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 2019

  

Tim-Bailey_Cazenove-Capital

Tim Bailey

Cazenove

Top Ten HNW Wealth Managers

Having entered the world of finance soon after graduating from Cambridge in 1984 with a degree in modern languages, Tim Bailey has seen it all. The portfolio director says a front-row seat for the 1987 crash was instrumental in helping him to develop a set of abilities – and sensibilities – that can be drawn upon to guide clients through today’s financial landscape. ‘I think it’s this experience that has really made me able to counsel my clients,’ he says. ‘Empathy and an ability to understand what worries different clients has really helped build good relationships too.’ Bailey’s career has included spells with some of the most illustrious names in the industry – from Schroders to Merrill Lynch and C Hoare & Co. His current stint at Cazenove, which began in February 2017, is his second, but it also tells a wider story of the industry. It began when the […]

Ian Bernard, Captial Generation Partners

Ian Barnard

Capital Generation Partners

Top Recommended UHNW Wealth Managers

‘Business has been very good in the last year, characterised by good investment performance and additional families choosing to join us,’ says Ian Barnard in the no-nonsense, authoritative manner that existing clients will be familiar with – and fond of. Barnard was in the army and the diplomatic service before he became one of CapGen’s three founding partners alongside Khaled Said and Charlotte Thorne. He has since become known for a rigorous approach that underpins the firm’s investment process. He meets every single manager on CapGen’s platform and has in-depth knowledge of the strategies at play in each fund. He chairs the firm’s investment committee and leads its direct investment advisory business, where he brings to bear his extensive investment networks and direct investment experience. Barnard observes of the current market: ‘There continues to be strong interest in investing and owning private assets, particularly private companies.’ On CapGen’s approach to portfolios, […]

James Barton, Featherstone Partners

James Barton

Featherstone Partners

Top Ten UHNW Wealth Managers

‘Amazing’, is how James Barton describes the last 12 months at Featherstone, which he joined as a partner last year from Odey. The firm is part of a privately owned group, founded in 1999 to run the investments of a single family. prides itself on offering the versatility and friendliness of a smaller firm paired with a remarkable depth of experience and knowledge. ‘One of the things we do, which a lot of our competitors don’t, is have a flexible portfolio. We don’t cling to the static benchmarks ubiquitous in the industry.’ It’s an approach that has won the firm many plaudits, so much so that Barton says it’s been on a recruitment drive to cope with rising client demand. ‘We feel that regionally, a lot of people are underwhelmed by financial advisers,’ he says. ‘People think they can do it just as well themselves by using a platform, and in many cases […]

Jamie Black, Sarasin

Jamie Black

Sarasin

Top Recommended UHNW Wealth Managers

Jamie Black catches up with Spear’s after a challenging 12 months in the investment world. The predictions for US interest rates have been particularly hard to follow, he observes. ‘Most economists were predicting three or four rises in 2019 towards the end of last year,’ he says. ‘Now the same economists are predicting two or three cuts this year!’ Thankfully, the turnaround in expectations has catalysed ‘a more confident outlook’ in the global equities markets and government bonds. ‘It still has its challenges,’ he cautions. ‘The trade war is ongoing and is still probably no closer to a resolution.’ Black is expanding the private wealth team he manages. The year has seen new hires, including a partner from Edmond de Rothschild. He believes his company is a bastion of continuity in a turbulent sea, given the volatility in recent markets. It’s no wonder his own pension is ‘100 per cent […]

Christopher Boon Close Brother

Chris Boon

Close Brothers

Top Ten HNW Wealth Managers

Close Brothers was on a roll a year ago, and it’s carried its form into 2019. As well as the hiring of Andrew Hess (see page 83) and Andrew Mackintosh-Walker from Rathbones, the firm has also opened its first West End office. Chris Boon says consistently strong investment performance and service provision have been the key. ‘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. Having looked after corporate and private investors, their trusts, charities and pension funds since 1987, Boon has helped to give the firm its strong track record of high levels of satisfaction among its clientele. ‘Chris was chosen to run funds for the trust because we liked – and continue to like – his solid performance, transparency, ability to reduce technical speak to plain English, obvious […]

Jim Bouley

Julius Baer

Top Recommended UHNW Wealth Managers

‘How much time do we have?’ asks Jim Bouley in response to a question about this year’s challenges. ‘The real difficulties are probably more politically driven. Obviously, we have plenty of things to choose from,’ he says diplomatically. Not one to dwell on the negative, the former Merrill Lynch man says markets have been excellent this quarter (‘and that puts everyone in a good mood’), signalling a turnaround from last year’s dip. This year, the firm saw a 7.6 per cent rise in its global balanced portfolio. However, this has not changed the investment strategy, which the Arizona-born Bouley – who has been in wealth management since 1981 – describes as ‘cautiously optimistic.’ He adds that clients’ portfolios have been fortified by Julius Baer’s global investment outlook, preventing any financial ripples from being felt too keenly. More than 35 years in financial services have taught Bouley that a winning business […]

Richard Brass

Berenberg

Top Recommended UHNW Wealth Managers

‘Stick to our knitting’ is the mantra that Berenberg’s head of UK wealth and asset management, Richard Brass, relays to Spear’s when asked to describe his approach to the current climate. ‘We’re really pleased with Berenberg’s recent progress and potential, particularly in the current market environment.’ Brass has presided over a very well-oiled machine since joining the German bank back in 2011. The firm’s advisers act as ‘knowledge curators’ for their client, leveraging the firm’s considerable expertise across asset management, corporate banking and investment banking – its 100 stock analysts make Berenberg one of the largest equity and economic research teams in Europe. ‘Having so much expertise in one family means we have short lines of communication to specialists that can help provide in-depth analysis about financial markets,’ Brass explains. ‘This is a distinct advantage in the current market environment, where it is increasingly common to be addressing a wide […]

Ruper Caldecott, Caldecott and Partners

Rupert Caldecott

RMC Partners

Top Recommended HNW Wealth Managers

‘I have no particularly good reason for coming into wealth management in the first place,’ jokes the statesmanlike Rupert Caldecott. One of the most experienced investment managers in the business, he was one of the few who saw the 2008 financial crisis coming and cut equity to 10 per cent, ensuring his clients didn’t lose any money. Starting out in 1974, Caldecott had stints at Schroders and Cazenove before joining Andrew Dalton at his eponymous firm in 2006. In 2017 he set up RM Caldecott and Partners with a group of esteemed investors from across the financial world, with an approach that he calls ‘delightfully unconstrained’. ‘Portfolio allocation is a set of opportunities and you just have to use your judgement to put money in the right pot,’ he says. The firm is proud of its ‘contrarian’ mindset, and is guided by three main principles: the belief that smaller teams create […]

Dward Campbell-Johnson, Sarasin

Edward Campbell-Johnston

Sarasin & Partners

Top Recommended HNW Wealth Managers

Edward Campbell-Johnston shares both good and bad news with Spear’s when asked about the performance of the AIM portfolios he heads for Sarasin. ‘AIM saw its worst performance in a decade within the final quarter,’ he reveals. This called for more defensive strategies, which he says is a more mature approach. The increased scrutiny has resulted in AIM stocks, which are now more populous than the UK’s main market, being filtered through the lens of ESG. ‘I don’t know if it makes us unique, but it certainly puts us in a minority,’ he explains. ‘One thing to bear in mind is that there are now more mature companies on AIM which are leaders, or certainly in the top rank in their respective industries,’ he observes. ‘It’s not just about the small fly-by-night start-ups. One can actually gain access to one or two larger, much more mature companies, one or two […]

