Andjel is a portfolio manager and previously served as deputy dead of UK Private Clients and Charities. Prior to joining Brown Advisory in 2016, he was a portfolio director at GAM Investments, responsible for a broad range of private and charity clients. Nick’s career also includes roles at Goldman Sachs, Barclays and Barings Asset Management.

Brown Advisory’s international presence, established by Logie Fitzwilliams in 2007, comprises around $30bn in client assets. Of this, the Private Client and Charity AUM is $4.5bn. The dedicated Private Client team has grown to 25 colleagues, including 14 portfolio managers and investment professionals. They design and manage bespoke investment portfolios for a client base of individuals, charities, family offices, endowments, and foundations, often dealing with complex and multi-jurisdiction financial considerations.

Quintin Ings-Chambers, head of International Business at Brown Advisory, said: “We are delighted that Nick will be taking over as Head of UK Private Clients and Charities at Brown Advisory and look forward to him building on the excellent service and counsel he has provided to our clients over the past eight years. Brown Advisory is a client first firm, focused on the highest levels of service and performance and Nick has shown exemplary leadership in this respect.”

Logie Fitzwilliams, Co-CEO of Brown Advisory, said: “I’d like to congratulate both Quintin and Nick on their appointments as Head of International Business and Head of UK Private Clients and Charities, respectively. I have worked closely with both for many years in London and have seen them provide our private clients with the highest standard of service and advice. I also have no doubt that the International Business, and Private Clients, will continue to succeed under their leadership.”

Quintin joined Brown Advisory in 2012 and most latterly was head of the firm’s International Private Clients and Charities team. Prior to joining Brown Advisory, he was an investment director at SG Hambros and a director in the private client and charity group of Barings Asset Management. His earlier career was at Rensburg Sheppards where he was a member of the group’s asset allocation committee and managed a multi-manager unit trust.

London serves as the international business headquarters and comprises global equity and fixed income teams, a UK private clients and strategic advisory team, and a significant business development effort. From London, the firm launched its UCITs funds business based in Dublin and opened offices in Frankfurt, Singapore, and Tokyo to better serve the European, Asian and Australian regions.

Lewis (pictured) is a chartered accountant and brings over 15 years of experience working in the financial services sector with a broad range of relevant leadership and financial services experience gained from her both her time in practice at Deloitte, and in industry as head of financial reporting at Manx Telecom.

Before her move to IFGL,  she enjoyed 10 years (over two spells) with Deloitte Isle of Man. Her early career saw her manage an audit portfolio of regulated entities including those in the life insurance sector.

Latterly, she was the lead advisory and assurance director for Deloitte Isle of Man, responsible for growing the advisory and assurance side of the business, with a focus on regulatory and controls assurance and financial crime advisory projects. Her clients have included public sector, highly regulated financial services entities and large and listed entities with complex control environments.

IFGL’s group chief risk officer Sue-Ann Ind said: “I’m so pleased to welcome Charlotte to our leadership team. Charlotte’s experience and expertise are key assets for our business because she brings a global perspective and an appreciation of strategic opportunities and challenges.

“She will be responsible for setting a clear strategy for IFGL in terms of compliance and conduct, bringing fresh perspectives to protecting our business, delivering excellent customer outcomes and continuing to embrace regulatory change.”

“The opportunity to join a growing and ambitious organisation based in the Isle of Man was very attractive to me,” said Lewis. “There is already a well-embedded compliance culture within the business, and I am looking forward to using both my strategic and technical skills to support the business growth whilst further strengthening the control environment we have in place to comply with an ever-evolving regulatory landscape.

“I have a huge amount to learn but I have a very strong team around me and I am excited about the challenge. I am committed to showing that, with the right support, women can excel in leadership roles whilst embracing the responsibilities and joys of parenthood”.

Lewis grew up in Derbyshire and moved to the Island in 2012, with her now husband, Jamie. She has two young sons aged 6 and 3. Outside of work, she enjoys playing the piano and spending time outdoors, whether she’s running or exploring the Island’s beautiful landscapes with her family.

