search.noResults

search.searching

saml.title
dataCollection.invalidEmail
note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
THE ISSUES Wealth management 2014:


Lord North Street sold to Sandaire


Stonehage and FF&P merge to create Stonehage Fleming


2017: Delfi n Private Offi ce founded by Annamaria Koerling, formerly head of C Hoare & Co investment management business


2015: Saranac Partners founded


2016:


Wren Investment Offi ce founded by ex-Sandaire and Lord North Street team including Wren’s CEO Michael Parsons


Lincoln Private Investment Offi ce founded by Ross Elder and Fred Hervey


Owl Private Offi ce founded by Adam Wethered, (co-founder of Lord North Street)


Cazenove acquires investment management arm of C Hoare & Co


2018: Investment trust Caledonia buys a 37 per cent stake in Stonehage Fleming for £90 million


M Ian Barnard Capital Generation Partners


“What defi nes the private investment offi ce is less it being small than it being unconfl icted – not having a


balance sheet and not having in-house product”


ergers, of course, are tricky. Ac- cording to many, Schroders and Sandaire have a good shot at mak-


ing their marriage work. But what about the Stanhope-Forbes Family Office deal? Will the talent and the client money stay – or go elsewhere? ‘Very often everything looks good on paper but when you get the people in the same room there’s a bloodbath of egos,’ cau- tions one industry observer. ‘The rationale for the merger,’ Pinto tells me, ‘is that we felt we had a shared DNA.’ A meeting took place pre-Covid, then all subsequent discussions and negotiations were over Zoom as the pandemic took hold. The way that the new entity handles the tension between scale and independence may prove decisive. ‘What we are trying to achieve here is the best of both worlds: having the scale of a large institution but at the same time keeping the features that all clients like about independent wealth managers, which are the absence of conflict and the alignment of interest,’ says Pinto.


What is clear is that the Stanhope and Sandaire deals both point in the same direction – consolidation, which is often driven by either fear, greed, or a combination of the two. ‘Scale is important,’ states Pinto. ‘People used to think that it’s enough to have the trust of a few families and off you go. The game is becoming more and more complicated for anyone involved in the industry. You have to invest across the globe, across asset classes, you have compliance costs skyrocketing, so all these independents are having second thoughts about their business models.’


And Pinto might well be waiting for them with his Stanhope chequebook. Or perhaps it’ll be the turn of one of the banks to acquire them, anxious not lose market share to these


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100