Effective immediately, Mike Hankin (pictured right) and Logie Fitzwilliams (pictured left) will share chief executive responsibilities.

Hankin has served as the sole CEO and president since the firm became private and independent in 1998. Logie Fitzwilliams started with Brown Advisory in 2003, and has most recently served as the head of international business and global head of sales.

Together, the firm’s independent board of directors and Hankin decided that a Co-CEO structure would be the best design to provide the leadership needed to meet the growing needs of the firm’s clients, colleagues and shareholders.

As a team, Hankin and Fitzwilliams, who have worked closely together for the last 15 years, will deepen the firm’s partnership and collaborative culture to drive results for all stakeholders. This evolution represents the most significant change in Brown Advisory’s leadership since the firm adopted its current private, independent structure in 1998.

As Co-CEOs – and Co-Presidents – they both will serve on, and report to, the board that governs the firm.

Hankin said: “I could not be more excited about this natural next step in the leadership of the firm. In the building of a global investment team and business to complement what we have been cultivating in the US, Logie has led with the qualities that we think make him the ideal person to share responsibility for leadership of the entire firm.

“He understands that to be truly client first, we need to be obsessively focused on listening to our clients in the U.S. and around the world. He understands that to build successful teams, we need to also listen to our colleagues. We need to make sure that our colleagues have the resources and training necessary to live up to our clients’ expectations.”

He added, “Importantly, Logie and I share the existential commitment to Brown Advisory remaining a private and independent firm. Our ownership structure – where every single colleague owns equity in the firm alongside an important set of outside shareholders who provide critical advice and support – will remain the same; it is the structural backbone to being the client-first firm we aspire to be over generations.”

Fitzwilliams said: “It is a tremendous honor to join Mike in the leadership of Brown Advisory. Throughout my 22 years at the firm, I have been privileged to work with him closely and we have built a deep relationship that will serve as the foundation for our partnership as Co-CEOs. Most importantly, from the outset we have had a shared focus on investing for, advising, and serving our clients at the highest
possible level, and a common commitment to the future of Brown Advisory as a private, independent, entrepreneurial and nimble business.”

Bob Flanagan, lead director of the Brown Advisory Board, said: “The process and thinking behind this decision was extensive, productive and always forward looking. We considered many options and scenarios to ensure that Brown Advisory had the best leadership in place for the present and future. Each of us believe that the firm, its clients and its colleagues will be best served with Mike and Logie acting as CEOs,
together.”

Bea Hollond, director and chair of the firm’s International Advisory Board added: “Being based in the U.K., I have had the direct opportunity to work with and advise Logie on the firm’s international business strategy. I have seen first-hand the incredible impact he has made for Brown Advisory and its clients. I know the Directors all share my excitement in welcoming Logie to the Board, and to seeing Mike and Logie work together as a team.”

Under Hankin’s leadership, the firm has grown from overseeing client assets of $2bn in 1998 to now almost $170bn– representing an annualized growth rate of 17%. Today, the firm’s clients are served by nearly 1,000 colleagues located in 14 offices across the United States, a significant office in London and strategic bases in Frankfurt, Singapore, and Tokyo.

The firm’s clients—a collection of individuals, families, nonprofits, charities, institutions and financial intermediaries—are located in 51 countries and in every U.S. state. Brown Advisory also manages fund platforms – private funds, mutual funds and now ETFs – in the U.S., as well as platforms outside of the U.S. in Ireland, Bermuda and the Cayman Islands.

Quintin Ings-Chambers will take over as head of the international business. He joined Brown Advisory in 2012 as Head of the firm’s International Private Client and Charity business. He has over 25 years of investment industry experience. Prior to joining Brown Advisory, he served as an Investment Director at SG Hambros and as a Director in the private client and charity group of Baring Asset Management.

He will report into Logie Fitzwilliams.

Previously lead for Aviva Investors’ UK Institutional sales team, Brown will report to Steven Gardner, head of Institutional, EMEA, who joined Aviva Investors in May 2024.

In her new role, she will be responsible for strengthening Aviva Investors’ relationships and ongoing servicing with its existing institutional investor clients. She was previously primarily responsible for business development with UK pension schemes.

Brown joined Aviva investors in 2018 following a number of years as an investment consultant. She also has experience as a trustee director for the hybrid Aviva Staff Pension and in prior roles spent a number of years advising both defined benefit  and defined contribution pension scheme clients on a range of investment issues, including strategic asset allocation and manager selection.

