This expansion is part of the Schroders subsidiary’s regional growth strategy.

Since 2020, Cazenove Capital has opened three new offices, including in Birmingham and Manchester.

The business has also made 18 hires dedicated to specific regions across the UK.

Karan Sejpal, head of business owners and entrepreneurs, and head of UK regions at Cazenove Capital, said: “Clients are increasingly looking for a personalised, local service to achieve their long-term financial objectives. We’re thrilled to open our new Bristol office, representing a significant milestone in our regional growth strategy.

“By expanding our local office network, it helps us to deepen relationships with a new wave of high- and ultra-high-net-worth clients, and better understand their needs.”

The wealth manager arm of LGT has promoted Sanjay Rijhsinghani to chief investment officer.

He is currently a founding partner and head of portfolio management at the firm. He will take on the c-suite role from 1 January 2023, succeeding Jonathan Marriot, who is retiring after 40 years in the industry.

Additionally, LGT Private Banking has hired Anna Zhu as managing director in Singapore.

She was previously team lead at Indosuez Wealth Management for five years.

Julius Baer

The Swiss wealth manager has named Alexandra McInnes as head of Guernsey.

She will take over from Stephen Burt, who is retiring.

McInnes joins from PraxisIFM, where she was group chief operating and risk officer.

Deutsche Bank

The Germany-headquartered bank has promoted Alanoud Alqahtani to general manager of its branch in Riyad, Saudi Arabia.

The operation offers banking as well as investment and wealth management services.

She joined the bank in the region in 2016 as a middle office manager in the wealth department, and then became head of international private bank operations Saudi Arabia in 2019.

UBS Wealth Management

Apac head of product development and management funds James Fava has left his post in Hong Kong.

He has joined Trusted Novus Bank in Gibraltar as a relationship manager for financial institutions and intermediaries.

Fava was at UBS for more than two decades.

Amundi

The French asset management giant has promoted Matthieu Guignard to global head of services and solutions within the distribution and wealth division.

He has been at the firm since 2008 where, most recently, he was global head of product development and capital market at Amundi ETF Indexing & Smart Beta.

PGIM Investments

The global asset management arm of Prudential Financial has hired Matt Shafer as head of international distribution.

He joins from BNY Mellon Investment Management, where he was head of European distribution.

Close Brothers Asset Management

John Hair and Charles Insley have joined the UK-based firm as investment directors, based in London.

Hair and Insley were both at Abrdn, where they worked as chief investment officer of the private client business and head of international private clients, respectively.

Cazenove Capital

The Schroders wealth management subsidiary has recruited Chris Arbuthnott as a portfolio director.

He will serve clients in Aberdeen and the north of Scotland.

Arbuthnott joins from Barclays Wealth Management, where he served as a director for over four years.

Rothschild & Co

The international financial services firm has bolstered its Swiss onshore wealth management capabilities.

Aaron Keller has taken on the role of head of the Swiss Onshore Zurich executive and entrepreneurs team, focusing on high net worth clients in the Zurich area. He joins from Credit Suisse, where he held a similar position.

Philippe Neher, who used to advise wealthy clients at Zürcher Kantonalbank; Jürg Kramis and Jonas Kessler, who worked as client advisers at Credit Suisse; and Ueli Gnos, a former senior relationship manager at Bergos Private Bank, have all joined the team.

Chief executive Chris Hill has decided to retire from the investment firm.

Hill has served as chief executive since April 2017.

The Hargreaves Lansdown board is undertaking a “thorough and extensive search for his successor”.

Hill will remain in role until his successor joins the company and to allow time for a handover up to November 2023.

Schroders Personal Wealth

The advice firm has appointed Graham Bastin as chief technology officer.

He joins from Barclays Bank, where he held several roles including chief information officer.

UBS Global Wealth Management

Patrick Busse has been named as co-head of global financial intermediaries in Asia Pacific at the global wealth manager.

Busse will serve as co-head alongside Markus Haeny, who is currently based in Singapore, but will be relocating to Hong Kong on 1 January. Busse is based in Singapore.

He joins from Swiss rival Credit Suisse, where he spent more than a decade and was most recently team head of external asset management (EAM) for Singapore. He started his career at Credit Suisse as an EAM investment adviser, based in Zurich.

RBC Brewin Dolphin

The wealth manager has hired Joss Mitchell as wealth director – divisional director, according to his Linkedin profile.

Mitchell joins from Gam, where he was head of wealth management UK.

Evelyn Partners

The wealth management and professional services group has bolstered its professional services team in Birmingham with the appointment of Matt Hughes as private client tax partner.

Hughes joins Evelyn Partners from PwC, where he worked for the last 12 years, latterly as director.