James Campbell Johnston, Brewin

James Campbell-Johnston

Brewin Dolphin

Top Recommended HNW Wealth Managers

Former army captain James Campbell-Johnston is essentially paid to do all the worrying for clients. It’s no wonder that many of the HNWs he looks after have stuck with him since the dotcom bubble. ‘Those who have had investment portfolios with us for years tend to be less anxious than those who are newer to the investment world,’ he says. He is one of Brewin Dolphin’s most experienced hands. Times may have changed since he first joined the firm back in 2000, but he says investment principles remain the same. ‘You have high-quality, well-diversified assets, you hold them for the long term, and you have a very good understanding of everything you hold.’ Campbell-Johnston, who has experience 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 at Panmure Gordon, says there is […]

Ross Ciesla

Veritas

Top Recommended HNW Wealth Managers

What do the Beatles have to do with wealth management? More than you might think, according to Ross Ciesla. In part, he puts an uptick in AuM at Veritas – from £1.7 billion in 2017 to more than £2.5 billion today – down to a hiring strategy that encourages a distinctly philosophical, collaborative approach. ‘We like bright people who enjoy helping each other grow and improve, much like Lennon and McCartney worked as a cohesive unit to constantly help better themselves,’ he says. ‘We like that model.’ With an eye to the future, Ciesla notes that firms that are apt to ride the waves of technological advancement are the ones most likely to prosper. ‘The world is going through a huge rewiring of infrastructure,’ he says. ‘The old guard of GE and IBM are struggling to compete in a more cloud, AI and digitally wired world. They may have built […]

Peter Clark Tilney

Peter Clark

Tilney

Top Recommended HNW Wealth Managers

‘Our whole strategy is about preserving capital,’ says Peter Clark, who’s been managing director at Tilney for 12 years. ‘Our portfolios look very different from the wider stock market, so in a year like 2018, when the markets were poor, our portfolios were doing relatively well.’ Clark started out at stockbroker Hoare Govett before leaving to found the UK private client division of Amvescap in 1988. He says that when it comes to smart investments, it’s all a matter of experience and keeping your head ‘when the markets go into a tailspin’. He tells Spear’s that Tilney avoids what he calls ‘volatile’ industries: ‘Banks, oil, mines, construction and airlines – there’s always a chance a company will go bust.’ ‘Most people start in the wrong place,’ he explains. ‘They talk about outperforming the stock market. Whereas we concentrate our clients’ capital into companies that will hold it consistently over three […]

Chris Cole Lockhart Capital

Chris Cole

Lockhart Capital

Top Recommended HNW Wealth Managers

Chris Cole’s Lockhart Capital Management was only launched in 2017, but the firm has already built up a head of steam. ‘We have now almost reached the position where we are unable to take on any new clients,’ he says. ‘Our challenge therefore for 2019 is to locate and reach out to other like-minded wealth managers who may also wish to join us in our boutique practice.’ Any new recruits will have to buy into the ethos of providing a relatively small number of clients with ‘a very personal financial planning and wealth management experience’. That, Cole suggests, isn’t always on offer elsewhere. ‘The post-RDR world has, ironically, resulted in less consumer choice, and this trend is only accelerating. M&A activity in the wealth advice space has left an incumbent oligopoly, with similar models and challenges.’ One area in which he sees more variety, however, is in the ESG approach to […]

Charles Costa Duarte, Rothschild

Charles Costa Duarte

Rothschild Wealth Management

Top Ten UHNW Wealth Managers

‘We often work with entrepreneurs who are considering an exit or who may be dealing with a sudden succession issue or change of circumstance,’ says Charles Costa Duarte, whose excellent client skills were rewarded in 2018 when he was named Spear’s UHNW Asset Manager of the Year. ‘Although my focus is on asset management, I try to know my clients well enough so that I am often the person that they will call for a variety of issues,’ he adds. Costa Duarte was in the army for six years before joining Citi Private Bank in 2001, where he was taken under the wing of Peter Charrington (‘I was very lucky’). He was at Quinlan Private Capital from 2007 to 2010, and three years at Lloyds International Private Bank segued into his present position. What differentiates Rothschild, with its £10 billion AuM, from his previous employers? ‘We are able to take a […]

Giles Crowe

Citi Private Bank

Top Recommended UHNW WEalth Managers

Giles Crowe’s clients – generally highly successful entrepreneurs and their families – tend to make use of the full breadth of the Citi platform. As one of the leading lights at the Spear’s-awardwinning international private bank explains himself, that ranges from ‘core discretionary portfolios to opportunistic trading strategies with our capital markets team in an advisory capacity’. Citi has one of the most comprehensive private bank offerings in the industry, even covering specialised advice on art collections and sports teams. This size and structure enables the bank to offer services typically available to institutional investors, drawing upon its pool of private bankers in different corners of the world. ‘The depth and breadth of talent across the business is fantastic, giving me the best opportunity possible to give sound advice,’ says Crowe. His success rests on his ability to take the long view, and he is unfazed either by Brexit or […]

Etienne d’Arenberg

Mirabaud

Top Recommended UHNW Wealth Managers

Swiss private bank Mirabaud celebrates its bicentenary this year, but it’s not content to rest on its laurels. It now has a network of 15 offices across ten countries, bolstered by new outposts in Montevideo and São Paulo. An office in Abu Dhabi is expected to open soon and will sit alongside an existing office in Dubai. Swiss private bank Mirabaud celebrates its bicentenary this year, but it’s not content to rest on its laurels. It now has a network of 15 offices across ten countries, bolstered by new outposts in Montevideo and São Paulo. An office in Abu Dhabi is expected to open soon and will sit alongside an existing office in Dubai. Mirabaud has had a presence in the UK for more than a quarter of a century, but it underscored its belief in London as a financial hub by opening a UK banking branch in 2018. Etienne […]

Dina de Angelo

Pictet

Top Recommended UHNW Wealth Managers

Dina de Angelo has both style and substance, having been featured in Vogue, where her fashion preferences were revealed. She believes that being female helps her finesse her role. ‘Women [have a] major key advantage in the natural grace they bring to business,’ she recently told an industry observer. A permanent fixture of this index, the Connecticut-born de Angelo caters to highly entrepreneurial clients who are looking to diversify funds. She draws immense knowledge from her role as director at Pictet since 2008, as well as her previous experience in running NM Rothschild’s private bank. ‘I strive for perfection,’ as she wrote in her diary for DeMellier. ‘Especially early on in my career, I felt it was what was expected and what I became known for.’ In her spare time, she is an avid gardener who grows fruit for the Chelsea Flower Show. De Angelo, who has spent her entire career […]