“I’m also very passionate about sustainability,” she said. “The Isle of Man is a beautiful place to live, with our biosphere status, and it’s important we protect what makes the Island so special.”

Regulation (EU) 2022/2554 on digital operational resilience in the financial sector (DORA) applies to most regulated entities in the European financial sector, such as credit institutions and insurers, but also certain third-party ICT service providers.

Critical ICT third-party service providers designated as such by the European supervisory authorities (ESAs) come directly within the scope of DORA. They provide critical or important functions to the financial services sector and must also fulfill many of their own obligations in addition to those stipulated in their regulated clients’ contracts.

DORA also impacts many ICT service providers that are not within this ‘critical’ cohort through the obligations of financial companies to manage third-party risk.

The framework laid down by DORA is intended to strengthen digital operational resilience of the European financial sector as a whole. Amongst other things, it obliges in-scope entities to implement an enhanced resilience framework impacting various levels of their organisation, including cybersecurity risk management, incident management, stress tests and the management of ICT third party suppliers.

DORA is bolstered by regulatory technical standards (RTSs), implementing technical standards (ITSs) and guidelines formulated by the ESAs: EBA, EIOPA and ESMA. Some of these have already been adopted, such as the ITS on the creation of a standard template for the mandated information register, whereas others are yet to be approved.

The reporting obligations required by DORA by means of an information register are also noteworthy. Financial businesses are required to record all contractual agreements with third-party ICT service providers in a register and make details available to their competent authority on request.

“Given that DORA is now upon us, it presents affected businesses with potentially major challenges,” said Florian Elsinghorst, an expert for regulated industries at Pinsent Masons. “In particular, in-scope entities need to put a lot of effort into managing ICT third party risk: the vast majority of IT services are covered by DORA. Financial organisations must adapt their existing contracts with third-party ICT service providers to be DORA-compliant, which may entail a substantial amount of contract management and negotiation work.”

Andreas Carney, a technology and financial services sourcing expert at Pinsent Masons, said: “Now is a good time to take stock of what has been achieved in terms of implementation and assess what more needs to be done to achieve compliance said. The application of DORA from today will no doubt draw it into sharper focus for regulators – they will be interested in the level of compliance that has been achieved.”

Carney highlighted that third party risk management is naturally a key aspect of the DORA framework. DORA’s requirements in this regard apply to outsourcing arrangements but also other ICT services arrangements.

“While entities may have implemented previous regulatory requirements specific to outsourcing or cloud, DORA adds another layer of requirements – as well as the need to look at their entire ICT services environment,” he said. “DORA includes detailed requirements for subcontracting and these should be considered not only by the regulated entities themselves, but also third-party suppliers to those entities in how they contract and manage their own supply chain. Other aspects of DORA will also have a ‘flow down’ effect on IT service providers.”

“Our consulting experience shows that DORA can also mean a major implementation effort for IT service providers,” Daniel Widmann, also of Pinsent Masons, said. “They are asked by their clients from the financial sector to adapt existing contracts, the implementation of which may cause difficulties in practice. This is also due to the fact that IT services are often categorised differently by financial companies in terms of criticality. IT service providers are faced with the challenge of having to adapt an often standardised service for customers in the financial sector. It is therefore all the more important for IT service providers to understand which obligations are mandatory under DORA and where there is room for negotiation.”

“We are seeing different approaches being adopted for implementation by both regulated entities and ICT suppliers,” Carney said. “These vary from clients managing implementation in-house, where we support on developing an understanding of DORA’s requirements, how it applies to their business, and identifying the steps needed to comply, right through to relying on us for full end-to-end support where we advise on all of DORA’s requirements, prepare templates and manage negotiation of ICT service contracts.”

In a statement today (16 January), it said Germany, with its sophisticated financial ecosystem, is a key market for Allfunds, offering vast potential for growth and innovation in WealthTech solutions, and additional scope to roll out platform and digital services in line with growing demand for these types of solutions.