Her appointment comes as Aviva Investors continues to focus on growing its institutional business across a range of private and public market investment strategies, including supporting increased access for institutional investors to investment opportunities in Private Markets through the creation of its range of Long Term Asset Funds (LTAFs).

In November the firm launched the Aviva Investors Multi-Sector Private Debt LTAF, its third fund under the LTAF regime, adding to its Real Estate Active LTAF in May 2023 and conversion of its Climate Transition Real Asset Fund to sit under the new regime in March this year, with Aviva Investors’ ambition to be the go-to LTAF provider for the UK’s DC and Wealth markets.

The process to appoint a new head of UK Institutional following Heather’s promotion is currently underway.

Steven Gardner, head of institutional, EMEA, at Aviva Investors, said: “Client service and relationship management is vital in understanding how we can help institutional investors navigate market challenges and support them in reaching their long-term investment objectives.

“We view it as critically important component of Aviva Investors’ overall offering, and fundamental to our future success. I am therefore thrilled to have Heather lead our efforts in this regard with her deep understanding of the needs of institutional clients and their advisors making her the stand-out candidate for the role, as we continue to prioritise servicing for our existing clients whilst strengthening our Distribution capabilities and supporting our growth objectives.”

The changes – which will come into effect from 24 February 2025 – will improve diversification, introduce a more balanced blend of investment styles, while maintaining the focus on sustainability, which is required to meet the FCA’s new higher threshold for sustainable investments.

Schroders will be added as the sole manager of the fund. The fund will invest in Schroders global sustainable growth and global value equity investment strategies. By blending the two investment styles, the range of companies the fund can invest in will increase.

Ongoing charges will reduce by 0.01% as a result of these changes.

Justin Onuekwusi, chief investment officer at St. James’s Place, said: “The bar to be a labelled fund is very high and will help clients to better understand how their money is being invested in companies that aim to deliver a positive outcome for people and the planet.

“Schroders is a well-regarded expert of sustainable investing, with a diversified approach. They have depth of experience across different equity investment strategies, which can provide a more balanced blend of investment styles for the fund.

“We’d like to thank the team at Impax for their expertise, partnership and their key role in the success of the fund to date. We continue to see Impax as a leader in investing in the transition to a more sustainable economy and a key partner for us in the future.”

The discussion praised its 25% government bonus, however there were a few negative topics including the penalties associated with accessing the funds and how rigid the scheme is, with the £450,00 property value cap as an example.

This left me wondering, is the LISA still fit for purpose? Or is it time to rethink this savings vehicle?

As part of an inquiry into the LISA, the Treasury Select Committee is gathering evidence from the financial sector and consumers to assess whether the product’s benefits outweigh its drawbacks. From my side, reform is the answer.

Introduced in 2017, the LISA was designed to encourage younger people to save for their first home or retirement. However, its design flaws and limited effectiveness leave much room for improvement.

The Benefits: A Bonus Worth Grabbing

At its core, the LISA’s main appeal lies in the 25% government bonus. For every pound you save (up to £4,000 annual limit), the government adds 25p. This means that someone who maximises their contributions can enjoy an extra £1,000 each year, a significant boost, especially for first-time buyers struggling to save in today’s economic climate.

Additionally, the LISA’s tax advantages are worth noting. Like other ISAs, interest or investment growth within the LISA is tax-free. I would argue that for young savers starting early, this can result in a meaningful nest egg, whether for a first home or retirement.

The Drawbacks: Unintended Penalties and Restrictions

Despite its apparent benefits, the LISA has come under fire for its somewhat harsh withdrawal penalty. If funds are withdrawn for reasons other than purchasing a first home, reaching age 60, or terminal illness, a 25% penalty is applied to the total amount. While this might sound like merely losing the government’s bonus, it actually results in a net loss of 6.25% on your contributions.

For example, if you saved £8,000 and received a £2,000 bonus (totalling £10,000), withdrawing the entire amount would leave you with only £7,500 after penalties, a net loss of £500.

In 2023-24, 99,650 individuals made ‘unauthorised withdrawals,’ leading to total charges of £75.2 million. I believe this penalty is excessively punitive, particularly in cases of financial hardship. During the COVID-19 pandemic, the penalty was temporarily reduced to 20%, and I would say this reduction should become permanent.