JamesdeBroe Ferguson Investec

James de Broë-Ferguson

Investec

Top Ten HNW Wealth Management

While James de Broë-Ferguson is a reluctant interviewee (‘I don’t particularly like talking about myself’), the Investec investment director is well known in the industry for his loyal client base and gracious good humour, as well as attention to detail and client service. His business involves the management of predominantly discretionary portfolios on behalf of private individuals, their pensions, trusts, charities and private family unit trusts. ‘The most important thing over the last few years has been one of steady and common-sense decisions – quite clearly the dangers out there are political – and the political impacting the economic,’ he says. Right now the biggest risk to his client’s capital is the possibility of a hard-left government, he adds. ‘It’s not something we can just ignore and hope will disappear. Constant communication between client and wealth manager is essential, especially when it comes to making contingency plans. Our goal is […]

Paul Derrien

Canaccord Genuity

Top Recommended HNW Wealth Managers

Canaccord Genuity investment director Paul Derrien cut his teeth at NatWest 25 years ago and has built up a considerable body of work managing both direct equity-based and multi-manager portfolios for private individuals, trusts, pensions, charities and institutional clients. ‘It’s been a fairly dramatic year in terms of severity of market movement,’ he tells Spear’s. ‘In terms of the business, it’s been growing.’ As well as a strong year performance-wise, Canaccord has been strengthening its grip on the market thanks to a string of acquisitions. They have lifted the firm’s assets under management to a cool £27 billion, but that hasn’t changed its grounded approach to clients, says Derrien. This is in part thanks to a collegiate feel that strives to encourage a friendly, collaborative and open environment. Risks are rigorously calculated and pursued aggressively on behalf of clients ‘The same person that is making the investment decisions for the client […]

Alice-d'Esparbes, UBS

Alice d’Esparbes

UBS

Alice d’Esparbes’ experience lies in monitoring the issues affecting res non-dom clients in the UK. The francophone joined UBS’s Brussels branch in 2005 as an investment consultant for French entrepreneurs. Today, as director, she advises across the spectrum in a role that encompasses financial planning, philanthropy and lending. She is proud of the bank’s knowledge of UHNWs, which she says not many institutions can rival. ‘UBS has global research capabilities dedicated to private clients,’ she told Spear’s. ‘It helps them navigate through uncertain times’. D’Esparbes sees diversification as an essential strategy to combat volatile markets. Her work also includes alternative investments, such as hedge funds and private equity, areas that need a more nuanced approach and in which she is a ‘big believer’. What’s unique about UBS, she says, is its ability to act like a boutique despite its vast, global size; the various different arms of the bank are […]

Nicholas Dudley-Hammatt, HSBC Private Banking

Nicholas Dudley-Hammatt

HSBC Private Banking

Rising Stars Wealth Managers

HSBC’s rising star has been on the Spear’s radar for a while now – last year he was shortlisted for our Future Leader in Private Client award. Nicholas Dudley-Hammatt began his career on the accountancy graduate scheme at Deloitte, before finding his metier on HSBC Private Banking’s UHNW team. He gradually moved on to the dynamic HNW team, where he spent five years ‘learning a huge amount’ about the extent of HSBC’s private client capabilities. Dudley-Hammatt draws from his varied background to offer clients a thoughtful service. ‘The way relationships are formed in accountancy and private banking is very different – people’s dreams and aspirations are incredibly personal [in the latter],’ he says. His specialty is dealing with talents in the ‘Silicon Fen’ around Cambridge and East Anglia. ‘Visiting their environment and finding out what makes them tick is crucial,’ he says. ‘You get different responses; the client is more […]

Ross Elder

Lincoln Private Investment Office

Top Ten HNW Wealth managers

It was a meeting with a client, while Ross Elder was at Barclays Wealth, that helped to bring home to him the fact that the investment decisions he made personally weren’t always the same as those he was recommending to his clients. Further discussions with clients – this time while he was at Berenberg – laid the foundations for a different approach. ‘Our clients very generously said we’d done a good job, service had been good, performance was good,’ Elder recalls. With fellow Berenberg alumnae Fred Hervey and Becky Robbins, Elder developed the idea for a partner-led firm and, in 2014, established Lincoln Private Investment Office. The company, Elder says, is ‘a wealth management business built by its clients, for its clients’; the team at Lincoln invest all of their own investable wealth in the same portfolios and investments as their clients. ‘If we ever lose money for our clients,’ […]

Charlotte Filsell, Sandaire

Charlotte Filsell

Sandaire

Family Offices Services

Charlotte Filsell has seen ‘exciting growth and change’ at Sandaire in the past year, with launches of the firm’s private equity, corporate finance and real estate arms. The expansion is in response to the rising needs of clients. ‘Every family is its own ecosystem,’ says Filsell, adding that it’s often a network that spans the globe. This is why Sandaire is a member of the Wigmore Association, which gives it access to ‘local knowledge, insights and best practice’ shared by a collective of eight family offices in seven countries. Wealth transfers remain one of families’ main concerns, and Filsell’s role includes facilitating the communication of important family values and aspirations across generations. ‘It can be a daunting responsibility for the next generation, particularly if they’ve not received all the necessary information and education,’ she says. More often than not, the family’s philanthropy is what bridges the generational gap, as younger […]

Matthew Fleming, Stonehage Fleming

Matthew Fleming

Stonhage Fleming

Family Offices Services

Matthew Fleming is responsible for helping Stonehage Fleming’s clients to develop and implement their legacies and strategies for inter-generational success. ‘Our starting point is to help families understand and articulate to each other the purpose of their wealth,’ he says. ‘This then gives them a framework for decision-making and a reference point for measuring whether decisions are good or bad.’ Fleming has established a new business unit to deliver a standalone family governance and succession proposition. ‘Family governance and succession is central to everything we do, but previously it came under our wider family office offering,’ he tells Spear’s. ‘Family disputes, lack of leadership and failure to engage the next generation are the top risks to long-term success.’ Fleming also launched the next gen advisory board in March, which pools together nine members of the firm aged 25-35 who are tasked with providing new solutions to its service offering. ‘It […]

Johnathan Gage, Keystone Family Advisers

Jonathan Gage

Keystone Family Advisers

Family Offices Services

Jonathan Gage is the guiding light every HNW needs, especially when complicated family affairs are involved. A chartered accountant and a fellow of the Chartered Institute for Securities and Investment, the founder of Keystone Family Advisers knows how to cut through the complexity of multi-generational families and provide them with simple solutions to succession planning. ‘[I’ve] learnt the skills of what advice is all about,’ says Gage, who also has a corporate finance background. After four years of life, the advisory firm is booming. Gage, who looks after clients who are ‘largely related to land’, is proud of the type of high-touch service Keystone can offer wealthy individuals, largely due to the independence it exercises as a boutique. ‘We live in a world where advice is influenced by what a corporatist organisation wants its advisers to do,’ he recently told an industry commentator. Keystone is quickly making its name in […]

Peter Gale

C Hoare & Co

Top Recommended HNW Wealth Managers

The oldest privately owned bank in the UK opened its first office outside London earlier this year. C Hoare & Co’s Cambridge branch, in a refurbished Georgian manor house, will be of interest for two groups of clients in particular. ‘One of the nicknames for Cambridge is Silicon Fen,’ explains Peter Gale, who oversees the Cambridge office from London. ‘The thinking is that it will become our version of Silicon Valley.’ Already, technology and biosciences companies in the region are thriving, offering opportunities for ‘synergies in terms of all the work we do with entrepreneurs’. Gale adds that for all new customers, and for entrepreneurs in particular, meeting one of the bank’s owner-managers from the Hoare family can be ‘very powerful’. So is its status as an unlimited liability family business: ‘When entrepreneurs have liquidity events, they know it’s a safe place to put their money.’ Cambridge also provides a ready […]