Cazenove Capital

The UK wealth management arm of Schroders has appointed Rebecca Constable as a portfolio director for Buckinghamshire, Berkshire and Oxfordshire.

Prior to joining Cazenove Capital, Constable spent the last 13 years at Kleinwort Hambros as director.

P1 Investment Services

Shaun Drew has been hired as a relationship manager in the platform team at the investment firm.

He joins from insurance firm The Exeter, where he was a telephone account manager.

Artorius

The wealth manager has recruited Ben Roberts as a client partner.

Roberts has worked in wealth management for the last 20 years and has held positions at Brown Shipley Private Bank, Brooks Macdonald and Tilney investment Management.

Nucleus Financial

The adviser platform group has named Judith Davidson and Richard Hoskins as independent non-executive directors.

Davidson is the former chief operating officer and executive director of IntegraFin, which owns and operates investment platform Transact.

Hoskins has experience as a non-executive director at Liberty Mutual, Aztec and BGL Group, and as a senior executive at Hastings, Aviva, AIG and Old Mutual.

In addition, remaining on the board and as chair of the risk committee, Kathryn Purves will also now take on the role of senior independent director.

Purves served as chief executive of IFG, the listed financial services parent company of what was James Hay Partnership and Saunderson House.

Ashley Alder has been named as the chair of the UK regulator.

He is currently chief executive of the Securities and Futures Commission (SFC) in Hong Kong, a role he has held since 2011.
Alder is expected to take up his role as FCA chair in January 2023. He is appointed for a five-year term.

The SFC has said it will start a recruitment drive for Alder’s successor soon.

Also, the UK regulator has appointed Anthony Monaghan as director of retail and regulatory investigations, which he has been covering on an interim basis since April 2021.

Karen Baxter will also join the FCA’s enforcement team as director of strategy, policy, international and intelligence.

AllianceBernstein

The global investment manager has named Kate Burke as chief financial officer.

She assumes this role while maintaining her role as chief operating officer.

Burke succeeds interim chief financial officer Bill Siemers, who will return to his prior role as corporate controller and chief accounting officer and remain on the firm’s operating committee.

She has stepped down from her role as head of Bernstein Private Wealth.

Onur Erzan, AllianceBernstein’s head of global client group, has been appointed head of Bernstein Private Wealth, in addition to his client group role.

HSBC Asset Management

The firm’s global head of responsible investing, Stuart Kirk, has resigned.

Kirk became HSBC AM’s global head of responsible investing last July after joining the business in 2020.

Prior to this, he was a journalist for the Financial Times and worked for DWS.

Credit Suisse

The bank has named Roger Suter as head of private banking Switzerland.

Suter is currently regional head central Switzerland.

He will take over from Serge Fehr.

Premier Miton Investors

The UK firm has recruited Georgi Koutsoumbos from Jupiter Asset Management to become business development manager to its wealth management distribution team.

Koutsoumbos will be responsible for client relationships and business development with wealth managers in the Midlands and southwest.

He was previously regional sales manager for the Midlands at Jupiter, having spent seven years at JP Morgan Asset Management before that.

Quilter

Chris Fautley has stepped down as chair of Quilter Financial Advisers.

Fautley was previously chief executive of Charles Darby before its sale to Quilter.

Quilter said in a statement: “We thank Chris for his time with Quilter since the acquisition of Charles Derby in 2019 and for his help integrating the business as part of Quilter Financial Advisers. We wish him all the best for the future.”

Investec Wealth & Investment

Faye Church has been hired as senior financial planning director at the wealth firm’s Guildford office.

She joins Investec from Close Brothers Asset Management.

JP Morgan Private Bank

The group has expanded its Middle East and North Africa adviser team.

Yazeed Mohammed Alsubeaei and Ghadeer Yusuf have both joined from Credit Suisse and Citi Private Bank, respectively.

Evelyn Partners

The wealth management and professional services group has hired adviser Catherine Glennon to join its Cambridge financial planning team.

She joins from Tees Financial, the IFA arm of regional law firm Tees.

Cazenove Capital

The Schroders wealth management subsidiary has hired Stephen Wilson as a portfolio director.

He joins from UBS, where he spent over five years as a senior member of the Newcastle and Leeds team, working with high net worth clients across the north of England.

Colmore Partners

Simon Hoult has joined the business as head of proposition, with responsibility for supporting its continued growth and development.

He was most recently chair of the advice committee at Punter Southall and head of its financial planning team in London.

AAB Wealth

The advice firm has expanded into Northern Ireland with the appointment of financial planner Alastair Moore.

Moore, originally from County Down, Northern Ireland, previously worked for AAB Wealth for 5 years in Aberdeen before leaving to relocate home to Northern Ireland.

Over the past few years, companies in the sector have been bolstering their presence across the country and outside the traditional wealth capital of London.

