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How Stanhope Capital is benefiting from private banking outflow
by Danielle Levy on Aug 02, 2012 at 07:00
Stanhope Capital has seen an influx of clients from private banks on mounting concerns about the banking sector as the Libor-rate rigging scandal plays out.
Stanhope chair Daniel Pinto said the firm, which runs $7.5 billion (£4.8 billion) in assets, was seeing healthy growth in its private client business, boosted by inflows from private banking clients. The firm believes independent wealth management will continue to benefit.
‘In terms of growth in the firm it has been a positive year. We have seen quite a few clients that are concerned about the direction of travel banks are taking,’ he said.
‘They are switching to Stanhope as an alternative to private banks and obviously with the latest developments with Libor, it is confirming people’s views that they could be better served in the hands of independent wealth managers.’
Since the wealth boutique took over charity specialist Jewson Associates just over a year ago, Pinto said the integration had been smooth. He is hoping to continue expanding Stanhope’s presence in the charity investment market outside the UK.
‘Our charity business is focused on the UK, but we have enough of a track record with UK clients to expand and use the franchise outside of the UK as well,’ he explained.
Pinto said organic growth remains a key focus, although he is reviewing acquisition opportunities.
Although markets remain challenging on an uncertain macro backdrop, Stanhope’s investment team is starting to turn more bullish on attractive valuations and has increased exposure to equities with a focus on Europe and emerging markets and non-cyclical sectors.
‘We felt valuations of companies looked attractive, particularly when you see price-to-earnings in Europe at eight to nine times. One feels that although the macro outlook is uncertain, there is value in the market,’ he said.
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