work-life balance. 

All information provided in this Market Digest has been gathered from multiple Financial Services Media sources and individual company press releases.

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