View the article online at http://citywire.co.uk/wealth-manager/article/a741196
Jamie MacLeod’s big plan for a new Bordier & Cie era
by Danielle Levy on Mar 19, 2014 at 07:00
‘Bordier is one of the largest private banks in Switzerland and it has a good name and reputation. The reaction from introducers and clients has been superb and I am glad we are doing it now. In listening to their reaction, maybe we should have done it a while ago.’
The business will retain its focus on investment management, although the two entities will have slightly different propositions.
The proposition for UK-based international clients is under consideration but is likely to comprise multi-currency portfolios, a family office service for those with around £25 million of deposited assets, and an international booking centre.
Subject to regulatory approval, international clients will gain access to Bordier’s direct global equity service, alongside collectives that are researched by a team in Geneva. The existing proposition for Berry clients and charging structure will not change after the business is revamped.
MacLeod said there were no plans to launch a financial planning service for domestic clients, while international clients may be able to seek wealth planning services within the broader group.
Berry has £850 million in assets and is part of the broader £7 billion Bordier & Cie group.
The decision to launch the new business will require some investment by Bordier, MacLeod acknowledged. ‘Investment is going to be significant in pounds, people and infrastructure. We have a leverageable business because of our tie-up with SEI.’
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