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Financial Services Newsletter - Friday 23rd August 2019

23 Aug 2019

Market News

IFA firm Wren Sterling has acquired T D Armstrong Financial Planning Limited, a Dunfermline-based Independent Financial Planning business. The firm’s Max Horne, Trudi Horne and Fraser Rowan will all join Wren Sterling as part of the deal. Under the terms of the deal Wren Sterling will secure around £116m of assets under advice, taking Wren Sterling’s total to £3.3bn.

Walker Crips has warned its earnings will be impacted by the departure of a team managing £239 million in assets. The wealth firm notified the market in its full-year results. It is not known where the team is heading, but Walker Crips indicated there was no animosity behind their departure.

A former Coutts Wealth Manager has launched a robo-adviser targeting the mass affluent. Called Rosecut, the service aims to attract ‘middle market’ investors with assets from £100,000 to £2 million by offering some of the services of a private bank through the use proprietary artificial intelligence (AI) technology. The platform’s founders are its Chief Executive Qiaojia Li who co-headed Coutts’ Asia desk up to last September – and serial venture capitalist Gustavo Silva, who serves as its Chief Technology Officer.

A Bristol-based advice firm has joined forces with Brewin Dolphin and Charles Stanley to provide a model portfolio range. Clifton Asset Management has set up a limited company, Eden Park Investment Management (EPIM), through which it will distribute the range to other advisers.

Brooks Macdonald is to move to a more centrally located Edinburgh office in August as it marks a decade of operation in the Scottish capital. Brooks will vacate the Melville Crescent location it has occupied since it launched an Edinburgh base in 2009, in a move to Hanover Street. Managing director and Co-Head of UK Investment Management John Wallace said: “We are delighted to be moving to Hobart House which will provide us with a high-quality and welcoming environment.”

Almary Green, the advice firm led by Carl Lamb, has been acquired by fellow Norwich-based chartered firm Smith & Pinching. Lamb denied a source’s claim to Money Marketing last year that he would depart the combined firms after the completion of the acquisition and has taken a board position both with Smith & Pinching IFA and the wider Smith & Pinching group. The firms say no staff roles will be affected by the acquisition while clients across the two will now get full access to each other’s services.

Arbuthnot Latham, the Wealth Management and Financial Planning arm of the Arbuthnot Banking Group, has boosted profits by 24%. The firm has reported a profit before tax for the first half of the year of £6.7m (H1 2018: £5.4m), which represents an increase of 24%. Meanwhile the total assets of the bank have increased to £2.33bn (H1 2018: £1.96bn), an increase of 19%.

Charles Stanley has acquired Leeds-based Wealth firm Myddleton Croft. The purchase indicates Charles Stanley is back in the market despite an ongoing major restructure, which has seen it dispose of a number of non-core businesses, including pension and securities arms, in recent years. The cost of the acquisition was not disclosed. Charles Stanley Chief Paul Abberley said: “Myddleton Croft's business model and client base, together with its well-established name and reputation, make it an excellent fit for us.”

Wealth manager and national financial advice firm Tilney could be about to make its footprint even bigger by merging with rival Smith & Williamson to create a business with £45 billion of asset under management. The deal would see Tilney, which is backed by private equity firm Permira, succeed in a bid that failed once already in 2017. Then, Tilney had launched a rival bid for Smith & Williamson after it was reported Rathbones had begun merger talks. According to the Financial Times this new deal would create a business with around 250 Financial Planners, on top of 240 Investment Managers. Tilney owns online service Bestinvest, but the deal would also expand Tilney’s range services by adding tax advice and accountancy offerings.


Market Movers and Shakers

Standard Life Aberdeen (SLA) has appointed Noel Butwell as the new Chief Executive of Standard Life Savings, replacing the outgoing Executive Barry O'Dwyer. In his new position, Butwell, who was formerly SLA’s Managing Director of Distribution, will be responsible for SLA’s platforms, advice and savings division. This includes looking after the Wrap and Elevate platforms and the restricted advice group 1825.

