Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Update: Swedish bank Handelsbanken acquires Heartwood

4 Comments
Update: Swedish bank Handelsbanken acquires Heartwood

Swedish bank Handelsbanken has gained a foothold in the UK wealth management market with the acquisition of Heartwood.

The agreement, which is subject to regulatory and Heartwood shareholder approval, will see Heartwood become a wholly-owned subsidiary of Handelsbanken. 

Handelsbanken identified Heartwood's similar focus on long-term client relationships and high service as motives for the purchase.  

Handelsbanken’s UK chief executive Anders Bouvin said in a statement: 'By ensuring Handelsbanken can cater for our customers’ wealth management needs, we hope to strengthen our customer satisfaction and relationships even further.

'We have been aware of Heartwood for some time and have been impressed by its values and people. Like us, they prioritise customer satisfaction over product sales, recognising that long-term relationships are the only basis for a profitable, sustainable service business. They have an excellent, robust approach to wealth and investment management, which we will work together to build on.'

Former Wealth Manager cover star Simon Lough (pictured), who will continue as CEO of Heartwood, added: 'We were encountering Handelsbanken more and more frequently in our work with clients and quickly discovered the very close cultural fit between our organisations.

'The Heartwood team has worked hard to build our business on the recommendation of clients we have served well, so partnership with Handelsbanken, which has grown on a very similar basis, is a very natural progression for our firm.

'It will enable us to make our services available to many new clients and in more ways, whilst retaining the ethos that makes Heartwood stand out to our clients, their advisers and our excellent staff.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge & Foster talk property with Standard Life's Baggaley

Brewin's Gutteridge & Foster talk property with Standard Life's Baggaley

Gutteridge and Foster discuss UK commercial property with Jason Baggaley, manager of the Standard Life Property Income investment trust

Brewin's Gutteridge asks Odey's Tim Bond two tough questions

Brewin's Gutteridge asks Odey's Tim Bond two tough questions

Gutteridge puts the heat on Odey's asset allocation maestro with a couple of tough questions.

Brewin's Foster & Gutteridge: searching for the yield of dreams

Brewin's Foster & Gutteridge: searching for the yield of dreams

Guy Foster and Ben Gutteridge discuss the latest upbeat US payroll report and how it has increased the probability of a first hike in interest rates in June.

Your Business: Cover Star Club

Profile: Creechurch Capital’s CEO on going the extra mile in a crowded market

Profile: Creechurch Capital’s CEO on going the extra mile in a crowded market

Growing a business is the main aim of many company owners but managing that growth in a controlled way is just as important

Wealth Manager on Twitter