Edward Goodchild, Chawker & Co

Edward Goodchild

Chawker & Co

Family Offices Services

‘Our schools of thought are massively complementary,’ says Edward Goodchild of his new hire, Guy Christie. ‘We were fund managers together a long, long time ago, so I knew we’d be a good fit.’ Chawker, which Goodchild set up in 2011, works by sourcing the best discretionary wealth managers for each client. ‘We often get new clients because people are unhappy with their current setups. Normally people have tried to do it themselves and found the process to be overwhelming or unsatisfactory.’ The feedback he gets from clients speaks for itself. One reads: ‘Edward Goodchild has established himself as a leading “go to” family office adviser, confident with a broad cross- section of clients, untrammelled by products or politics and, where it’s needed, unafraid to speak with genuine candour.’ Goodchild deplores the lack of transparency in the industry and is one of the few wealth managers who charge by time, […]

Nicholas Grant

Nicholas Grant

Psigma

Top Recommended HNW Wealth Managers

Nicholas Grant says the markets have been ‘distorted’ by volatility in recent years. Regardless, his objective is negotiating the ups and downs with the least degree of risk possible – which is possible with the workings of Psigma’s inflation-adjusted portfolios. When equities were down almost 10 per cent last year, Grant’s portfolios ‘captured under half of the downside’. ‘If you’re a client, you’d say, “I’m getting the returns I want and the profile is working.”’ The inflation-plus approach has seen Psigma ‘outperforming peer groups quite comfortably’, says Grant. The strategy has gained the firm even more personal referrals, as well as fortifying relationships that have been fostered for more than 40 years. Grant observes that the eurozone’s ‘deteriorating’ activity could bring potential good news to the UK. ‘There’s not a lot of people comfortable with Europe at the moment, but sometimes watching that herd mentality creates the opportunity to bring investments […]

Catherine Grum, KPMG

Catherine Grum

KPMG

Family Offices Services

As UHNW families are going global, growing in size and complexity and making bolder investment moves, there’s more and more call for specialist family advice. At KPMG, Catherine Grum leads her team in making sure their needs are met, working alongside her counterparts in the US, Europe, Middle East and Asia. ‘If you have a small in-house team of family officers, each one is a cost to that family, but working with us it’s like a tap that we can turn on and off,’ she says. ‘We can bring in new expertise where appropriate.’ There is a desire for direct investments and an increase in investors ‘sharing risks’ with like- minded HNWs, Grum notes. ‘No family office is an island– we’re all partnering with other organisations in some shape or form. It might be one family office leveraging the real estate team of another family office, or we might share […]

Bandish Gudka LGT Vestra

Bandish Gudka

LGT Vestra

Top Ten HNW Wealth Managers

‘LGT Vestra was set up to change the shape of the industry,’ says Bandish Gudka, a former Spear’s Wealth Manager of the Year who’s a trusted adviser to a range of entrepreneurial clients. ‘The business is fully transparent, independent and impartial in its investment universe,’ he explains, adding that the firm pioneered this model of service ‘even before the RDR’ arrived. Gudka, who started his book from scratch, now manages more than £300 million. Despite experiencing ‘another highly successful year’, he observes that elsewhere the markets were clouded by Brexit uncertainty. Market analysis may make Gudka tick, but he values personal relationships far more. He recalls helping a client recover assets in excess of £80 million from a splintering family, providing ‘rigorous mediation and assistance’ to achieve the outcome. ‘The family have managed to remain connected,’ he says, adding humbly: ‘They consider me “the glue that kept us together”.’ Gudka […]

Aastha Gurbax JP Morgan Private Bank

Aastha Gurbax

JP Morgan Private Bank

UHNW Top Ten Wealth Managers

It was a glittering 2018 for Aastha Gurbax, JP Morgan Private Bank’s senior managing director, who crowned the year with her appointment to the board of Cass Business School and a shortlisting for a Women in Finance award. Gurbax has been mainly preoccupied with developing the ‘entrepreneurs and business owners’ offering at the private bank, a traditionally ‘overlooked and underserved’ segment of the wealth management market. ‘I genuinely believe this is the future of private banking,’ she says. ‘I’m incredibly excited for the challenges it brings.’ The past year also saw further sustainable investment opportunities and a focus on the firm’s female client agenda, which Gurbax describes as a ‘genderneutral approach’. ‘Female clients often tell us that they want to be in their club, and not a “girls’ club”,’ she says. ‘But very often when private banks think about female clients, they have a tendency to categorise them in the latter. […]

Andrew Hess

Andrew Hess

Close Brothers

Top Recommended HNW Wealth Managers

When Spear’s catches up with the personable Andrew Hess, he’s barely a month into his new job at Close Brothers, where he joined as managing director of its HNW bespoke investment management service. ‘The main reasons for joining were the strong global direct equity research capability, as well as the ability to continue to run bespoke portfolios,’ Hess tells Spear’s. ‘This, combined with a low client-to-investment manager ratio, enables us to provide a personal service to our clients, which we believe is becoming increasingly rare in our industry.’ Hess joins the firm from Rathbones, where he worked as an investment director, and has more than 30 years of experience managing funds on behalf of private clients, pension funds, charities and City livery companies. He’s arrived during a period of major change for the merchant bank, too: Close has just opened its first West End office, on Pall Mall. ‘The firm […]

Rennie Hoare, C Hoare & Co

Rennie Hoare

C Hoare & Co

Rising Stars Wealth Managers

‘Growing up, it was my hope that I would be of sufficient interest to be invited to join the bank, and ultimately the partnership,’ recalls Rennie Hoare. He managed much more than that – not only is he nowanamebreathedwithrespect at the bank, but he was also nominated for Spear’s Private Banker of the Year in 2018. Hoare first worked at the boutique Guinness Asset Management before a formative spell at T Rowe Price, where he ended up leading the relationship with Morningstar and helped rewrite the firm’s ESG policy statement. It was the education he needed, so that when he joined the family bank he hit the ground running and began building an internal network. He is now both partner and head of philanthropy. ‘For customers, discussions about philanthropy give us a chance to hear what motivates them and what their passions are,’ he tells Spear’s. Reaching the partnership has […]

Charlie Hoffman

HSBC Private Banking

Top Ten UHNW Wealth Manager

‘With me you get the advantage of a big bank but with a small team who all look after the same client base,’ says Charlie Hoffman, describing HSBC’s highly acclaimed private banking services as ‘a little like a mini family office’. He is pleased to report an increase of more than 10 per cent of assets to $15 billion. ‘We both preserved clients’ capital and grew it in line with their hopes and aspirations.’ The trusted adviser says what’s most important, other than the fact that the firm banks, invests and lends to clients, is that it truly listens to clients and what they want when looking after many of the world’s most discerning and influential UHNWs. Hoffman is not one for resting on his laurels, and he considers ‘trusted adviser’ to be something of a ‘hackneyed’ term. ‘While I think we continually need to earn the trust of our clients,’ […]

