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Regional wealth map: 12 significant developments

How the regional wealth management map has changed over the last three months.

Things are looking up for the wealth management industry. Yes, it is only three months into the year, but still we are yet to see many office closures across the regions.

How the tide has turned compared to a few years ago when all the big hitters of the City had started extensive restructuring projects, consolidating regional offices and looking for efficiencies.

Leaving those days behind, it seems they all have their eyes on expansion once again.

Things are looking up for the wealth management industry. Yes, it is only three months into the year, but still we are yet to see many office closures across the regions.

How the tide has turned compared to a few years ago when all the big hitters of the City had started extensive restructuring projects, consolidating regional offices and looking for efficiencies.

Leaving those days behind, it seems they all have their eyes on expansion once again.

Airdrie Bank, Lanarkshire

The independent savings bank, which was founded on 1 January 1835, closed down saying that it found it ‘increasing difficult’ to maintain its position in today’s highly competitive and digitalised market.

Maven Wealth Management, Liverpool

Former executive director of Coutts’ Liverpool office John Price set up his own business through a partnership with St James’s Place.

Raymond James, Wilmslow

Rob Allman, who was previously with Artorius Wealth in Manchester, launched a branch for Raymond James, focused predominantly on clients in the North West.

Old Mutual Wealth, Birmingham

Old Mutual Wealth Private Clients bought two firms, Premier Planning and Premier Wealth, to create its Birmingham base. This month the company also acquired Infiniti Financial Planning, bringing the combined assets for the hub to £400 million.

Kleinwort Hambros, Newbury

Kleinwort Benson and SGPB Hambros formally combined their respective teams in Newbury following the completion of their merger.

Altor Wealth Management, Hampshire

Ex-Towry executive partner Matthew Pitcher set up his own business to provide a ‘fully independent’ wealth management service.

Raymond James, Teesside

The latest branch for Raymond James was opened by Chris Davis, former head of investment research at Sandaire.

Tilney Group, Newcastle

Tilney, which announced at the start of the year that it would be expanding, wasted no time before following through. It opened a new branch in Newcastle, staffed by 15 people.

Owl Private Office, London

Adam Wethered and William Drake, who co-founded Lord North Street in 2000, set up boutique Owl Private Office with Andrew Wimble, a former director at JM Finn.

Mirabaud, London

Undeterred by what Brexit will do to UK’s financial services landscape, Swiss firm Mirabaud opened a new branch to expand its wealth management services in the country.

Beaufort Investment Management, London

The Kent-headquartered boutique investment manager opened an office in London to house its investment team, which oversees £620 million.

CH1 Investment Partners, London

Vestra co-founder Matthew Evans left the company to launch his own business focusing on giving advice on renewables, unlisted commercial property and private equity.

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