Henrichs “will play a pivotal role in delivering against these goals, strengthening the company’s positioning and accelerating its growth in Germany. With an extensive track record of successfully growing and scaling businesses in the asset and wealth management sector, he brings deep market insights and a robust network of industry relationships”.

Previously serving as CEO of FNZ in Germany and Fondsdepot Bank, he also has extensive experience with banking regulators in Germany and Europe. His background as a CFO and various board roles in Software, Cloud, and Finance businesses across Germany, Luxembourg, and the UK further underscore his ability to drive Allfunds’ success in this key market.

Juan Alcaraz, CEO and Founder of Allfunds, said: “Understanding the unique needs of our clients in Germany is key to keep building on our success. With Sebastian’s deep knowledge of the market and extensive expertise, we are well-positioned to deliver our value proposition effectively and strengthen our position in this critical region.”

Henrichs said: “I am thrilled to advise Allfunds and contribute to their growth strategy in Germany. Leveraging Allfunds’ leading technology, expertise, and industry know-how, I look forward to collaborating with Allfunds to deliver innovative solutions that meet client’s needs and drive success in this exciting market.”

The three firms are Francis Clark Financial Planning, Qi Financial Solutions Ltd and Radcliffe & Co Independent Financial Advisers.

Francis Clark Financial Planning is based across the South and South West of England with nine offices from Bristol to Truro.

Established in 2002, the firm advises on more than £900m of client assets and is ranked among FTAdviser’s top 100 financial advisers.

Francis Clark’s 65-strong chartered financial planning team focuses on building long-term plans with its clients, advising on all areas of financial planning to help them achieve their objectives, and keeping these regularly reviewed to adapt when life changes. The firm advises individuals as well as corporate clients and trusts.

Qi Financial Solutions Ltd is an independent, chartered financial planning firm based in Croydon. The business has a long history of serving individuals and families based primarily in London and the South of England.

Qi Financial Solutions prides itself on building trusted, long-term relationships with clients. The firm advises on over £165m of client assets and employs seven staff, including three chartered financial planners.

Radcliffe & Co Independent Financial Adviser is  based in Southampton and has served clients since 1959. Radcliffe & Co manages £1.5bn in assets and serves more than 3,500 personal clients and 150 corporate employer schemes.

The firm focuses on delivering tailored solutions, with clients’ objectives at the heart of everything. Over the years, Radcliffe & Co has built expertise in working with high-net-worth individuals, business owners, the aviation sector, and independent schools.

Gustaf Rentzhog, chief executive officer at Söderberg & Partners, said: “We are thrilled to announce our investment in three more successful financial advice firms. The UK market is home to many entrepreneurial financial advice businesses which demonstrate strong customer service and an innovative approach to financial planning. We are pleased to be able to support these businesses as they grow.”

Chris Reah, managing director of Francis Clark Financial Planning, said: “We’re really excited to embark on this partnership with Söderberg & Partners. We look forward to working together to develop a market-leading technology platform tailored to the needs of our clients and our people. This will put us at the cutting edge of how financial planning is delivered in the future, enhancing our ability to provide clients with insightful, personalised advice.”

Paul Annys, managing director of Qi Financial Solutions, said: “We are delighted to have the opportunity to partner with Söderberg & Partners and are particularly excited to work with them on integrating new technologies to help support our client proposition. We are constantly striving to improve the services we offer to clients and believe this strategic step will help us enhance what we can offer, both now and in the future, ensuring the best outcomes for our clients.”

Neil Igglesden, managing director of Radcliffe & Co, added: “We have had our share of approaches from industry consolidators and other interested parties, eager to acquire our business. However, it became clear that most of these offers prioritised our revenues from assets under management rather than preserving our unique character and commitment to dedicated client relationships.

“Söderberg & Partners, however, offers a refreshing approach that allows us to maintain our unique identity and business model. We believe this will help address our concerns around ensuring continuity for both clients and staff in an ever-evolving financial landscape.”

These investments form part of Söderberg’s long-term strategy to invest in UK advice firms and support their growth.