Nick Hornby

Cerno Capital

Top Ten UHNW Wealth Managers

Nick Hornby re-enters our UHNW top ten after a glistening year which included picking up the Outstanding Achievement Award at last year’s Spear’s Wealth Management Awards. ‘I think it was a reflection of ten years’ hard work to build Cerno and get the business to where it is today,’ he says. Clients invest with Cerno through collective funds or a bespoke portfolio, with the firm employing three main investment strategies that are united by an approach of active, long-term and low turnover. ‘What people like about the firm is that they’re able to get direct access to James Spence and myself, the two managing partners,’ Hornby explains. ‘Our investment proposition is simple and easy for people to understand.’ Cerno has continued to attract new clients, with more coming from consultant and professional intermediary referrals, as well as entrepreneurs who have sold their business and realised significant assets. ‘It’s a sign […]

James Horniman

James Horniman

James Hambro

Top Recommended HNW Wealth Managers

A partner and portfolio manager at James Hambro since 2013, James Horniman has been in fund management for more than a quarter of a century. But, he tells Spear’s, he applied for a job in wealth management ‘because I hated accountancy so much’. ‘I enjoy the combination of client service, and buying and selling shares. 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 you’re in a large or a small company.’ When it comes to taking on new clients, he says the firm’s approach is ‘practical’: ‘We say a […]

Chris-Ivey Cambridge Associates

Chris Ivey

Cambridge Associates

Top Recommended UHNW Wealth Managers

On a personal level, the proudest moment of Chris Ivey’s year was watching his son score a century for the school cricket team. On the professional front, however, he warns some investment managers may soon be negotiating a sticky wicket. ‘There’s a recognition that future returns may be lower,’ he says. ‘That leads to increased interest in enhancing returns through exposure to private investments. Many clients are either looking at the asset class for the first time or considering how to increase allocations and/or use other levers such as co-invests and secondaries.’ Cambridge Associates provides global investment management on a discretionary and nondiscretionary basis. It has no pooled fund or model portfolios, instead electing to build each client portfolio on a bottom-up, bespoke basis. Another consequence of the current environment is a renewed focus on fees, and Ivey reports ‘notable successes’ in improving Cambridge clients’ terms with leading managers. To achieve […]

Jeremy Knowland

Cuit Private Bank

Top Tne UHNW Wealth Managers

‘We’re not trying to be all things to all people,’ a cheery Jeremy Knowland tells Spear’s, recalling that fateful day three years ago when Brexit became a reality. ‘We got across to our entire client base by 11.30 in the morning. That ability to react is an enormous differentiator to others.’ By focusing solely on a UHNW clientele, Citi’s wealth management arm is able to offer its services at a speed and mobility that belies the bank’s scale. A client will at a minimum have three people supporting them, depending on the client’s individual needs. That team can then include other specialists – for example, a dedicated trader for those clients who wish to be more active in markets or other specialists in lending, banking or linked to Citi’s investment Lab – an independent team that analyses portfolios. Knowland is increasingly seeing clients look for a ‘global proposition’. Clients who […]

Annamaria Koerling, Owl Private Office

Annamaria Koerling

Owl Private Office

Family Offices Services

‘When you move on to the private side you have a completely different relationship with your client,’ says Annamaria Koerling, who is described as a ‘star’ by peers and has a regular column in Spear’s (see page 29). ‘An investment banker is selling something, but on the private side you’re an advocate for your client – in partnership with them. There’s something satisfying about that.’ Now in her second year at Owl Private Office, Koerling believes there needs to be more transparency in the industry: ‘Our view is that a successful family office is just as much about the non-financial as the financial. We don’t add value by charging on the basis of the value of assets; we charge a flat, project-based fee.’ A graduate in modern languages from Cambridge (she is a fellow commoner of Queens’ College), Koerling is fluent in Italian, German and French, has spent 25 years […]

Amit Kotha

RBC Wealth Management

UHNW Top Ten Wealth Managers

One of the true gems in RBC’s London office, few bankers are as trusted and respected as Amit Kotha when it comes to dealing with the needs of Britain’s South-East Asian UHNW community. It’s a reputation that gives the Canadian bank a clear edge in the capital’s crowded wealth management sphere. ‘Not only does he advise to the best of his ability, he takes on his clients’ problems as his own and thus has real empathy when advising,’ one client told Spear’s. Kotha anchors his approach to RBC’s ‘one bank’ mentality. The bank deals with a growing pool of ‘über-ultra’ clients in need of a streamlined service that offers solutions comprehensively geared to their needs. ‘You have to be patient – you can’t be aggressive with such clients,’ he notes. It’s the attention to detail that marks Kotha and his team out from the crowd. Boosted by his trusted adviser […]

Edward-Lawson-Johnston_LJ-Partnership

Edward Lawson Johnston

Alvarium

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,’ says Edward Lawson Johnston of the firm he founded 10 years ago, which until recently was called LJ Partnership. With assets under management in excess of $14 billion, it’s safe to say he seized the moment at just the right time. ‘People were asking themselves difficult questions about how their money was managed, and real estate grew up as being of particular interest.’ Alvarium is an independent global boutique that pitches itself as a ‘dynamic investment ecosystem’. Lawson Johnston sits on the firm’s global operational board, merchant banking and direct investment divisions with a responsibility for overseeing the strategy of the group. ‘Our international infrastructure provides local insights which, through one investment committee, shape overall macroeconomic opinion,’ the firm says. In a crowded and complex investment world, it […]

Kate Leppard

Cazenove Capital

Top Recommended UHNW Wealth Managers

Kate Leppard began her career as a stockbroker at Quilter Goodison in 1987, before joining Schroders in 1990. Having spent virtually her entire career at Schroders (which bought Cazenove Capital in 2013), the head of client service for UK wealth management is clear on what separates the great from the good: ‘Depth and breadth of expertise – and being able to draw from a wide knowledge base.’ ‘When it comes to HNW and UHNW families, the stability of the relationship is very important. You need a discretionary manager who is forward-looking and who evolves with time – and having a strong relationship with your client, where there’s a mutual understanding and trust, makes all the difference in the world.’ ‘My clients range hugely in size, background and age,’ Leppard tells Spear’s, ‘but are mostly now characterised as having either a complex family setup, tax or investment requirements. We like to […]

Penny Lovell

Sanlam UK

Top Recommended HNW Wealth Managers

Penny Lovell joined Sanlam in 2017 from Close Brothers as CEO of the firm’s private office and UK executive committee. The brief at the time was to build up the South African firm’s HNW business for UK families. The firm’s stated aim for the private office was to ‘extend our service in the UK and bolster our ability to offer tailored solutions for an increasing complex and bespoke set of needs from HNW clients’. Winning new clients is hard work, admits Lovell, who has been at it for 30 years. ‘Anyone who tells you otherwise is not telling the truth. But the reception has been so warm and so positive and we have started winning some really significant large family mandates.’ Originally launched in Cape Town, Sanlam is the biggest non-banking financial institution in Africa. It’s listed on the Johannesburg stock exchange, and has an impressive global reputation. It has […]

