THE SPEAR’S 500 Wealth & investing


Hugh Adlington Close Brothers


FOCUS Portfolio management


TOP RECOMMENDED HNW WEALTH MANAGERS


Hugh Adlington’s debut in this index confirms the development of Close Brothers into a bona fide wealth management big-hitter. The managing director joined from Rathbones in 2018 and works alongside ‘partner in crime’ Andrew Hess to manage the portfolios of private clients and families. The firm has a ‘fantastic infrastructure’, he tells Spear’s, ‘especially on the research and risk side’. He says a third of assets he manages are from new clients rather than transfers: ‘You get a feeling that the cobweb is working.’ Despite the recent market


recovery, Adlington is reticent over expectations for the year ahead. ‘The crystal ball is pretty cloudy,’ he says.


Tim Bailey Cazenove Capital FOCUS Investment management


Entering finance after graduating from Cambridge in 1984 with a degree in modern languages, Tim Bailey has seen it all. The portfolio director says the 1987 crash was key in helping develop the abilities and sensibilities enabling him to guide clients today. ‘This experience has really made me able to counsel my clients,’ he says. ‘Empathy and an ability to understand what worries different clients has helped to build good relationships too.’ Bailey’s career includes spells


with Schroders, Merrill Lynch and C. Hoare & Co., while his current stint at Cazenove, which began in 2017, is his second. Having walked the halls of such mighty firms, his experience has allowed him to ensure a smooth client transition.


Hugo Bedford JM Finn


FOCUS Portfolio management


Hugo Bedford has been in private client management all his working life. He cut his teeth at James Capel back in 1992, then moved on to HSBC before joining JM Finn in 2006. As a member of the management team, investment director Bedford was instrumental in its move from stockbroker to wealth manager. ‘Our success as a firm has been our ability to listen and understand our clients’ needs, something my team very much focuses on,’ he says. His department describes its approach as ‘high quality and personalised’, with a focus on meeting the demands of private and professional investors. It’s a service designed to guide clients through the increasingly complex investment world.


Chris Boon Close Brothers


FOCUS Investment management


‘We were fairly early in identifying the risk to economies,’ says Chris Boon of the Covid-19 pandemic, which has had such a profound effect on the world at large. ‘We had raised some cash because we expected markets to fall, and had communicated this to clients.’ It was certainly a challenging


experience, but Boon and the team at Close Brothers chose to try to extract the positives and reallocate funds to areas that are doing well. ‘Our clients are very pleased that we’ve taken the initiative,’ he says. With the caveat of coronavirus,


Close Brothers has been encountering strong growth of late, recruiting new investment officers, opening new offices and enlarging its client base organically.


Peter Clark Tilney Group


FOCUSWealth preservation


‘Our whole strategy is preserving capital,’ says Peter Clark, managing director at Tilney. ‘Our portfolios look very different from the wider stock market, so in a year like 2018, when markets were poor, our portfolios did relatively well.’ Clark, who started out at Hoare


Govett, founded the UK private client division of Amvescap in 1988. He says of smart investments, it’s a matter of keeping your head ‘when the markets go into tailspin’. The firm avoids what Clark calls ‘volatile’ industries, such as ‘banks, mines, oil, construction and airlines. There is always a chance a company will go bust,’ he explains. ‘At Tilney, we concentrate clients’ capital into companies that hold it consistently over three to five years.’


Bertie Dannatt Ruffer


FOCUS Discretionary portfolios


Bertie Dannatt became investment director at Ruffer in 2015. He joined the firm as a graduate trainee in 2008, after five years in the Army. The University of Durham graduate also qualified as a member of the Chartered Institute for Securities & Investments (CISI) in 2010. He is the son of Lord Dannatt, General Richard Dannatt, former chief of the general staff of the British Army. Ruffer’s philosophy when it comes


to investing is ‘to invest well, we need to take on risk’, and that ‘with risk comes great responsibility’. Rather than recklessly ‘charging headlong for growth’, its aim is simple: don’t lose money. ‘If we keep doing our job well, we will protect our clients’ capital – and increase its real value substantially,’ Dannatt says.


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