Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. 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
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter