The Spear's Indices - Spear's Magazine

Welcome to the Spear’s Indices

Each issue of Spear’s Magazine contains an exclusive Index prepared by the experts at the Spear’s Research Unit identifying the very best providers of professional services to the high net worth audience. Comprehensive, authoritative and indispensible, these are the definitive lists of the top HNW advisers in Britain working in property, family law, wealth management, tax and trust, alternative assets and reputation management. Once a year the Indices are updated and expanded to form the core of the Spear’s 500, the bible of HNW advisers. Go to the drop down menu below for the latest indices of top professionals from the Spear’s Research Unit

Quick Search

Wealth Managers 2018

MOST RECENT: Wealth Managers 2018

Top Ten UHNW Wealth Managers

Aastha Gurbax

JP Morgan Private Bank

Top Ten UHNW Wealth Managers

‘The fundamentals of investing remain the same,’ Aastha Gurbax, JP Morgan Private Bank’s personable senior managing director, assures us. Geopolitical risk is ‘a fleeting source of volatility’ for her clients, many of whom own long-term portfolios. But investors are becoming more nuanced. Gurbax says clients are increasingly aware of the trends in 2018 and come suitably prepared. She looks after a versatile client base of ‘new money creators’, TMT (technology, media and telecoms) players, as well as large UK family offices. Managing their high expectations is part and parcel of the adviser’s role. ‘They look for agility, flexibility, dynamism and a can-do attitude when it comes to wealth management,’ she says. This level of sophistication means the private bank will continue leveraging more than $80 billion into alternative investments, as well as creating ‘a deep roster’ of affiliated managers and venture capital firms. Gurbax believes in business dialogues and is […]

Charlie Hoffman

HSBC Private Bank

Top Ten UHNW Wealth Managers

‘Our UK clients are global citizens – they have houses abroad and children abroad and they need to diversify in terms of assets, clients and geographies,’ says Charlie Hoffman, producing persuasive charts that prove the importance of diversification within portfolios. Hoffman exudes charm. This year, having recovered from a snapped Achilles calamity of 2017, he threw himself back into tennis with unlucky results: ‘I slid on a wet court and ripped my medial collateral ligament, so spent a few months of this year recovering.’ Spear’s suspects Hoffman will bounce back. He began in law (‘it gives you that extra pedigree’), but then found his calling in banking. ‘It was absolutely what he was meant to do,’ says an old friend. The relationship manager now handles significant assets in investment, cash and custody, and also a sizeable lending book. He runs a small team, ‘a little like a mini family office,’ […]

Nick Hornby

Cerno Capital

Top Ten UHNW Wealth Managers

Cerno Capital has just celebrated ten very solid years in the business, and a lot of hard graft is taking place to push the firm that one step further. Having brought in Tom Milnes from Investec as business development director, Hornby and fellow managing partner James Spence have expanded the offering from start-up boutique focusing on private clients to taking on business from consultants and financial intermediaries. It’s another success story for the pair, who started Cerno Capital in 2007 and have navigated the financial crises with dexterity for some very satisfied clients. ‘We were able to provide consistent returns for clients that they were happy with and we’ve never really lost a client as a result,’ says Hornby. Although assets are growing by 5-15 per cent annually, Cerno will not lose sight of the need to be in close touch with clients. ‘They have to trust you to be […]

Jeremy Knowland

International

Top Ten UHNW Wealth Managers

When Jeremy Knowland catches up with Spear’s he’s in an optimistic mood. ‘We feel we are getting increasing traction and we have a volume of new clients,’ he says. Citi Private Bank’s UK client base, he says, usually has a UK nexus, although increasingly ‘they’re global citizens, with a number of families particularly going into North America, Singapore and other parts of Asia. Our clients can be seamlessly linked up,’ he adds. That internationalism particularly makes sense at the moment. ‘We are encouraging our clients to go global,’ he says. ‘That has some advantages when there’s crisis in the world – it may not feed through to the rest of the world. Clients benefit from being more diversified on a global basis.’ In Knowland’s view, MiFID II has been somewhat challenging: ‘There’s the requirement to spend time focused on delivering and adhering to regulation.’ That can slow delivery, but if […]

Amit Kotha

RBC Wealth Management

Top Ten UHNW Wealth Managers

Amit Kotha is one of RBC Wealth Management’s best assets in London. Few bankers enjoy such trust and respect among Britain’s South-East Asian UHNW community, giving the Canadian bank a clear advantage. These clients are selective, he says, and don’t want to deal with banks whose reputation isn’t sound. It is a challenging environment and many banks have suffered, as he previously told Spear’s. But Kotha thinks that increased regulation and transparency across the industry have helped RBC: ‘It gives us the peace of mind that we are dealing with the right clients – nobody wants to deal with clients who are not on the right side of the law or on the right side of tax compliance.’ Kotha, who looked after Indian UHNWs at Citi before joining RBC, personally manages the assets of just a handful of billionaire families. One client told Spear’s: ‘Not only does he advise to […]

Giles Pascoe

Goldman Sachs

Top Ten UHNW Wealth Managers

A first-choice private banker to UHNW entrepreneurs, City bigwigs and landed families, Giles Pascoe garners plenty of praise from industry insiders, rising above his 650 peers in the asset management division of Goldman Sachs despite its top-down, heads-down approach to publicity. Making his second appearance in the Spear’s UHNW top ten, this Cambridge University economics graduate is a co-chair of the firm’s EMEA advisory council and leads a formidable investment unit on the private wealth management team based in London. He also has responsibility for developing the firm’s institutional client solutions business, working with UK-based charities, foundations and endowments. Credited by industry experts as ‘brilliant’ for his rare combination of expertise and bedside manner, Pascoe has forged an enviable reputation over the past 13 years managing portfolios for individual and institutional private clients from the firm’s London HQ. He previously spent eight years in pan-European equity sales, joined Goldman’s, which […]

Khaled Said

Capital Generation Partners

Top Ten UHNW Wealth Managers

Khaled Said is the founder of Capital Generation Partners – a highly refined business with deep knowledge on the needs of UHNWs. ‘The challenge that we all face is that it’s a competitive process to win a mandate, so there is this prisoner’s dilemma around what do you say to your prospect,’ he says. Said has gained a top reputation by playing it with a straight bat: ‘He is just an absolutely quality individual,’ says an industry insider. His firm not only shares its knowledge, it also has superb relationships with trustees, accountants and lawyers. ‘We are top quartile in all returns when measured against STEP or ARC,’ says Said. He has taken the decision not to dilute the offering: it remains absolutely high-end and his reputation is such that he can afford to trust to the quality of his business. ‘We like having referees in the room, so long […]

Patrick Smiley

Smith & Williamson

Top Ten UHNW Wealth Managers

‘Markets have been absolutely extraordinary,’ Patrick Smiley says of the past year. ‘There’s been no shortage of quite well-documented headlines.’ Smiley has a calming manner about him, even when he explains the most granular details of global markets. After painting a comprehensive picture of US bonds, the suddenly competitive cash and unusually high company margins, he adds: ‘Fundamentally, the market really needs to work out what the risk-free return means, because everything else will be priced off that.’ For some clients, he says, especially the ones most ‘rattled’ by macroeconomic headlines, it’s important to reconsider the amount of risk they take thereafter. There’s been a lot of handholding for his team to do in the past year, which the firm does ‘exceptionally’ well. Smiley is really proud of the strong collegiate rapport across the board, which results in a high staff retention rate: ‘We’re well placed to wear that badge […]

