home Latest News M&A, rebrands and service launches: The biggest wealth management stories of Q2 – Investment Week

M&A, rebrands and service launches: The biggest wealth management stories of Q2 – Investment Week

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Investment Week rounds up the top stories in the wealth management sector during the second quarter of 2017.

April

Neptune ditches wealth arm plans

Neptune Investment Management decided not to go ahead with plans to launch a wealth management arm, as Matt Butcher left his role, a year after joining to head up the division.

Coutts unveils online tool to tempt clients out of cash

Private bank and wealth manager Coutts launched its first online investment tool, offering investors access to five Personal Portfolio funds. Coutts Invest allows clients to select the fund best aligned to their risk profile. 

Service launched to help wealth managers unitise portfolios

Investment Fund Services Limited (IFSL), part of the Marlborough Group, partnered with technology firm Hubwise to launch a service allowing advisers and wealth managers to convert segregated client portfolios into an OEIC structure.

May

Standard Life Wealth appoints Hair as CIO

Standard Life Wealth made a series of internal promotions, including John Hair to chief investment officer and Julie-Ann Ashcroft as head of investments. Hair has responsibility for the firm’s investment portfolios, which have £6.7bn in assets under management, and reports to chief executive Richard Charnock. 

Beaufort IM appoints Brewin Dolphin investment manager

Beaufort Investment Management hired Peter Cousins as investment manager from Brewin Dolphin. Cousins spent 17 years at Brewin Dolphin managing discretionary and advisory investment portfolios for high-net-worth clients. He has also held roles at Schroders and Fidelity.

Rathbones seeks ‘further growth opportunities’ as FUM climbs 22%

Rathbone Brothers reported a 22.2% increase in its total funds under management (FUM) for the first quarter of 2017, as FUM in the investment management arm grew 20.3%, while the unit trust business saw a 10% increase.

June

AXA Wealth rebrands business to Phoenix Wealth

Following the group’s acquisition of AXA Wealth’s non-platform investment and pensions in 2016, Phoenix is set to rebrand AXA Wealth’s business to Phoenix Wealth. Phoenix said there will be no changes to the features, terms and conditions or the ability to top up existing policies. 

Schroders to offer wealth management services to US expats

Schroders is opening up its services to the US private wealth market with the launch of London-based Schroder Wealth Management (US), which will sit alongside its subsidiary Cazenove Capital.

Killik hires wealth planning head from Investec W&I

Private client investment firm Killik & Co appointed Svenja Keller as head of wealth planning. Keller joined from Investec Wealth & Investment, where she was financial planning director responsible for developing the financial planning team.

July

Canaccord Genuity Wealth Management acquires Hargreave Hale in £80m deal

Canaccord Genuity Group acquired wealth manager Hargreave Hale through its UK-based investment business Canaccord Genuity Wealth Management (CGWM) for a total consideration up to £79.5m. 

Davy acquires Danske Bank’s £500m wealth management business

Davy Private Clients UK acquired the discretionary portfolio management wealth business of Danske Bank. The deal will see the transfer of management of more than 1,100 customer investment portfolios by the end of October 2017. 

AJ Bell hires Old Mutual Wealth’s Dale for senior sales role

AJ Bell appointed Old Mutual Wealth’s head of advisory sales Gary Dale as sales director of its adviser platform, AJ Bell Investcentre. In his new role, he will be responsible for heading up sales at AJ Bell Investcentre, which will include the firm’s managed portfolio service and passives fund range.