One of these businesses is Cazenove Capital, the UK and Channel Islands wealth arm of Schroders. The firm recently opened an office in Birmingham and, prior to that, set up a Manchester base.

According to the Schroders’ subsidiary, the UK regional push is due to “internal and external reasons”.

Karan Sejpal, team head of business owners and entrepreneurs, and the UK regions at Cazenove Capital, told International Adviser: “With new wealth being created across the business owner and entrepreneurial community outside of London and the south east, and government policies aimed at refocusing attention on the regions as part of the ‘levelling up’ agenda, it makes sense for Cazenove Capital to focus on our UK regional growth.

“As a business, we have been very successful in London and the south east – the traditional hotspots for wealth creation in the UK. Our exposure to the rest of the UK was, as a result, fairly limited, with only a small percentage of our assets based in the regions.

“Over time, as centres of business excellence have emerged in regional hubs like Manchester, Birmingham, Bristol and Edinburgh, we have identified a significant runway for growth outside London and the south east, which we are actively pursuing.

“The joint venture between Schroders and Lloyds was another trigger event to our regional commitment. Lloyds already has significant market share with business owners and high-net-worth clients around the country. Through our relationship with Lloyds, we have enjoyed greater access to the top end of their client base.

“It really has been a no-brainer to double down on our regional efforts in the past few years.”

Expansion plans

Cazenove’s plans for regional expansion is not finished with Manchester and Birmingham.

Sejpal added: “The regional market is generally underserved. When I joined the firm, we set out our intentions to complement our existing offices with four new regional offices in Manchester, Birmingham, Bristol and Leeds. The board has been very supported of this plan and shown a desire to see it carried out.

“We’re making good progress on that commitment. In the past year, we have opened new offices in Manchester and Birmingham. Assuming we have the right talent, we hope Bristol and Leeds will be our next office launches.”

Competition

There are wealth managers and financial advice firms all across the UK. There may not be as many as in London and south east – but still enough to make it hard to take full control of a region.

Sejpal said: “There are benefits to having long-term relationships within a certain region. Recognition of your brand around the city will be higher; you’re more likely to encounter prospective clients through personal introductions or recommendations from other financial services providers.

“You can’t compensate for time spent in a city. That said, having the right talent can help you catch up with more established players, enabling you to hire others who are well-known in the region already. As you can imagine, competition to recruit local talent at a regional level is heating up.

“Having the support of a strong, globally recognised brands like Schroders and Cazenove Capital, and a long-term approach to regional presence, is undeniably helpful. It’s also reassuring to see the pace at which wealth has been created at a regional level in the past few years; there is opportunity for all firms, which takes the pressure off a bit too.”

Going against the status quo

The rise of the UK regional offices is going against the grain. The pandemic helped see the rise of virtual meetings and showed what could be the future of the advice sector with technology.

But Sejpal believes satellite offices are still a useful tool.

“While hybrid working is very much ‘the norm’ post-pandemic, there is still strong appetite for in-person meetings. This is something that has long defined how wealth managers service their clients, and not something we foresee changing too significantly in the new world of work.

“Technology is fundamental to our ability to offer clients a service that best suits their needs, wherever they are based. Not only does it enable us to meet virtually if desired, but it also provides an environment for collaboration, whether with the London office, between regions, or simply with clients and other advisers.

“A physical office space is a strong indicator of long-term commitment to a region, too. Clients want to know they’re dealing with a firm that won’t vanish overnight, and that has the on-the-ground resources to meet the spectrum of their needs.

“I’d expect to see more wealth managers opening offices across the country going forward. Not only because wealth creation in the region shows no signs of slowing, but also because advisers themselves will be drawn to a working model that means they can live outside of cities, while still doing the job they enjoy.”

Diverse talent and clients

One unspoken consequence of the wealth push outside of London is the potential for diversity.

With firms opening offices in places such as Bristol, Newcastle, Cardiff and Leeds, it can spread the world of wealth management to the masses – boosting client numbers as well as bringing in staff from all walks of life.

“The industry desperately needs diverse talent,” Sejpal said.

“We’re already seeing positive steps in that direction. The more that high quality wealth management firms are present in the regions, the greater public trust in the sector becomes. This, in turn, makes wealth management a more attractive sector for young people looking to build a career in.

“There was a time when clients felt they had to come to London to get proper advice. I think as a new breed of entrepreneurs has emerged in the past 20 years, there has become a greater expectation for good quality advice where they are – which is often in the regions.

“There is a feeling among regional wealth creators that they shouldn’t have to travel to London for advice on their assets. Advisers need to be coming out to the regions and meeting new and prospective clients where they are.

“As firms like ours continuing to expand in the regions, others will have to up their game to retain clients. At the end of the day, everyone benefits through enhancing their regional offering.”