The private customer, asset management and investment services operations are to be sold to S-Bank, who will also take over lease agreements for branch offices.

The small and medium-sized enterprise operations are to be sold to Oma Savings Bank. The life insurance operations are to be sold to Fennia Life Insurance Company.

Upon the transfer date, the Bank will receive cash consideration equal to the actual net asset value of approximately €1.3bn (£1.1bn, €1.4bn) as per Q1 2023, plus a maximum premium payment of €8.5m.

The transaction is expected to be finalised during second half of 2024.

The sales are contingent on customary approvals by public authorities and the relevant trade unions have been informed.

The private bank has appointed Nick Gornall as associate director.

He has had a longstanding career in private banking and wealth management having worked previously at Coutts and Arbuthnot Latham.

In his most recent private banking role, he was head of business development at Arbuthnot Latham for four years.

Julius Baer

The global wealth manager has made several hires for its office in Rio de Janeiro.

The team members include Olavo Pereira, Andrew Hancock, Francisco Figueira. Additionally, Antonio Pedro Moraes will join the Rio de Janeiro office as assistant relationship manager.

Highvern

The financial services provider has named Tom Mylott as head of operations in its Cayman team.

Mylott was previously a partner at Collis Crill, where he was based in the Cayman Islands.

Morgan Stanley Private Wealth Management

The wealth manager has named Christina Au Yeung as the sole head of its investment management services team in Asia.

Based in Hong Kong, she was most recently the Asia co-head of investment management services, together with Nathan Lim.

Before her promotion, Au Yeung held the role of co-head of investment management services for the past year and was the executive director of alternative investments at the American investment manager from 2018 to 2022.

Fargo Wealth Group

Brenda Lee has joined the multi-family office as managing director, based in Singapore.

Lee was most recently executive director at Julius Baer for the past three-and-a-half years and also spent more than a decade at BNP Paribas, where she rose to the position of head of equities for Asia.

She has also worked at Merrill Lynch, Daiwa Capital Markets and HSBC.

Winckworth Sherwood

The law firm has named James Mabey as a partner of its private client practice.

Mabey acts for individuals, trustees and executors on a broad range of issues connected with wealth management and preservation, frequently working towards long-term objectives and advising on appropriate structures to pass wealth down generations.

His background is primarily in domestic private client work but he also has experience working for clients on international matters.

AJ Bell

Fiona Clutterbuck has been named non-executive chair of the investment platform.

She replaces Helena Morrissey, who announced in September that she would stand down from the board after the firm failed to agree on a role for former chief executive Andy Bell following governance concerns flagged by the Financial Conduct Authority (FCA).

In the role, Clutterbuck will join the platform’s nomination committee as chair, the risk and compliance and remuneration committees, and take on the role of the designated non-executive director for engagement with the workforce.

She will start in the role on 1 May.

Clutterbuck previously chaired Paragon Banking Group and was a non-executive director of Hargreaves Lansdown. She also holds roles on the boards of Sampo and Co-operative Bank.

During her career, she was head of strategy, corporate development and communications at Phoenix Group, having previously held banking roles with ABN Amro Investment Bank, HSBC Investment Bank and Hill Samuel Bank.

Handelsbanken Wealth & Asset Management

Richard Charnock has joined the board of the wealth firm as an independent director.

He brings his extensive experience of the wealth and savings sector to the role, including senior appointments at Abrdn, Standard Life, and Lloyds Bank.

Freeths

The law firm has strengthened its private wealth offering in the south east with the appointment of Mark Baker.

Baker joins the firm as an Associate from Penningtons Manches Cooper, where he spent almost 10 years in the private client team.

He specialises in guiding personal representatives through the estate administration process and is experienced in a broad range of estate matters. Baker advises on the preparation and submission of inheritance tax accounts, probate applications, and the estate administration process.

The firm surveyed 4,000 British adults and found 26% of women have no formal pension savings at all, compared to just 16% of men.

Women’s pension pots were found to be substantially smaller too. The average pension across amounts for all respondents stood at £103,037 ($126,900, €116,492). However, male respondents’ pension pots were found to be significantly higher, averaging at £142,234, while women’s came in at an average of £51,384.

It is therefore unsurprising that only 23% of women surveyed stated they are confident that they will be able to retire comfortably, with over a third (35%) believing they won’t be able to.

However, there are signs that things could be turning around for the next generation. While women over the age of 40 are generally less likely to have a pension than men of a similar age (63% vs 80%), men and women in their 30s were found to be equally likely to have a pension (77%). For adults under 30, women were found to be more likely to have a pension than men (76% vs 59%).

The research also revealed that most people tend to leave the management of their pension to their workplace pension provider (45%). Men were slightly more likely than women (43% versus 37%) to manage their own pensions, such as via a self-invested personal pension scheme (Sipp).

However, more than half (56%) of those who self-manage their pensions admitted that they seldom check their retirement savings – of which 64% were female.

‘Long way behind’

Christine Ross, head of private office (North) and client director at Handelsbanken Wealth & Asset Management, said: “Women on average continue to remain a long way behind men in pension savings, with the problem at its most acute among older generations who are closer to retirement. After decades of gender disparity, it’s encouraging to finally see clear evidence of change, with pension take up reaching parity among thirtysomethings, and women in their twenties ahead of their male counterparts.

“The recent steps taken at a government level have the potential to further close the gender pensions gap, including the free childcare scheme expansion announced at the Spring Budget, which should allow more working mothers to return to the workplace and build their pension savings.

“But despite signs of progress, there is still considerable work to be done. Education around pensions needs to be improved, as does women’s confidence in financial products. We strongly encourage seeking advice on long-term financial planning where possible, to ensure that the plans you have in place are fit for purpose on an ongoing basis.

“Generally, it is important to review your pension regularly and to top up your workplace pensions where possible. If you’re unable to pay into a formal pension, there are plenty of other options to consider, including Isas, which offer tax-free savings.”