Duncane Macintyre

Duncan MacIntyre

Lombard Odier

Top Ten UHNW Wealth Managers

Lombard Odier’s UK CEO is in fine spirits during his annual catch-up with Spear’s. ‘We’ve had a great 12 months,’ enthuses Duncan MacIntyre. ‘We’ve had record inflows, we’ve added lots of new talent to the business, and it feels like we have found a real position in the marketplace.’ The firm is unique in its proprietorship of both its business and its technology platform, which runs more than £280 billion-worth of assets. MacIntyre describes the operation as a ‘boutique’ with a global reach. Each portfolio is then managed through a single point of contact in a seamless fashion, with solutions tailored to individual circumstances. ‘That’s extremely unusual,’ he says, adding that the flexibility of Lombard Odier is an effect of its outstanding technological solutions. MacIntyre’s proudest moment of the year has been a PAM award for the digital wealth solutions the company has provided for the wealth management industry. ‘We’re […]

Charles Marment

Charles Stanley

Top Recommended HNW Wealth Managers

Multi-decorated major Charles Marment joined Charles Stanley after a distinguished career in the Honourable Artillery Company and has one of the largest and longest-standing client books in the capital. Working alongside Freddy Barker, he’s front and centre of a firm that blends old-school charm with an acute understanding of the changing currents in the industry. ‘Ebullient and convivial’ is how one industry peer describes him. Charles Stanley is resolutely dynamic in its approach, embracing a holistic style of wealth management with the intention of covering all the needs of clients under one roof. Its online platform offers a cost-efficient, simple way for clients to manage investments online. As well as its innovative culture, the firm’s practice is embedded in an ability to leverage the experience of people such as Marment, who fly the flag for the firm’s traditionanchored, high-quality and discerning service. He describes ‘sweating out’ Q4 of last year to […]

Quentin-Marshall_Weatherbys

Quentin Marshall

Weatherbys Private Bank

Top Ten HNW Wealth Manager

‘The biggest brain in the industry,’ says one insider of Quentin Marshall, and in 2018 the Spear’s judging panel agreed, naming Marshall our UK Private Banker of the Year. Marshall has had a stellar career at big-name banks: he stepped up to head Weatherbys Private Bank in July 2017, having joined in June 2015 as deputy head. He had previously been at Coutts, where he had been head of advisory within the investments team and deputy chairman of the investment strategy committee. Prior to Coutts, Marshall worked for UBS for 16 years, during which he spent four years advising the Republic of Indonesia during the Asian financial crisis. Roger Weatherby, chief executive of Weatherbys, is another fan of Marshall, noting that he has ‘a rare combination of deep private banking expertise and a thorough understanding of what Weatherbys’ clients want and deserve, namely exceptional personal service’. Marshall tells us that […]

Josh Mathews, MASECO

Josh Matthews

Maseco Private Wealth

Top Ten HNW Wealth Managers

‘Working with Americans is complex because they’re taxed globally by the US irrespective of residency– we’re very well set up to invest wealth in a rational and tax-efficient manner efficient for Americans in the UK,’ says Josh Matthews, who co-founded Maseco Private Wealth in 2008. The firm has deep expertise in multinational matters, providing a comprehensive service which devises strategies for clients depending on their individual needs, investing globally and arranging custody of assets across various jurisdictions in order to optimise their portfolios. It’s an approach that works: ‘We currently manage over $1.75 billion in client assets, up more than $250 million since January 2018.’ He says the political uncertainty in the UK is affecting his client base: ‘Although London is unique and still a powerful global financial centre, we’ve seen some clients move to Portugal, Paris, Geneva and elsewhere.’ Dubbed a ‘creative thinker’ by peers, Mathews spearheaded the drive […]

David Miller

Quilter Cheviot

Top Recommended HNW Wealth Managers

David Miller has been in the cut and thrust of financial markets for almost four decades, having been a stockbroker, fund manager at Flemings, then a managing director at JP Morgan and Royal Bank of Canada before joining the Cheviot partnership in 2007. Readers of his ‘Diary of a Fund Manager’ blog – of which there are 16,000, spread across 25 countries – will know that his enthusiasm remains undimmed. Miller’s analysis of the week’s most significant economic and political news from around the globe offers a valuable insight into the thought processes that govern major decisions at Quilter Cheviot and also regularly sees him invited to speak on television. Quilter Cheviot is one of the UK’s largest discretionary investment management firms and says its clients are essentially looking for ‘absolute returns, inflation protection and good communication’, which its managers strive to deliver. A ‘comprehensive range’ of investment tools and […]

Gina Miller

Alan & Gina Miller

SCM Direct

Top Recommended HNW Wealth Managers

Without Alan and Gina Miller there would be no MiFID II. Alan, a legend among investment managers, is one of the savviest in the game, with more than 30 years’ experience in equities, property, fixed interest and alternative assets. Gina continues to be a force as a political campaigner and philanthropist, having released her book Rise to much acclaim last year. Power couple is an overused term, but it applies here. SCM, which stands for ‘Smart, Common Sense and Modern’, prides itself on offering a different kind of service: it doesn’t charge performance fees, adviser charges, initial charges or exit penalties. It was founded after the couple struggled to find an investment manager that ticked all the boxes they were after. Clients praise the duo’s ‘integrity, honesty and genuine desire to try to produce something better than their peers’. Rooted in a belief that investments should focus on ‘fundamentals rather than […]

Neil Moles, Progeny

Neil Moles

Progeny

Top Recommended HNW Wealth Managers

Progeny’s ambitions show no sign of abating as managing director Neil Moles proudly announces four acquisitions in what he calls ‘a phenomenal year’.Its absorption of Evolve Financial Planning has taken the firm’s AuM past £1 billion, while acquiring Quest Financial Solutions and Juno Wealth Management has increased its reach to Sussex and Buckinghamshire. Progeny will also carry out operations in Scotland for the first time, through Innovate Financial Services. Progeny is ‘unique’ in offering private and corporate legal advice on top of its financial planning and discretionary investment management services. An example of the complex cases Moles handles is that of an entrepreneur who was unhappy about the income tax he was paying. As the client already had a diversified portfolio and high tolerance for risk, Moles advised channelling an investment of £50,000 into a venture capital trust. This would generate a 30 per cent income tax relief of £15,000 if […]

Michael-Parsons_WREN-Investment-Office

Michael Parsons

Wren

Top Recommended UHNW Wealth managers

‘A steady number of clients are really attracted by our offering, especially our international element,’ says Michael Parsons, referring to the fact that Wren is backed by WE Family Offices in the US and MdF Family Partners, one of the leading independent multi-family offices in continental Europe. ‘We have relatively few clients, therefore we have the time to really look after them properly and really get to understand their long-term aspirations, over multiple generations.’ Parsons works with a team of five who all worked together at Lord North Street before Parsons set up Wren in 2016. He works with clients with assets ranging from £25 million to the ‘many hundreds of millions’. ‘We don’t do the billionaires, so I suppose we attract people who have enough complexity to need a family office, but don’t want the bother of hiring their own people in-house.’ Wren is highly recommended by distinguished contemporaries, […]