Housing Crisis: Does the LISA Keep Up?

Another contentious aspect of the LISA is the £450,000 property price cap, which limits its usefulness in regions with high housing costs. According to the ONS’s latest housing price bulletin, average house prices in the UK have risen significantly, particularly in London and the South East.

I believe the current cap feels outdated and unfit for today’s housing market. Raising the cap to reflect inflation or regional variations is essential to ensure the LISA remains relevant for first-time buyers.

A Pensions Alternative? Not Quite

The LISA’s dual-purpose design, i.e., saving for a home or retirement, has also been criticised for lacking clarity and complementarity with existing pension products.

While the government bonus is attractive, I would point out that workplace pensions offer better incentives, particularly for those with employer contributions. A 25% LISA bonus pales compared to employer-matched pension schemes’ potential 100% return (or more).

In my opinion, the LISA’s rigid rules and lack of tax relief on contributions make it less flexible and less competitive compared to pensions as a retirement savings option.

Simplifying the product and clarifying its intended purpose could help resolve some of this confusion.

Reform Is the Way Forward

Rather than abolishing the LISA, I believe reforming it could unlock its full potential. Key changes could include:

1. Reducing or Removing the Withdrawal Penalty: Lowering the penalty to 20% (as seen during the pandemic) or eliminating it entirely would make the product more forgiving for savers facing financial difficulties.

2. Raising the Property Price Cap: Adjusting the £450,000 limit to reflect regional variations and inflation could significantly increase the LISA’s appeal to first-time buyers.

3. Increasing the Annual Contribution Limit: Boosting the current £4,000 cap could make the LISA a more competitive alternative to pensions for retirement savings.

4. Improving Public Awareness: Simplifying the product’s rules and increasing outreach efforts could help more young people understand and utilise the LISA effectively.

Conclusion: Abolish or Evolve?

The debate over the Lifetime ISA is unlikely to end anytime soon. While it offers clear benefits, such as the government bonus and tax advantages, its flaws cannot be ignored.

I firmly believe targeted reforms are the solution, not abolition. The LISA could become a much more effective tool for savers with changes to address its punitive penalties, restrictive property price cap, and public awareness issues.

For policymakers, the choice is clear: evolve the LISA into a genuinely supportive savings product or risk losing its potential altogether. I believe in its ability to succeed with the right reforms.

By Aaron McAuley, paraplanner at GSB

This will enable LGT Wealth Management to reflect client views on stewardship within a range of passive pooled-fund investments in client portfolios. This marks a significant milestone in the firm’s stewardship strategy and commitment to sustainability, allowing its voting policy to cover an increasing share of portfolios, as the firm looks to offer clients broader alignment from capital allocation to voting on resolutions.

To implement this advanced voting approach, LGT Wealth Management will use a service in collaboration with Legal & General, State Street Global Advisors, and fintech Tumelo, via Tumelo’s ProxySphere technology.

Pass-through voting empowers fund investors to have a direct say in key decisions affecting the companies they invest in. Traditionally, stewardship and proxy voting have operated through a centralised approach, where asset managers made voting and engagement decisions on behalf of all clients based on standardised policies.

The growth of passive investing means a small number of large asset managers have accumulated significant voting power over public companies. This change also recognises a broader trend in the UK with regulators urging trustees and wealth managers to take greater ownership of stewardship practices, rather than delegating responsibilities to asset managers.

Siobhan Archer, global stewardship lead at LGT Wealth Management, said: “This is an important move for us. By adopting pass-through voting, we can better uphold our commitment to enhancing and preserving assets for our clients while creating long-term value for the economy, environment and society. We believe pass-through voting is rapidly becoming a key mechanism in investors’ stewardship toolkits and an effective way to complement our engagement efforts with managers.”

Edd Micklem, VP of Investor Partnerships at Tumelo, added: “We’ve already seen UK pension funds adopt pass-through voting via our partnership with LGIM. It’s exciting to see asset managers also collaborating with their wealth clients in this way. Wealth managers are paying much closer attention to the degree of voting alignment within their portfolios, particularly on environmental and social issues, so we are thrilled to enable them to take action.”

Mark Johnson, head of institutional clients at asset management, Legal & General added: “This is a progressive and an exciting partnership, many investors, especially those focused on sustainability issues, want their investments to align with their values. Pass-through voting allows greater freedom to vote in accordance with their own priorities and preferences.”