Cheviot Asset Management has hired a senior Coutts director for its growing office in Liverpool.
David McNiven was an associate director at Coutts and has been working in Liverpool’s financial services sector since 1989. His hire comes as Cheviot engages in ‘advanced and exclusive’ talks with Quilter about a merger, facilitated by Quilter’s parent, Bridgepoint.
McNiven’s appointment at Cheviot’s 16-month-old northern venture also comes as the office passes the £200 million mark in funds under management.
The Liverpool branch was opened in May 2011 following the departure of a five-strong team from Deutsche Bank, led by Simon Walker (pictured) who spent 22 years at Tilney Asset Management.
Former Wealth Manager cover star Walker said McNiven’s hire was a ‘real coup’ and that asset growth so far had ‘significantly outstripped our forecasts’.
If Cheviot, which has £4 billion in assets under management, does merge with Quilter, it could create a private client powerhouse with £12 billion in AUM. According to reports, it would be co-branded Quilter Cheviot. The merger could also see Cheviot’s burgeoning Liverpool office combine with that of Quilter, which has had a presence in the city since 1990.
Last December, Graham Jones joined Quilter from Deutsche Bank following 20 years at Tilney, where he worked alongside Walker and the rest of the Cheviot team.