Giles Pascoe

Goldman Sachs

Top Ten UHNW WEalth Manager

‘We want to be absolutely pivotal to a small number of very material people.’ So says Giles Pascoe, the leader of one of Goldman Sachs’ largest UK private wealth teams in London – what he describes as a ‘boutique’ within the firm. Likening his role to that of a personal CIO, Pascoe says: ‘What we do here is institutional quality investment planning and implementation. That’s 90 per cent of the job for clients.’ The bank’s brokerage account helps clients manage other risks, such as currency. ‘All very wealthy people should be, and typically are, very mindful of currency,’ Pascoe tells Spear’s, noting also that the bank’s in-house private equity funds are a ‘really important part of our client offering’. ‘Companies are staying private for longer. If you’re not invested in private markets you’re missing out on a large chunk of the US economy and growth.’ Pascoe explains that Goldman’s private wealth […]

GuyPaterson StanhopeCapital

Guy Paterson

Stanhope Capital

Top Recommended UHNW Wealth Managers

One of the most respected and experienced wealth management professionals in the UK, Guy Paterson is a seasoned expert who has been navigating the financial markets for more than 25 years. ‘The key thing is to avoid shocks,’ he tells Spear’s. ‘In the final quarter of 2018, the critical thing was to keep clients confident so that they didn’t sell off. Then the defining feature of the first quarter of this year was making very, very strong returns for clients who had remained fully invested.’ Based in London, Jersey and Geneva, Stanhope Capital takes an innovative approach that has seen it grow considerably in recent years, not only in AuM but also in stature and reputation, to now resemble an investment world darling looking after established institutions and charities as well as client families. While Paterson maintains that a savvy investor’s reaction to a market fall should be ‘Is there opportunity […]

Rupert Phelps, Smith & Williamson

Rupert Phelps

Smith & Williamson

Family Offices Services

Rupert Phelps has had a storied career. The family office services partner at Smith & Williamson left the Life Guards in the late Nineties to pursue a career in finance. ‘I was keen to start at an aggressive American bank with international presence, meritocratic culture and excellent training,’ he explains in his article on leadership in this Issue 69 of Spear’s. His chosen bank was Merrill Lynch – and it certainly worked. Today Phelps is one of the best-connected people and one of the wisest minds in the industry. He also chairs the Gulls’ Eggs luncheon, which this year raised more than £95,000 for the Cure Parkinson’s Trust. 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.’ So how has the year been? Phelps identifies political challenges […]

Charlotte Ransom, Netwealth

Charlotte Ransom

Netwealth

Top Recommended HNW Wealth Managers

‘We started from nothing,’ says Netwealth CEO Charlotte Ransom. But things at the young investment management firm are developing apace. Ransom spent 19 years at Goldman Sachs, where she was a partner, and had a two-year spell at Decura Investment Management before founding the firm in 2015, with an ambition to combine the best of a traditional discretionary service with the benefits of a ‘technology-enhanced’ approach. The business is well-backed, with shareholders including Santander vice-chair Bruce Carnegie-Brown and ex-Man Group chair Harvey McGrath. But, Ransom says, ‘When you’re new you don’t really have a track record. Sometimes that’s raised as a bit of a barrier as to why people shouldn’t invest with you.’ Having recently celebrated the third anniversary of the launch of the investment management proposition, that is changing. Performance, Ransom says, has been ‘very good’. The firm’s internal benchmark of ‘inflation plus 0.5 per cent’ at risk level […]

Christopher Rose, Waverton

Christopher Rose

Waverton

Top Recommended HNW Wealth Managers

‘We get out of bed to ensure that two plus two makes four and a half consistently,’ explains Waverton director Christopher Rose, who heads up the firm’s experienced and sharp private client unit. ‘If you do that, then you’re doing a very good job for your clients.’ Throughout his time with Waverton, Rose has been involved at all stages with managing a significant number of UK resident portfolios, retaining an ongoing relationship with clients from across the spectrum. Having been a part of the St James’s-based firm since 1989 after a six-year stint at Lazard, Rose sits on Waverton’s management committee. He is praised by an industry colleague as ‘always hale and hearty, an excellent front man for Waverton, always out and about’. Waverton is known as a primarily equity-oriented house with a global outlook. It’s an approach that has served its clients well, with the bulk of business for […]

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 of the needs of UHNWs. ‘Most of the thought leadership we do is client-driven,’ he tells Spear’s, and it’s that ability to understand the mind of the HNW client that sets this business apart. That sense was increased in 2018 with the hire of Michel de Carvalho: the chairman brings with him the contacts accrued over years at Citi. Said is a critic of some of the clichés that beset the wealth management industry. He dislikes the modern penchant for apps (‘You wake in the morning, you brush your teeth and you think, “I’m down 3 per cent”’). He also understands the needs of next-gen family members: ‘They’re told they need to be entrepreneurial but also dutiful – all of the things that successful entrepreneurs don’t do!’ And Said’s investment philosophy? ‘We’re cautiously optimistic […]

Patrick Smiley

Smith & Williamson

Top Recommended UHNW Wealth Managers

Veteran Smith & Williamson partner Patrick Smiley has managed investments on behalf of charities, trusts and private individuals for more than 30 years and still retains some of the clients he started out with. ‘We don’t chop and change clients,’ he tells Spear’s. ‘We hope that the relationships grow – when you look after a client for 30 years, you’re looking after them at various stages in their life as their needs and requirements and attitudes to investments change.’ It’s an approach that the firm has been careful to foster over its storied history. It continues to evolve, with £20.8 billion of funds under management and advice. It’s able to pool together the knowledge and expertise of more than 1,400 people. It’s been a strong year for S&W, but whether it’s the situation in Venezuela or the dragging US/ China trade war, Smiley has been paying attention to the broader […]

Jason Stather-Lodge OCM Wealth Management

Jason Stather-Lodge

OCM Wealth Management

Top Recommended HNW Wealth Managers

In the view of Jason Stather-Lodge, clients are more financially aware and cost-conscious than ever before. ‘Sometimes they know the cost of everything and value of nothing,’ he says matter-of-factly. But OCM prides itself on driving its costs down. ‘In many ways, delivering more for less has been a motto,’ he explains. A former engineer in the forces, Stather-Lodge set up OCM after stints at RBS and Ernst & Young. His clients get a personalised service. ‘I’ve never turned my phone off on holiday because I’m terrified a client won’t be able to get hold of me,’ he says, adding: ‘Your clients become your children in a way. You put them first.’ OCM offers end-to-end financial planning, a taxation service and an in-house discretionary fund manager (DFM) model portfolio service. It is a privately owned family business, which, Stather-Lodge says, allows him to put clients first: ‘As a result, we […]

Camilla Stowell

Coutts

Top Recommended UHNW Wealth Managers

Coutts’ managing director and head of wealth investor management, private office and international, Camilla Stowell, has shepherded her department to another solid year. ‘We had a great 2018, tripling our RoE over three years through strong net new business flows for AuM, consistent deposits and efficient capital management,’ she says. ‘Our client satisfaction scores continued to improve and we successfully recruited 500 clients on to our client council, who help us continue to shape our business. Markets were challenging in quarter four 2018, but our analytical rigour and unbiased decision-making process allowed us to minimise the impact on client wealth.’ Established in 2005 to serve the bank’s wealthiest clients, Coutts’ private office prides itself on providing an extensive range of solutions. The eighth oldest bank in the world has its finger on the pulse. ‘The trend in technological innovation across the industry is continuing at a rapid pace and we […]