Helen Watson

Rothschild Wealth Management1

Top Ten UHNW Wealth Managers

Helen Watson has spent more than 25 years in the industry, including the past eight years as managing director at Rothschild Wealth Management. This means she has enough experience to face down threats, whether they be to her industry or the wider market. Last year Alexandre de Rothschild took over chairman duties from his father – a transition that Watson believes will only strengthen the firm, which is in its seventh generation of Rothschild family leadership. Nor do changes in the industry worry Watson. Even as the threat of automation persists, she remains sanguine: robo-advisers lack the personal touch she and her team offer for clients who ‘are looking to us to preserve and grow the real value of their wealth – rather than make them a second fortune and potentially give them sleepless nights’. Watson and her team have avoided any defensive positioning which might have left them ‘stranded […]

Nataša Williams

LGT Vestra

Top Ten UHNW Wealth Managers

Nataša Williams is gregarious and astute. She is excited about some of her newest clients, who are largely entrepreneurs: ‘The global markets are buoyant and we’re really pushing the boundaries with what we can do – there’s a lot of private equity funding available.’ Despite her optimism, Williams has concerns about the ‘tectonic shift’ facing the UK economy. ‘I like my clients to participate in the global economy and remain as far protected from any UK decline as possible,’ she says. ‘We’re all global citizens these days, with global spending requirements, and my clients’ investments should reflect that. I advise people to look very carefully at currency and international diversification.’  Williams believes the best investment opportunities are disproportionally in the US. ‘The fourth industrial revolution – the tech revolution – is happening now, and savvy investors will want to be part of it,’ she says. She has reservations over crypto-currencies, […]

Top Ten HNW Wealth Managers

Chris Boon

Close Brothers

Top Ten HNW Wealth Managers

Close Brothers remains on a roll: the firm recently poached seasoned wealth managers Hugh Adlington, Andrew Hess and Andrew Mackintosh-Walker from Rathbones. But the name Spear’s has long heard in glowing terms is that of Chris Boon, a pragmatic, no-nonsense managing director who has been with the firm for nearly two decades and is responsible for much of its growth. Boon is clear that consistently good investment performance and service are the prerequisites of a firm’s long-term success. ‘Only a strong sense of corporate self and a commitment to delivering it by everyone involved will enable a firm to achieve the consistency to become great,’ he says. He highlights consistent annual client-satisfaction survey results, with clients overwhelmingly ‘satisfied’ or ‘very satisfied’ with the investment service. What’s the source of its appeal? One client explains: ‘Chris was chosen to run funds for the trust because we liked – and continue to […]

James de Broë- Ferguson

Investec

Top Ten HNW Wealth Managers

Headquartered in the UK and South Africa, Investec is a specialist banking and asset management group which provides a range of financial products and services to a client base in the UK and Europe, southern Africa and Asia-Pacific. Senior investment director James de Broë-Ferguson’s work involves the management of predominantly discretionary portfolios on behalf of private individuals, their pensions, trusts, charities and private family unit trusts. ‘He is known for a loyal client base and his gracious good humour,’ says an industry insider. After Sandhurst, where he was an army scholar, de Broë- Ferguson began his City career in 1988 at Lloyd’s, where he worked as a hull insurance broker, before moving into fund management at Prudential Bache Securities. He then worked as a fund manager at Ruffer LLP, before joining Singer & Friedlander Investment Management in 2006, which was taken over by Williams de Broë and then became Investec […]

Ross Elder

Lincoln Private Investment Office

Top Ten HNW Wealth Managers

A perennial fixture of our HNW top ten, Ross Elder has swiftly acquired a reputation as a class act with a rare commitment to his clients, who are mainly UK-based entrepreneurs and financial professionals. ‘They are sophisticated, although not always financially sophisticated,’ he tells us. ‘We consider them the type of individuals who are most reluctant to relinquish control, having in the most part created their own wealth from the ground up. But they trust their own judgement, and that is why they have selected a private investment office rather than one of the incumbent stockbrokers or private banks.’ Ben Stern, another leading figure at the firm, says the firm’s clients believe that the majority of active funds underperform after fees, so are attracted to our focus on niche managers. ‘After a long bull market with many asset classes at all-time highs,’ he says, ‘our clients have also been particularly […]

Peter Gale

C Hoare & Co

Top Ten HNW Wealth Managers

Hoare’s is on a roll. ‘Despite some headwinds, 2017 was a very strong year for the bank and there continues to be demand for our offering,’ says Peter Gale, Spear’s Private Banker of the Year. The dust has finally settled after the sale of the historic firm’s wealth management arm in 2017, freeing the popular Gale and his team to focus on high-quality relationship banking and lending. ‘It also means that we are now one of the few private banks in the UK to provide a pure banking service with no wealth management. This has led to the development of new relationships with wealth managers who are looking for banking relationships for their customers,’ he says. A Hoare’s man since 2008, Gale began at financial consultancy Marschollek Lautenschläger & Partners before moving to Barclays Wealth to work as an investment manager advising Middle Eastern and Far Eastern HNWs. His role […]

Bandish Gudka

LGT Vestra

Top Ten HNW Wealth Managers

Bandish Gudka has enjoyed yet another record year at LGT Vestra, having built his book from scratch to nearly £300 million since joining seven years ago. He’s picked up £58 million in the past year alone – the highest growth in assets at the firm in 12 months. A partner of the £10.5 billion AUM firm, Gudka is particularly experienced working with HNWs and UHNWs from emerging markets, including many Tier 1 investors, upon which topic he has contributed to several government consultations. ‘The markets have been relatively choppy,’ he says. ‘We took a very conservative approach and our clients’ portfolios have barely felt it.’ Gudka tells Spear’s that many of his clients – particularly the younger generation – are starting to discuss impact investing. ‘I mean, what is return really?’ he asks rhetorically. ‘With a carefully chosen investment portfolio, we can put the money to work so that it’s […]

Jeremy Hervey

Cazenove Capital

Top Ten HNW Wealth Managers

Jeremy Hervey, deputy head of private wealth management at Cazenove, has been busy helping colleagues from C Hoare & Co settle in since Cazenove acquired the wealth management arm of the bank in early 2017. ‘It has progressed well,’ he says. ‘It is rewarding to see all of our teams working well together in helping our clients meet and hopefully exceed their objectives.’ Starting out in 1993, Hervey was attracted by the relationship aspect of the work, as well as an interest in markets and their drivers. ‘Of course all clients have their own objectives and attitudes to risk, but most are looking to maintain the long-term spending power of their portfolios,’ he says. Clients are mostly UK-based private clients and charities, and all are managed on a discretionary basis, with each allocated a financial planning specialist. Though for the most part they are simply after a bespoke personal service […]

Charles Marment

Charles Stanley

Top Ten HNW Wealth Managers

‘Ebullient and convivial’ according to an industry peer, Charles Marment has been at Charles Stanley his entire wealth management career. A multidecorated major, he came to the firm after a distinguished career in the Honourable Artillery Company. Marment, who operates very much below the radar, has one of the largest and longest-standing client books on the London wealth management scene. He works alongside Freddy Barker, another stand-out figure at Charles Stanley, which melds old-school charm with an understanding of how the industry needs to change. Today a leading investment management company with 866 staff across 21 branches, Charles Stanley started out as a bank in Sheffield in 1792 and has evolved and adapted to stay on top ever since. Indeed, it has undergone a revamp since CEO Paul Abberley joined in 2014. Known for his independence of thought, Abberley went in all guns blazing, unafraid to put his own mark […]

Alan & Gina Miller

SCM Direct

Top Ten HNW Wealth Managers

Alan Miller has a legendary reputation in investment management, built up over 29 years: together with his wife Gina he has shaken up the industry. MiFID II, which came into force at the beginning of the year, wouldn’t have happened without them. While Gina goes from strength to strength as a political campaigner, Alan continues to be fascinating to listen to on any topic you care to name: there can be few savvier people to entrust your money to. He’s also highly experienced, having managed money for a wide range of clients, including equities, property, fixed interest and alternative assets. However, he remains sceptical about cryptocurrency. ‘It’s going to be a victim of its own success,’ he says of bitcoin. ‘Unless you can come up with something that addresses its fundamental flaws, it’s the currency for everything you want to avoid,’ citing widespread use by money launderers and drug traffickers. […]

Charles White

McInroy & Wood

Top Ten HNW Wealth Managers

Simplicity and stability are two key principles Charles White lives by in the investment world, and are what he says high-end clients want and need. Often described as a ‘class act’, White’s philosophy is refreshingly straightforward: a combination of quality investments in cashgenerating companies, and ‘old-fashioned analysis of fundamentals’ in stockpicking: ‘We don’t use any fancy methodology for identifying companies that might, for a short period of time, be mispriced.’ The investment director believes the firm’s boutique offering is its strength, which leads to independence in advice. ‘Family control and employee ownership have preserved a consistency of approach, culture and quality,’ the firm says, ‘all crucial to the lasting relationships we seek to establish with clients.’ White was previously managing director of a specialist investment management subsidiary of NM Rothschild. He was involved in banking and mergers and acquisitions with ABN Amro and ING Barings, before joining McInroy & Wood […]

Patrick Wilson

Credit Suisse

Top Ten HNW Wealth Managers

‘I was attracted to the idea of wealth management as it is all about relationship building,’ says Patrick Wilson. ‘The relationship that I have with my clients is what makes the role so enjoyable. My aim has always been to be their trusted adviser – someone who understands their circumstances, goals and aspirations.’ Wilson’s clients at Credit Suisse are predominantly corporate executives and entrepreneurs with discretionary portfolios. Clients also benefit from being part of a network of like-minded peers, leveraging the opportunity to meet each other at Credit Suisse events. With the recent political uncertainty and instability in the UK, Europe and beyond, clients are increasingly leaning towards a global investment approach. ‘They want to see diversification in terms of assets but also geography,’ Wilson explains, which is good news for Credit Suisse. ‘Global banks with global research will benefit in this sort of environment.’ Clients are also increasingly frustrated […]

Top Recommended UHNW Wealth Managers

Jim Bouley

Julius Baer

Top Recommended UHNW Wealth Managers

Arizona-born Jim Bouley has been in wealth management since 1981, and is something of an industry sage. When Spear’s spoke to him in 2016, his best advice was to ‘never get complacent. Don’t underestimate the element of surprise, whether they’re markets, events or politics.’ His comment proved eerily portentous, and his unflappable attitude served him well during the upheaval of Brexit, the US election and a wave of populism. Bouley says his clients’ portfolios have been fortified by Julius Baer’s ‘global investment outlook’, preventing any financial ripples. As for cryptocurrencies, ‘Ignore them at your peril.’ Changing regulation is causing all his clients to re-evaluate the architecture around investment, but it’s a challenge the former Merrill Lynch man relishes: ‘My sweet spot in terms of clients is people with family businesses that are being sold, or families that own businesses that have more complicated, multijurisdictional requirements.’ Bouley is bullish about London’s […]

Richard Brass

Berenberg

Top Recommended UHNW Wealth Managers

The Hamburgian bank is not only one of the oldest financial institutions in the world, tracing its roots back to the 1590s – it’s also on trend with its dynamic range of institutional and private investors. Richard Brass, Berenberg’s head of UK wealth and asset management, reports that the interest in environmental, social and governance-type investments is ‘not showing any signs of waning’, and as a move to meet this demand an ESG office was opened this year. ‘It’s an important development,’ he says. In traditional assets, Brass sees Berenberg’s ‘broad and global’ equity research as an advantage. Clients find public equities appealing in the low interest rate environment, as they value liquidity: ‘An international outlook, together with our strong small/mid cap coverage alongside large caps, help to differentiate our investment philosophy and offer clients diversified portfolios.’ One of the challenges for the industry is increasing regulatory pressure, he says, […]

Giles Crowe

Citi Private Bank

Top Recommended UHNW Wealth Managers

A senior private banker at Citi since 2005, Giles Crowe focuses on the UK onshore and offshore UHNW market. His 30-year career has included spells at Coutts, Merrill Lynch and Barclays Private Bank. ‘My clients are generally highly successful entrepreneurs and their families who tend to utilise the full breadth of the Citi platform from core discretionary portfolios to opportunistic trading strategies with our capital markets team in an advisory capacity,’ he says. Exciting long-term opportunities still abound within a growing global economy, despite fears of impending bear markets across asset classes and continued geopolitical unease, Crowe assures us. ‘After the extreme lows in volatility in 2017, [the market] is only likely to go one way and that’s higher! Fundamentals still support positive returns, albeit far more muted,’ he says. A notable trend among clients is for portfolios containing more thematic investment strategies, he says. These are particularly focused on […]

Etienne d’Arenberg

Mirabaud

Top Recommended UHNW Wealth Managers

‘Continuity is in the DNA of the organisation,’ Etienne d’Arenberg, Mirabaud’s head of UK market, says of the Swiss private bank, which is gearing towards its 200th anniversary in 2019. The year has been busy for d’Arenberg, who has been recruiting ‘high-calibre’ staff from Barclays and Banque Havilland for Mirabaud’s new London office, headed by Harry Thorburn. ‘It’s been very productive in terms of client performances,’ he notes. There’s been renewed interest in alternative investments, and d’Arenberg says Mirabaud’s sustainable and impact investment is thriving too since its 2011 partnership with Interpeace, an organisation dedicated to lasting peace in war-torn regions. He says both institutions and individuals are finding ways to participate, and Mirabaud offers a strategy by donating part of its commission earned to Interpeace. There’s positive development on the equality platform too, as d’Arenberg reports a 30 per cent increase of the number of women in key client […]

Dina de Angelo

Pictet

Top Recommended UHNW Wealth Managers

‘It’s been one of the busiest years of my career – there’s been a huge influx of newly liquid individuals,’ says Dina de Angelo, who reminds Spear’s she’s been in the industry ‘a very long time.’ Her niche, she says, is in catering for entrepreneurs, primarily in their thirties: ‘They’re building their families, they’re usually building another business, and they’re looking to diversify their funds.’ De Angelo, who was featured in Vogue earlier this year, believes those clients gravitate towards her because they’re attracted to her experience: ‘They’re looking for someone whose been through it all, who understands what their problems are, from their financial asset point of view, and what the right solutions might be.’ On the UK’s post-Brexit prospects, she says: ‘We still see an inflow of people wanting to physically reside in the UK – there’s not been a drain on creative minds, and from a geographical […]

Charles Costa Duarte

Rothschild Wealth Management

Top Recommended UHNW Wealth Managers

An investment manager with 17 years’ experience in wealth management and private equity under his belt, Charles Costa Duarte still finds working with UHNW clients ‘unbelievably interesting’. ‘Portfolio management is at the core of what we do and our unashamedly long-term approach is focused on wealth preservation,’ he says. A Rothschild man since 2013, he often acts as a trusted adviser, assembling the optimal team for a client, drawing on expertise both internally and externally, working with investment bankers, legal advisers and accountants to co-ordinate a plan of action. This ranges from arranging loans to refinance properties and provide liquidity for restructuring assets, to working with his investment banking colleagues to provide strategic business advice, as well as making introductions to specialists in philanthropy, real estate and art. Succession planning is frequently an area of concern for wealthy clients, and as a family firm itself Rothschild is uniquely placed to […]

Tim Eastwood

UBS

Top Recommended UHNW Wealth Managers

Tim Eastwood, a former captain in the Household Cavalry who is nearing his tenth year at UBS, has been through some ‘big and exiting’ changes this year. He has just moved to Zurich as part of its UK international business and has a brand-new client base. Eastwood heads up a team of four whose new clients are mainly engaged, sophisticated market professionals who are active from a trading and advisory perspective: ‘They listen to us and we learn a lot from them – it’s a sort of symbiotic relationship.’ ‘Billionaires increasingly need their financial affairs coordinated beyond their domestic location,’ he adds. ‘Multi-shoring is by no means straightforward; it is not an exact science, but more an execution of strategic intent to ensure that UBS remains the pre-eminent wealth manager of choice.’ This year, he seems confident about the prospect of making money. ‘We still think there’s money to be […]

Helen Gammons

HSBC Private Bank

Top Recommended UHNW Wealth Managers

Helen Gammons has an infectious enthusiasm for her work: ‘I fell into something I understood – I think finance is a language and once you get it, it’s wonderful. I’m not the stereotypical banker. That helps me with the next generation.’ Gammons has an impressive client list of media UHNWs – many of them household names, although of course she can’t say who they are (‘Absolutely not, although I’d love to!’) – as well as successful authors, actors and film directors. ‘I feel at home with this client base,’ she says, adding that the music industry is a business which ‘we totally understand’. She is also very interested in clients’ philanthropic activity. ‘Sometimes they’ve had zero exposure to a cause and seen something that has triggered an emotional response. Sometimes there’s been something in the family several generations back,’ she says. ‘It’s really varied work. Some clients want to give […]

Rehmet Kassim-Lakha

JP Morgan Private Bank

Top Recommended UHNW Wealth Managers

‘Alpha generation is back,’ says Rehmet Kassim-Lakha, hailing the return of active wealth management as passive funds take a back seat in the era of ‘normalised’ volatility. The MD and head of UK banking at JP Morgan Private Bank is now focused on finding managers who ‘truly add value’, as well as innovative ways to increase yields. ‘Valuations and fundamentals continue to drive our ability to generate excess returns,’ she says.  But many in her financially savvy client base with a ‘generally substantial net worth’ have a long-term view of their money, which she says is well aligned with the experience of JP Morgan. ‘The depth and breadth of [our] investment platform and balance sheet means that we can really deliver the right solutions for their risk appetite and return ambitions,’ Kassim-Lakha says. ‘Our group works with a lot of very successful individuals and family offices who have built up […]

Chris Kenny

Smith & Williamson

Top Recommended UHNW Wealth Managers

‘I joined Smith & Williamson the day that Tony Blair became prime minister,’ Chris Kenny recalls of his time as trainee in 1997. Fast forward 21 years, and the firm has grown considerably, ‘We managed less than £1 billion; today we manage over £20 billion. We had around 30 employees; we’re close to 2,000 today,’ Kenny notes. But unlike many in the industry, Smith & Williamson didn’t grow for growth’s sake, and it has managed to maintain an owner-managed, boutique-style offering for HNWs, with additional ‘armoury’ provided by its tax and accountancy division. Such independence and flexibility is essential to stay in sync with rich families, as Kenny says private client services are ‘messy and difficult’, so a standardised approach will never do. ‘If the world is gradually moving to a more homogenised or industrialised approach, being the last man standing that does private client properly is a great aspiration […]

Edward Lawson Johnston

LJ Partnership

Top Recommended UHNW Wealth Managers

‘We set this up in 2009 after one of the greatest financial meltdowns of our lives: there was suddenly a real shift,’ recalls Edward Lawson Johnston, the impressive founder of LJ Partnership, which now has $14 billion under management. ‘People were asking themselves difficult questions about how their money was managed, and real estate grew up as being of particular interest.’ It’s this real estate-centric offering which marks the firm apart. Lawston Johnston outlines how the firm arrived at its business model: ‘We said, “Let’s find themes in the market that we like and form a joint venture with those entities.”’ He points to the firm’s excellent track record in student housing, where it recently found an opportunity in Germany – to the benefit of its client base. The business is continuing to move forward. Lawson Johnston spends a lot of time in the US, which helps keep him alive […]

Kate Leppard

Cazenove Capital

Top Recommended UHNW Wealth Managers

Lots of wealth managers talk about the ‘long term’, which can be short-hand for half a decade or so – about the same amount of time the manager holds down a particular job. But Kate Leppard, who heads up the private client team at Cazenove Capital, is looking way ahead. For her, the real value of a wealth manager is in their ability to recognise the needs of future generations. Her clients have increasingly complex investments, and much of her work revolves around ensuring that they’re investing within regulated structures and abiding by specific, multi-jurisdictional tax guidelines. Leppard started her investment career in 1987 at Quilter Goodison and has been at Cazenove since 1990. This gives her an interesting perspective on current prices: ‘Nothing can be described as particularly cheap at the moment.’ Nevertheless, she sees exciting opportunities in Asia, an area that hinges on a wealth manager’s ability to […]

Duncan MacIntyre

Lombard Odier

Top Recommended UHNW Wealth Managers

Duncan MacIntyre reports an outstanding year, having seen a more than 50 per cent increase in AUM, as well as strong growth in all four ‘principal pillars’ of Lombard Odier in the UK: new markets, Europe, UK and external asset managers, all operating on Lombard Odier’s proprietary technology platform: ‘It’s probably one of the most advanced private client platforms in the marketplace.’ The platform, running more than £200 billion-worth of assets, provides digital solutions to Lombard Odier’s private clients, boutique asset managers, private banks and family offices. ‘It does not replace the human interaction, it augments it – you cannot only rely on great relationships to get you through the next period,’ the UK CEO says. MacIntyre foresees further change, as the bull market ‘tires out after nine years of running’. He’s noticed the rapid rise of the sustainability agenda, which, alongside challenges posed by the global demographic change, will […]

Michael Parsons

Wren

Top Recommended UHNW Wealth Managers

Michael Parsons is a client-facing CEO at Wren. Founded in 2016, the firm is also backed by WE Family Offices in the US and MdF Family Partners, one of the leading independent multi-family offices in continental Europe. Wren is hugely recommended by distinguished contemporaries, including William Drake and Ross Elder, who tells Spear’s: ‘Michael has had an exceptional career at Lord North Street, then Sandaire. He founded Wren with all the right values and cultures.’ He adds that Wren’s Edward Tollemache ‘puts his clients first and provides the best advice’. The firm also has an impressive head of client relationships in Drew McNeil. So what kind of offering is it? ‘£25 million is our starting point,’ says Parsons, and the firm offers premier advice to UK, European and US clients in a joined-up way. ‘We describe ourselves as a multi-family office, effectively acting as a family’s outsourced investment arm of […]

Guy Paterson

Stanhope Capital

Top Recommended UHNW Wealth Managers

Guy Paterson is the quintessential ‘client partner’ who is able to offer ‘nimble, client-focused and conflict-free’ advice to the growing number of entrepreneurial UK families he looks after. ‘That’s the joy of it,’ he says of working within a ‘large boutique’. ‘We are able to add value to clients’ lives in a way that is simply not possible in the institutional investment market.’ The performance justifies the business model, too. Paterson, a partner and portfolio manager, has seen a 25 per cent increase in AUM, with an ‘exceptional’ amount of double-digit returns over two successive years. However, he spends a lot of time preparing for a ‘market downside’, seeing that Brexit is looming and the economy is faced with a political opposition that is ‘thoroughly inimical to the preservation of wealth’. The former head of client advisory at Guinness Mahon and Granville Baird believes in forward planning to counter the […]

Christopher Rossbach

J Stern & Co

Top Recommended UHNW Wealth Managers

Chris Rossbach debuts in this index as a managing partner of J Stern & Co, the Knightsbridge-based private investment office he co-founded with Jérôme Stern, a scion of the banking dynasty. Rossbach brings more than 18 years’ experience in finance (and an MBA from Harvard) to lead the investment arm of the private office service, offering value to ‘the wider ultra-high-net-worth market’. The duo founded the firm, which looks after a range of global portfolios on behalf of families, private clients, trusts and charities, in 2012 and have known each other for more than a decade. Rossbach adds his intricate knowledge of hedge funds to Stern’s expertise in investment banking. J Stern & Co also has skin in the game: ‘All of the investments are held by the family, so there is complete alignment,’ explains Rossbach. It is the beauty of co-investment, he adds. ‘We would never put people in […]

Camilla Stowell

Coutts

Top Recommended UHNW Wealth Managers

‘There will always be a place for advice and human interaction,’ says Camilla Stowell, managing director and head of wealth and investment management at Coutts International and Coutts Private Office. ‘Particularly where large levels of personal wealth are held, those firms who find a way to do this seamlessly, supported by technology-enabled services and processes that match the new entrants, will win.’ She highlights the ‘very strong’ inflows of net new assets under management at Coutts, supported by ‘excellent’ long-term performance from its funds and discretionary services. Where does she see the firm finding an edge? ‘The breadth of our proposition across lending, banking, investments and financial planning under one roof, and our ability to deliver this through one platform really differentiates us,’ she says. Stowell has a mantra many of us would do well to consider: ‘Focus on the things that really matter, be clear and consistent, be inclusive […]

Iain Tait

London & Capital

Top Recommended UHNW Wealth Managers

Iain Tait who heads the boutique firm’s private investment office, sees a parallel between London & Capital’s conservative investment approach and a party: ‘We’re a house that would much prefer to be leaving a little early than staying on late and getting caught in a significant drawdown and leaving with a bit of hangover.’ This mantra is the reason the firm has seen steady asset growth of 10 per cent, despite experiencing past ‘pockets’ of volatility. The aversion to big growth patterns is a lesson learnt during the collapse of Lehman Brothers, after which Tait pioneered a family office-like service for UHNWs that comes without the cost and administrative burden of a private advisory firm. He describes his clients as ‘complicated, time-poor, wealthy and enjoyable to work for’. Clients value the independence of Tait’s offering, which he says complements UHNWs’ other service providers rather than replacing the role of the […]

Theophanis Theophanous

Baclays Wealth

Top Recommended UHNW Wealth Managers

The industry has been feeling a little beaten up of late, but it’s been an exciting year for Barclays Wealth, says managing director and top gun UHNW banker Theophanis Theophanous. ‘We have increased our assets under management – both new client acquisition and increasing our share of wallet from existing clients,’ he says. ‘Our portfolios have performed well relative to benchmarks, we have many satisfied clients on the advisory side, and our high conviction ideas performed well.’ Friendly and perspicacious, Theophanous says he has seen interest from clients looking to invest in ‘real assets and real business’ and direct investments, both in start-ups and unlisted companies. Many clients are investing through entrepreneurial networking platform Barclays Accelerator (run by Techstars) into disruptive fintech startups. When does he think the bull market will end? ‘I think financial forecasting is a business that makes astrology look respectable! I would rather say stay diversified […]

Top Recommended HNW Wealth Managers

Annabel Bosman

Julius Baer

Top Recommended HNW Wealth Managers

Rapid expansion continues at Julius Baer, even though more than a year has passed since Annabel Bosman first discussed it with Spear’s. Openings in Glasgow, Manchester and Leeds have further fortified the firm’s footprint up North – pleasing news for the personable Yorkshire-born Bosman. ‘It’s great that we’re thinking beyond the M25,’ Bosman enthuses. ‘We recognise that wealth creation isn’t just in London and that people may want relationship managers who understand the nuances of that particular region.’ It’s been three years since her move from Deutsche Bank to join Julius Baer’s relationship management and wealth planning division. The firm’s main pull factor then was a clear focus, she says: ‘Wealth management is all we do – you lose some of the noise that you might get out of an investment bank, for example.’ Bosman recently celebrated 20 years in the industry: ‘Most of us are dinosaurs… I’m really excited […]

Cordelia Bowdery

Veritas

Top Recommended HNW Wealth Managers

‘It was a bit of a baptism by fire – the financial crisis quickly unrolled,’ says approachable and engaging investment manager Cordelia Bowdery, describing how her career started in 2007 with Killik & Co. Now at Veritas, she says she learnt ‘an awful lot’ from her beginnings at the Mayfair stockbroker: ‘One, in terms of markets, but also in terms of looking after clients – the worst thing you can do in a financial crisis is bury your head in the sand. It’s important to pick up the phone. Even if you’re delivering bad news, at least they know what’s going on.’ Seeking a ‘bottom up’ knowledge of investments, she joined Rothschild as an assistant portfolio manager in 2010 and became a client adviser in 2011. She’s learnt a lot since: ‘I think clients are often intimidated by their financial advisers, because they don’t always understand what they’re saying. It’s […]

Harry Burnham

JM Finn

Top Recommended HNW Wealth Managers

A changing world poses serious questions for wealth managers in 2018. ‘Where are the real safe havens? That is the challenge right now,’ says Harry Burnham, investment director at JM Finn. ‘Very short-dated corporate debt is fine – there are possibilities, but it’s not easy. It’s not like the old days. Going back ten years, if you thought the market was a bit wobbly you’d buy a load of gilts giving 5 per cent.’ Friendly and engaging, Burnham first worked for Associated Newspapers in the Eighties before finishing his financial qualifications and joining Williams de Broë. He became part of the team that moved to Brewin Dolphin in 2000, where he managed private client portfolios and the group’s pension fund from its launch in 2004 until his departure in 2013. He also ran the group’s fund research, from which he stepped down following the introduction of MiFID. In 2013, Burnham […]

James Campbell- Johnston

Brewin Dolphin

Top Recommended HNW Wealth Managers

‘I believe in the old investment principles, and they remain unchanged,’ says Brewin Dolphin investment director James Campbell-Johnston. He’s clear on what those are: ‘You have highquality, well-diversified assets, you hold them for the long term, and you have a very good understanding of everything you hold.’ One of Brewin Dolphin’s most experienced investment hands, the former army captain joined the firm in 2000 after managing investment portfolios for private clients at Williams de Broe (he was part of the team that moved to Brewin Dolphin) and selling UK equities to institutions while at Panmure Gordon. Erudite and approachable, he’s equally clear that a good wealth manager doesn’t just need to know their stocks backwards. ‘We like spending as much time with clients as we possibly can – that’s the best way to run a business, and the best way of reducing risk,’ he says. ‘See them regularly, meet them […]

Ross Ciesla

Veritas

Top Recommended HNW Wealth Managers

Ross Ciesla says he’s seen the team at Veritas grow over the past year, but hires have been carefully selected. ‘We like bright people who enjoy helping each other grow and improve,’ he says, ‘much like Lennon and McCartney worked as a cohesive unit to constantly help better themselves. We like that model.’ The strategy has proved successful: Veritas now has £2.7 billion in AUM, rising from £1.8 billion in 2017. Ciesla says a good investment manager ‘cannot be siloed’ in their thinking, as ‘some industries are being fundamentally rewired and challenges met, for instance in relation to sustainability in the energy and transportation sectors’. Nevertheless, he argues it is important not to be drawn into fads: even if his team look at ETFs with interest, he questions the liquidity of the underlying instruments and asks the question: ‘Do holders really understand the risks?’ With the markets potentially ‘at a […]

Chris Cole

Lockhart Capital

Top Recommended HNW Wealth Managers

Chris Cole – one of the founders of Lockhart Capital, which has grown at a dizzying pace since its launch in August 2017 – advises clients who have reached ‘a state of financial independence’ on the core of their wealth. ‘We are only working with clients that we really want to work with,’ he tells Spear’s. He notes that the market isn’t always easy at the moment: Cole notes ‘distinctly below average returns’ on most asset classes, adding that central banks are – somewhat alarmingly – ‘starting to reverse their extraordinary measures while bond yields and inflation have troughed for the cycle’. He also worries about ‘a Corbyn or Corbyn-like government’ – as well as the widespread indebtedness of governments. ‘Wealth managers continue to emerge and prosper catering to the growing numbers of individuals and families who prefer a more personal, long-term and in-depth relationship,’ he says. When will the […]

Paul Denman

Arbuthnot Latham

Top Recommended HNW Wealth Managers

‘At Arbuthnot’s, we know our clients very well and there is a high level of client service here,’ says Paul Denman, head of the family office team at the private bank, which has been going since 1883. Denman has been in the industry for more than three decades, including 12 years at Coutts and eight at SG Hambros, and can’t imagine having ever done anything different. ‘I love that feeling when you’ve done a good job,’ he says. He has a particular specialism in dealing with clients connected to motor racing, which is also a personal passion (Denman owns a number of classic cars and has a racing licence). ‘I’ve been involved in the area for about 18 years,’ he says. ‘It started with us looking after people who race historical grand prix cars, and then we started to take in professional racing drivers, dealers and people in the motorsports […]

Nick Grant

Psigma

Top Recommended HNW Wealth Managers

Nick Grant’s initial application for work in finance didn’t go well: ‘I was told in my first interview, “I don’t want to waste my time training you up for two weeks, just for you to leave.”’ He reapplied, this time for a full-time job rather than an internship. ‘Out of 400 applicants and five interviews, I ended up getting it.’ Following a business degree and boutique financial work, Grant’s step into Psigma’s managed portfolio service seemed a natural move. ‘As a house, they have a strong investment process which has met its long term targets,’ he told Spear’s last year. ‘The culture within the firm is very positive, very entrepreneurial,’ he adds, in contrast to some large firms, who often ‘lose contact with their clients, making them feeling like a number rather than a person’. Grant enjoys ‘enriching conversations with clients about how they’re finding their relevant industries and business’. […]

Salman Haider

Citi

Top Recommended HNW Wealth Managers

Salman Haider, head of the UK consumer bank & international personal bank EMEA at Citi, has had an extremely impressive career. ‘I’m a bit of an accidental banker,’ he says. ‘I didn’t think I’d be a banker, but I thoroughly enjoyed client relationships, and Citi has given me a lot of incredible cross-cultural experience.’ Haider plainly loves client relationships. ‘There’s a strong element of fiduciary care and understanding of complex cross-border regulations,’ he says. He also relishes the fact that ‘clients have grown in complexity’. He’s also prepared to embrace current trends. ‘I do believe there’s tremendous value in terms of blockchain,’ he says, although he adds that ‘it is a highly risky early stage investment opportunity especially for retail clients. It’s about comprehensibility, and you want to invest in what you want to understand.’ He argues that the bank is extremely attractive to next-gen clients – and the bank […]

Emma Horler

Smith & Williamson

Top Recommended HNW Wealth Managers

‘Naturally client-facing, engaging, friendly and sporty; a desk head,’ according to a colleague, Emma Horler is a partner at Smith & Williamson, having previously held the position of director of investment management. She specialises in fund management and managing discretionary portfolios for private clients and charities at the firm. Horler works closely with the company’s private client tax advisers to ensure that tax, pensions and other financial planning considerations are embedded in her team’s offering. An independently owned, financial and professional services group, Smith & Williamson has been looking after the financial affairs of individuals, families and businesses for more than a century. Employing more than 1,700 people, it has 12 offices across the UK, Ireland and Jersey and around £19.5 billion of funds under management and advice. ‘We aim to deliver imaginative yet pragmatic advice and solutions tailored to your individual circumstances. We achieve this by taking the time […]

James Horniman

James Hambro

Top Recommended HNW Wealth Managers

When Spear’s catches up with James Horniman, he tells us to call his office ‘any time after 6.30am’. A partner and portfolio manager at James Hambro since 2013, he has been in fund management for more than a quarter of a century. When we speak (at a more sociable hour), he explains he applied for his first job in wealth management ‘because I hated accountancy so much’. ‘I enjoy the combination of client service and buying and selling shares,’ he explains. ‘I also like the element of unpredictability – you never know what might be on your desk when you get in in the morning. It’s our job to bring it under control – it’s about controlling the risk for our clients.’ After stints at UBS and HSBC, he says being in a boutique requires staff of high quality: ‘Trust and respect is the same on an individual level, whether […]

Robert Hughes-Penney

Rathbones

Top Recommended HNW Wealth Managers

Born in Rio and with an education and military career which spanned South Africa, Canada, Germany and the UK, Robert Hughes-Penney has a broad knowledge of cultures, people, and markets. It is perhaps this diversity which enables him to help such a wide range of clients. ‘Some are busy professionals, some are entrepreneurs, some are retired, some just starting out in life,’ he says. ‘All are different, yet all have one thing in common: they want to face the future with confidence.’ Hughes-Penney wants to use wealth planning to bring families together: ‘One of a wealth manager’s most rewarding experiences is when the client relationship is deepened as a result. Ideally, wealth management – like wealth itself – should transition smoothly from one generation to the next.’ That requires more than just a delicate touch: it requires a keen eye for opportunities in the market. He sees potential in UK […]

Penny Lovell

Sanlam

Top Recommended HNW Wealth Managers

Penny Lovell joined Sanlam in 2017 from Close Brothers, brought on board to build up the South African company’s HNW business for families in the UK. The biggest non-banking financial institution in Africa, Sanlam is listed on the Johannesburg stock exchange and has an international reputation, with £45 billion of AUM globally and 100 years in the business. Winning new clients is hard work. ‘Anyone who tells you otherwise is not telling the truth,’ says Lovell, who has been at it for 30 years. ‘But the reception has been so warm and so positive and we have started winning some really significant large family mandates.’ The fundamentals of wealth management don’t change, says Lovell. ‘There is a lot of talk about millennials and baby boomers and everybody having different needs, but generally the needs of people are pretty consistent: we need to understand what we’re investing in and we need […]

Michael Magnay

Kleinwort Hambros

Top Recommended HNW Wealth Managers

It’s been two years since Société Générale’s mega-merger of two historic British banks, Hambros and Kleinwort Benson. Michael Magnay, a director responsible for some of the UK’s most important HNWs, is one of the firm’s stars. ‘He runs a number of our key clients covering entrepreneurs and inter-generational families,’ a colleague comments, adding: ‘That’s a very powerful combination.’ Magnay thus has his finger on the entrepreneurial pulse, as advising business owners often involves setting up structures to transition ‘new money’ to the next generations of a successful family. Magnay has a multi-disciplinary approach to the often complex cases he handles. The director, who was instrumental in creating Kleinwort Benson’s private investment office, uses his extensive knowledge across all investment disciplines to keep client affairs in place. His tax structuring skills come in handy too, especially for non-dom clients as well as UK-domiciled entrepreneurs. ‘Volatility comes and goes, corporations wax and […]

David Malpas

Quilter Cheviot

Top Recommended HNW Wealth Managers

David Malpas’s 30 years in wealth management make him an invaluable asset to Quilter Cheviot, one of the UK’s largest discretionary investment managers. A notable industry peer is impressed by his skills in managing funds for a variety of individuals, charities, trusts and pension funds. Malpas, a member of the Chartered Institute for Securities, began at Quilter Goodison in 1984, with stints at Laing & Cruickshank, UBS Wealth Management and the then Cheviot Asset Management. A merger with Quilter in 2015 created Quilter Cheviot, setting up the brand to manage billions more in assets. The venture was latterly bought by Old Mutual Wealth, making up a sum total of £22.8 billion in AUM. Quilter Cheviot says its clients are essentially looking for ‘absolute returns, inflation protection and good communication’, which managers such as Malpas strive to deliver. A ‘comprehensive range’ of investment tools and services are on offer to achieve […]

Quentin Marshall

Weatherbys

Top Recommended HNW Wealth Managers

Weatherbys has served the top owners in thoroughbred horse racing since the late 18th century. Imperious but approachable, head of private banking Quentin Marshall is vehemently against ‘trying to pick winners’. Instead he’s been focusing on transitioning clients who were invested with legacy managers towards ‘best in breed solutions’ – solutions that often involve low-cost passive investment strategies. ‘There is no evidence tactical asset allocation, fund selection and security selection systemically add value. Indeed, there is good evidence it detracts value, even before you pay high fees to access it,’ he says. Marshall joined Weatherbys from Coutts in 2015, having begun his career at UBS. Now the Spear’s 2007 Future Leader award-winner is focused on making Weatherbys stand out as a private bank. ‘The main challenges we face, both as an industry and location, are how we combine high regulatory standards – which are a good thing – with a […]

Harry McGowan

Cazenove Capital

Top Recommended HNW Wealth Managers

What’s the biggest challenge in the wealth management sector, we ask Harry McGowan, a star portfolio director at Cazenove, who answers: ‘Managing clients’ expectations in an ever-changing environment.’ It’s been an age-old issue, especially since the 2008 financial crash, which showed that relationships built through clear communications are vital. Private client wealth is a particularly dynamic landscape at the moment too, with issues such as market volatility, tax transparency, Brexit, US politics and the prospect of a Labour government worrying HNWs. McGowan says opportunities abound, though, especially in Japan, elsewhere in Asia and in other emerging markets. He finds the firm’s institutional capacity and diverse international network of advisers is essential when working with a diverse client base formed of owner-managed businesses, entrepreneurs, media stars and landed estates. ‘Being part of a larger organisation means we can look after clients from other jurisdictions,’ he says. McGowan, who is a member […]

Neil Moles

Progeny

Top Recommended HNW Wealth Managers

The past decade has been anything but ordinary for Neil Moles. He led the management buyout of his firm (Lawrence Scoffield) and became managing director in 2008, aged just 24, fulfilling a promise he made to the owner of the Leeds-based outfit that he would join the company if he could buy it. Now rebranded as Progeny Group, the firm has undergone a total revamp. With offices in Leeds, London and Salisbury, its offering has grown from strict financial planning to encompass discretionary investment management and private and corporate legal services – what Moles has described as the ‘four pillars’ of the business. He describes the firm as ‘unique’, pointing to its ‘access to specialist advisers across a wide range of private client fields – succession planning, tax mitigation, trust structuring as well as will and estate planning – it’s all under the umbrella of Progeny’, he has told Spear’s. […]

Lee Robertson

Investment Quorum

Top Recommended HNW Wealth Managers

The affable Lee Robertson rejoices over ‘the most successful ever year’, fuelled by an influx of clients, assets and profits. What’s the boutique firm’s secret? ‘We’re very plain vanilla!’ he jokes. A surprising response, perhaps, but Robertson says staying levelheaded with a financial planningled strategy is key in beating market cyclicality. ‘We don’t take huge bets – we’re conviction investors,’ he adds. ‘Clients are paying us for measured, thoughtful stewardship of their money.’ Formerly a Navy intelligence operative, he knows a thing or two about how to navigate the investment landscape. He warns of a bullish atmosphere – a tell-tale sign of a looming crash. He predicts a recession in the US if Donald Trump’s tax cuts don’t produce financial results. Robertson believes in mixing and matching active and passive funds to steer clients to safety. He resents the ongoing debate around the superiority of alpha against beta returns: ‘We […]

Christopher Rose

Waverton

Top Recommended HNW Wealth Managers

‘Always hale and hearty, an excellent front man for Waverton, always out and about,’ according to an industry colleague, Christopher Rose joined the St James’s-based firm in 1989 after six years at Lazard. Appointed head of private clients in 2013, he sits on the management committee and is praised internally for his integral role in building the business to what it is today. ‘We get out of bed to ensure that two plus two makes four and a half consistently,’ explains Rose. ‘If you do that then you’re doing a very good job for your clients.’ Primarily an equity-oriented house, Waverton prides itself on investing client portfolios on a truly global basis – an approach which has served clients well over the past 30 years, where for much of the time the UK market has fared less well than elsewhere. ‘Sometimes what you don’t invest in is as important as […]

Emma Rutter

Ruffer & Co

Top Recommended HNW Wealth Managers

‘A lot has changed since I joined Ruffer in 2001, but luckily the heart of what we do hasn’t,’ says Emma Rutter, the widely well-regarded investment director at the boutique founded by the great Jonathan Ruffer. She tells Spear’s: ‘I have never been any good at telling fibs – so working somewhere where I believe in those I work with and in what we do is essential. I wouldn’t be able to look clients in the eye if I didn’t – and in years like 2005, 2006 and 2017 when our performance was deadly dull, you have to have that belief to carry clients through with you.’ These ‘dull times’ in 2017 might have something to do with the firm’s predictions that the world is set for a sea change brought about by overvaluation of the stock market. That hasn’t quite materialised – yet. ‘We are of course apologetic to […]

Sandy Swinton

RBC Wealth Management

Top Recommended HNW Wealth Managers

A ‘legendary private banker’, according to an industry insider, Sandy Swinton survived – and prospered – for three decades at Barclays, weathering the financial crash and all that ensued. For him, the most important thing to get right is ‘listening over selling’. He believes that far too many service providers try to sell a product or a service too early in the process: ‘It’s essential to acquire a thorough understanding of a client’s needs, objectives, aspirations, priorities and goals before the creation of a service proposition can possibly begin.’ In 2010 he was poached from Barclays by RBC and made managing director. He believes his success – and that of any wealth manager – lies in establishing common ground as soon as possible: ‘It’s a powerful and binding tool for any enduring client relationship. Engendering a strong feeling of mutual trust is also critical to the successful stewardship of any […]

Daniel Webb

HSBC Private Bank

Top Recommended HNW Wealth Managers

Immaculate and with superb manners, Daniel Webb has found his passion: he joined Kleinwort Benson, had a spell at Coutts and then moved to HSBC, where he has a ‘very engaged international client base from entrepreneurial and financial services backgrounds’. ‘It’s an opportunity to be the master of your own domain. We’re given the freedom to give our clients what they need. In a given day, 50 per cent of my day is with clients,’ explains Webb, who has a lifelong passion for financial markets and cites Warren Buffett as a hero. ‘I bought my first stock at 18: I was always interested in companies. I like business; on the weekend I’ll trawl through annual reports.’ Webb, who studied abroad, is interested in international affairs, and in the flow of capital. So what does he see happening at the moment? ‘There’s been a shift of clients allocating more to private […]

Top Seven Family Office Advisers

Charlotte Filsell

Sandaire

Top Seven Family Office Advisers

The sector is ‘going through a transformative change’, says Charlotte Filsell, Sandaire’s head of relationship management. ‘Client needs are evolving – we will soon be serving five distinct generations with very different needs.’ Besides relationship building, her expertise lies in analysing UHNWs’ risk appetite in accordance with their life goals. But Filsell is prepared to ‘evolve and adapt’ to the needs of the wide range of wealthy families she looks after, and being one of the industry’s rising stars helps. The CFA charter-holder, who is also a fellow of the Chartered Institute for Securities and Investment, is described by peers as ‘perceptive and thoughtful’. Filsell started out at HSBC Asset Management, in a role which involved advising a range of international private clients. Eight years later, she moved to an advisory role at UBS to build on her investment knowledge. In 2007, she returned to HSBC’s private banking arm to […]

Matthew Fleming

Stonehage Fleming

Top Seven Family Office Advisers

Responsible for business development, succession and the next generation, Matthew Fleming is today the only full-time Fleming partner in the business. As a result, he also plays the important cultural role of ambassador for the firm which bears his name. He has had an enviably varied career, starting out as a forklift driver before joining the army and then playing professional cricket for Kent for 13 years. He joined the family firm in 2002 and has held a number of roles since. ‘There are actually lots of similarities between all the jobs I’ve done,’ he says. ‘There is the leadership aspect, the teamwork, the culture and institutional side. The values that underpin the army and cricket are broadly similar to those at Stonehage Fleming.’ Working with the next generation of HNWs and UHNWs presents a number of challenges, the most important of which is enabling constructive communication between the generations. […]

Jonathan Gage

Keystone Advisers

Top Seven Family Office Advisers

With a background in accounting and corporate finance, Jonathan Gage wanted to use his experience managing risk for the benefit of private wealth clients. ‘Having learnt the skills of what advice is all about,’ he says he was attracted to ‘the structuring, the investment, and the focus on the individual’ in wealth management. This has led to the firm Gage founded, Keystone Advisers, which is only in its third year but has already proven a powerful force in the industry. His services are concentrated around helping with two interrelated issues. The first is that ‘many families struggle with the emotional issue of succession and planning for the future’, which Gage can help to ‘lead clients through’. The second is his knowledge of how to ‘evolve and develop the family business’. Gage argues that, at times, ‘all families have difficulties’, so having the right adviser at the right time can help […]

Edward Goodchild

Chawker & Co

Top Seven Family Office Advisers

Edward Goodchild has seen the financial industry from almost every perspective during his post-military career. So it is with absolute authority he observes that most bankers simply ask: ‘So, Mr or Mrs Client, how many of product Y would you like?’ rather than thinking about whether that product will be good for them. This frustration with the industry led to the creation of Chawker & Co, the firm Goodchild started in 2011. He says that managers of capital are always interested in ‘the mechanisation’ of the process to satisfy compliance departments that all customers are being treated equally. Chawker is based on the idea that clients being treated equally does not mean they are treated fairly. If ‘investment is a mix of art and science’, Goodchild is a master of the art as well as the science, billing himself as an ‘investment and wealth manager’ to stress the point that […]

Catherine Grum

KPMG

Top Seven Family Office Advisers

UHNW families are going global and growing in size and complexity, and they are making bolder investment moves too, exploring new territories and global markets with co-investments and buy-outs. At KPMG, the astute Catherine Grum leads her team in making sure their needs are met, working alongside her counterparts in the US, Europe, Middle East and Asia. There is a current desire for direct investments, and an increase in investors ‘sharing risks’ with other like-minded HNWs, Grum has noted. ‘As many in this position consider involvement of fellow families in an opportunity to be something of a kitemark, there will be considerable interest in family-run funds from this pool of investors,’ she has told an industry commentator. It’s three years since KPMG hired Grum to expand its family office services, but the focus remains the same: helping entrepreneurs set up and run their family offices. ‘We want to develop a […]

Annamaria Koerling

Owl Private Office

Top Seven Family Office Advisers

After 25 years in wealth management, Annamaria Koerling joined Owl Private Office this year, lining up alongside fellow industry stalwarts William Drake, Adam Wethered and Andrew Wimble. ‘Owl is different, with its unique function at the very top of the wealth advisory ladder,’ she says. ‘This will mean helping diagnose the issues that impact families and endowments, defining or redefining their purpose of wealth and guiding its structuring and deployment.’ What appealed to her about Owl was its ‘total impartiality in this advisory journey, helping clients construct a network of advisers and make the right decisions, usually before investment managers are selected. I believe we can provide real added value and with no strings attached.’ Koerling oversaw the sale of C Hoare’s wealth business to Cazenove Capital in 2017, after which she became a non-executive director of Schroder & Co. An MA graduate in modern languages from Cambridge University (she […]

Rupert Phelps

Smith & Williamson

Top Seven Family Office Advisers

Formerly Savills’ director of family office services, Rupert Phelps switched to Smith & Williamson last year, assuming responsibility for relationships and business opportunities across its family office services. His book covers ‘business-owning families, liquidity events, cash-generative operating companies… there’s no other firm in this country that has a wider, more aligned, more relevant range of services for such clients’. Unusually, Phelps is partner on both S&W’s investment management and tax and business services wings. ‘It’s very consistent,’ he says of the investment team. ‘They’re not for people who want to shoot the lights out and invest in Russian mines, but they’re absolutely superb for long-term investment, whether people want a bit more income or capital value. They’re really, really good at that.’ A 20-year financial services veteran, Phelps was also London head of family office services at BNY Mellon for seven years. Despite leaving Savills on ‘very good’ terms, the […]

Rising Stars

Kate Capocci

Smith & Williamson

Rising Stars

For Kate Capocci, entering the world of wealth management was a no brainer, but it’s not only for her fondness of numbers. She joined the industry as a credit analyst intern after graduating from St Andrews and sped through ‘a very fast learning curve’, before joining Smith & Williamson three years ago. ‘It’s also about the qualitative research – you’ve got to know about macropolitical events and even human psychology, it’s so broad,’ she says. Capocci is focusing on long-term investments for a wide range of clients, who are often many different members of the same family, charities and even ‘children portfolios’. One area she relishes is ESG and ethical investments, which are popular in the wake of public awareness around global issues such as climate change, population crisis and poverty. The language used in this area has also changed, says Capocci. ‘In the past we had more negative restrictions […]

Sophie Jewson

Sarasin & Partners

Rising Stars

Sophie Jewson and her team at Sarasin are prepared for a Labour government and Brexit, despite the wealth industry’s nervousness over both. ‘Thankfully, our global approach to investment provides our clients with protection, to an extent, because a collapse in sterling would result in better performance from global equities,’ she says. Jewson, head of private client business development, says more UHNWs are transcending the traditional ‘UK-centric’ approach to investing. She has had a busy year launching a subsidiary, Sarasin Asset Management, which focuses on US-connected clients. Equities remain popular, but she says clients are far more socially aware than before, which calls for a careful vetting process for stocks. As a result, the firm now has a specialism in socially responsible investing, and equities are run through a ‘rigorous’ assessment based on environmental, social and governance factors. But such thematic analysis is not at all new for Sarasin. ‘Having been […]

Stephen Kattou

Lincoln Private Investment Office

Rising Stars

‘I think the best private wealth managers genuinely care and empathise with their client,’ says Stephen Kattou. ‘It’s about being able to really put yourself in their shoes.’ Praised by clients for being ‘smart and hard-working, with his strong values at the forefront’, Kattou started his career at Barclays, where he worked for seven years across different areas of the business. He eventually settled in a client adviser role and moved to Lincoln three years ago. The move ‘was driven by a desire to be part of an independent firm aligned to clients in a unique way’, he says. Kattou says all the firm’s wealth managers invest their own money with Lincoln, using the same portfolio structures they use for clients: ‘At Lincoln we really walk the walk.’ Lincoln is owned by a number of clients and senior members of the team, hence ‘nobody is seeking for Lincoln to drive […]



ICONS FROM 2016