Charles Stanley has hired a series of Financial Planners across its branch network as the company strengthened its expertise in a key area of long-term growth. Financial planners Sam Cowan and Richard Elliot will join the business in Edinburgh and Oxford respectively, while Paraplanner Louise Aldridge will join the company in London. Charles Stanley Managing Director of Financial Planning Andrew Meigh said: ‘One of Charles Stanley’s strategic objectives for this financial year is to grow our financial planning capability across the group."

RBC Wealth Management has hired Julius Baer's Annabel Bosman for a top relationship post. Bosman, who has served as Managing Director for Julius Baer for the last four years, joins RBC has Managing Director, Head of Relationship Management at the firm's London base.

Nick Burns has been named CEO of Gallagher’s Employee Benefits Consulting Division, UK, replacing Tim Johnson who stepped down earlier this year. Burns has held numerous roles across the corporate intermediary sector, including as CEO of PIFC Group, Bluefin Corporate Consulting and Capita Employee Solutions.

Charlotte Kelso joins Leodis Wealth to run the Leodis Wealth Financial Planning arm of the 31-year old Leeds-based wealth firm. She has more than 23 years’ experience and has specialised in Investment Management, Pensions and Inheritance Planning. She started her advising career at First Direct, progressing to become a senior Premier Client Manager with HSBC. Most recently she worked as an IFA for a small, independent firm for six years.

John Morton's new wealth business has made a key hire in its bid to become an influential player in the UK market. Broad Street Investment Management, which was set up by Morton around a year ago, has appointed Andrew Gibbs as Chief Investment Officer. Gibbs brings 30 years' investment experience with him and joins from Henderson Rowe, where he was a Senior Portfolio Manager and member of the investment committee.

Wealth management group Tilney has established a Financial Planning team to cover Winchester and the surrounding area. While Tilney has an existing office in Micheldever, close to Winchester, the office has previously focused exclusively on providing investment management services to private clients. This is the first time that dedicated Financial Planners will be based in the office. Steve McNamara has joined from national advice firm Chase de Vere where he worked for five years as a Financial Planner.

JO Hambro Capital Management (JOHCM) has hired Sandaire Chief Executive Alexandra Altinger as its new boss. The appointment ends JOHCM's year-long search for a permanent boss following the sudden departure of previous CEO Ken Lambden after less than two years in the post. Altinger will become CEO UK, Europe and Asia at JOHCM on 9 September, replacing the Group CEO of JOHCM Australian-listed parent Emilio Gonzalez, who took up the post on an interim basis following the departure of Lambden. Gonzalez will return to Australia uoon Altinger's arrival.

WH Ireland has appointed veteran Banker Philip Shelley to its board in a Non-Executive role. Shelley spent 15 years at UBS, rising to become joint Head of Corporate Broking. He went on to head Goldman Sachs’ corporate brokerage in the UK before serving as Vice Chair of Barclays investment bank for three years.

Quilter Cheviot has hired two Brooks Macdonald Wealth Managers to launch a new branch in Leeds. Head of Brooks' York office Andrew Wilson and his colleague Adam Baillie will be tasked with establishing the Leeds office, Quilter's 14th regional outlet.

A rising wealth star has left his role as a multi-asset fund manager at JM Finn to work for his family’s Investment Management business. Fred Mahon featured in a 2018 Top 30 under 30 review of young industry talent – has moved to Church House Investments. His veteran stockbroker father, Citywire + rated James Mahon, led the establishment of the business twenty years ago, although the company traces the origins of its brand to Batten & Co Private Bankers, founded in 1792.

Brown Shipley has hired David Scammell as Fixed Income Macro Strategist and Amish Patel as Senior Equity Analyst. Scammell has spent 25 years in various fixed income roles. He most recently spent five years at Santander Asset Management as a Senior Fund Manager. Before that he worked for nine years at Schroders as Head of UK and European interest rate strategies. Patel joins from Talisman Global Asset Management. He previously held analyst roles at Quilter Cheviot and Janus Henderson.


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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