Jane Sydenham, Rathbones

Jane Sydenham

Rathbones

Tope Recommended HNW Wealth Managers

Jane Sydenham is in confident mood when Spear’s catches up with her: ‘Despite ongoing political and economic uncertainties, we have had a positive first quarter, with our operating income in the first quarter increasing 13.1 per cent compared to Q1 2018.’ The part-time broadcaster (Sydenham appears regularly on Wake Up to Money on BBC Five Live) attributes her success to a thoughtful investment approach. With clients expressing concern about responsible capitalism, Rathbones has reacted swiftly. ‘We are examining how we bring the most tangible ESG risks and opportunities further within the scope of our investment and stewardship activities,’ she says. Even so, this sort of smart thinking must be undertaken in opposition to the prevailing difficulties regarding populism, particularly in Europe. Sydenham observes: ‘While there are some great individual companies in Europe, the overall picture is one of pretty slow growth – so stock selection is key.’ Indeed, Sydenham commits […]

Robert Szechenyi, Rathbones

Robert Szechenyi

Rathbones

Rising Stars Wealth Managers

‘Despite ongoing political and economic uncertainties, we have had a positive first quarter, with our operating income increasing 13.1 per cent compared to Q1 2018,’ says the likeable and impressive RobertSzechenyi.‘Ahighlighthas been the integration of recently acquired Speirs & Jeffrey, which proceeds well as we continue to focus on transferring clients to the Rathbones platform.’ It’s true that there have been some turbulent times at Rathbones recently – a significant part of the team departed for Close Brothers in 2018 – but with young talent such as Szechenyi in position, one has sense of a ship being righted. ‘I speak to more and more clients who want to know about ethical investing and its performance impact,’ he says. ‘Twenty years of investment performance history have quelled most fears about under- performance of portfolios managed to ethical mandates.’ Szechenyi is also perceptive on the bond market, where, he says, quality now […]

Theophanus Theophanis Barclays

Theophanis Theophanous

Barclays Private bank

Top Recommended UHNW Wealth Managers

Theophanis Theophanous sharpened his tools as a wealth planner at Deloitte, where he became head of private client services before joining Barclays. He says it stood him in good stead for his current role, as managing director of key clients and family offices. ‘Having a background in wealth planning means you tend to see and understand client needs,’ he says. ‘Private banking is all about finding a solution to those needs.’ Theophanous’s client base includes those from Dubai, Greece, Russia, Saudi Arabia and Switzerland – as well as non-doms from all over the world resident in London. He prides himself on his ability to earn trust through the service that he provides and sums up his approach in three words: ‘Advisory, advisory, advisory.’ He adds that UHNWs tend to be savvy in many respects and can spot the difference between a private banker who prioritises their interests above anything else […]

Jeremy Vaughan, Hampden & Co

Jeremy Vaughan

Hampden & Co

Top Recommended HNW Wealth Managers

Hampden & Co became the UK’s newest private bank – the first for three decades – when founded in 2015. Its short history has been defined by a decision to eschew wealth management or general investment advice to focus firmly on offering personal, professional banking services to its HNW clients and their families. This modus operandi is working, says managing director Jeremy Vaughan: ‘Our approach has led to many who work in areas such as wealth management, investment advice, law and accountancy to transfer their banking to us, as they understand the value of specialist expertise, and welcome the convenience that a private banking relationship offers.’ Vaughan, whose career has taken him from NatWest to Hill Samuel Bank to Adam & Company, where he was a banking director for more than 15 years, adds that the bank makes arrangements for each individual client, their family and their other commercial interests. […]

Petronella West investment Quorum

Petronella West

Investment Quorum

Top Ten HNW Wealth Managers

‘I really believe that the more senior you become, the more selfawareness you need,’ Investment Quorum’s newly appointed CEO tells Spear’s over coffee. ‘I think some of the dangerous situations I’ve seen in the past in terms of business leaders is where you stop being self-aware.’ Petronella West is one of the most empathetic and charismatic personalities in wealth management, and stepping into the hot seat after Investment Quorum co-founder Lee Robertson’s departure has only made her more conscious of her communication. She swears by business coaching, and fully appreciates the ‘fantastic woman’ who structures her ideas in a way that helps her carry the company as well as the management buy-out forward. For West, change is important. She points to her CIO Peter Lohman, who diligently tracks every aspect of next-gen ideology, even at 65. ‘He’s so forward-thinking,’ she says. ‘Reading about the tech revolution, what millennials are thinking, […]

Charles White McInroy Wood

Charles White

McInroy & Wood

Top Ten HNW Wealth Managers

Charles White, who is described as a ‘class act’ by one peer, is very focused on preservation of capital, and continually aims not to succumb to ‘external pressures’ from shareholders. It’s the main benefit of being a boutique, he explains: ‘We’re not driven to grow for growth’s sake. If we go through a dull phase because we’ve taken a particularly cautious approach and the returns are suppressed, that’s fine – no one’s breathing down our neck.’ The employee-owned family firm is not a ‘bolt-on business’ – it occupies a niche space where personal relationships are more important to clients than ‘following fads or investment fashions’. This puts McInroy & Wood a world apart from the ‘general distrust with financial services’, says White. ‘We’ve avoided being tainted by the same brush that many larger, integrated institutions in the financial services have not been able to avoid.’ Clients want simplicity, adds White: ‘We […]

Natasa Williams LGT-Vestra

Nataša Williams

LGT Vestra

Top Recommended UHNW Wealth Managers

Despite describing 2019 as a ‘rollercoaster’ year, Nataša Williams reveals that challenges in financial markets have actually boosted LGT Vestra’s private office AuM by more than £200 million, with the highly trusted adviser now managing assets just shy of £1 billion. The team has also built a loan book of more than £50 million; a new offering following Vestra’s partnership with LGT in 2016. These developments make the wider firm a manager of £12 billionworth of private client assets – a huge leap from the start-up that Vestra was just 12 years ago. Yet another new and exciting development for LGT Vestra is the launch of its private equity offering, which Williams describes as ‘a real milestone for us’. ‘We have given our clients access to a select few niche funds – and the take-up is rising,’ she says. She is also warmed by the increased referrals of clients’ wider […]

Patrick Wilson, Credit Suisse

Patrick Wilson

Credit Suisse

Top Ten HNW Wealth Managers

‘When I joined Credit Suisse in 2006, I arrived with no clients – just a phone, a computer and a fantastic platform to work with,’ recalls the brilliant former history teacher and author Patrick Wilson. ‘It was a daunting but exciting opportunity.’ How did he get to where he is now? ‘Initially, I built my client base via targeted prospecting of entrepreneurs, as well as a focus on top corporate executives. I leveraged the contacts of investment bankers within the bank and focused on building a network across the firm. Within five years, I had become Credit Suisse UK’s top revenue producer.’ Spear’s puts his success down to an affable personality. ‘Private banking for me is all about building relationships,’ he says. ‘Each client has their own story, many of which are hugely inspiring, and their own unique set of needs. Empathy is paramount.’ When the bank was advising on the […]



ICONS FROM 2016



 

FOLLOW US ON