Top Ten UHNW Wealth Managers
Jeremy Knowland’s first foray into wealth management came on his 14th birthday, when his father gave him a selection of share tipster sheets, hoping to educate him on the markets. He sank his savings into an Australian gold mining company: ‘I chose it for all the wrong reasons — it was cheap, as in 12p, so I thought therefore it must be good. By absolute fluke, nine months later they thought they had found the largest gold seam ever and the 12p share price went to £1.50.’ A £240 investment thus gave him a return of £3,000.
Fluke or not, it began a career that now sees Knowland head up Citi’s UHNW clients – a role with strong client focus. For instance, each banker has between 20 and 30 clients, and all had received a phone update by 11.30 the morning after the Brexit vote, he says.
Knowland has had plenty of investment success of late, with the discretionary team’s top-quartile performance ranking on one, three, five and ten-year horizons particularly strong. He attributes these results to the bank’s strength owing to its size and responsiveness.
‘When you’re holding 10,000 clients and there’s a regulatory change, other organisations might have to down tools for 18 months to two years. There’s a lot of system controls. The worst-case scenario for us is that we might have to down tools for two weeks in order to deliver exactly what that change is. Our responsiveness is very rapid, a lot more so than people might give a large institution credit for.’