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.

Vestra management reshuffle pays off with £1bn inflow

Vestra management reshuffle pays off with £1bn inflow

Vestra Wealth attracted £1 billion of assets last year as David Scott took a more strategic role and new managing partner Ben Snee (pictured) made his mark.

In a management reshuffle, founding partner Scott handed his responsibilities to Snee last year in order to focus on the firm’s strategic direction and find new growth opportunities, which he said ‘is the bit that I like’.

Vestra’s latest results indicate the transition has been a smooth one. The company’s latest results, posted on Companies House, revealed inflows of £0.95 billion in 2013, taking total assets under management (AUM) to £4 billion.

This was a near one-third rise on the £3 billion AUM it ran at the end of 2012.

‘We have big plans for future growth,’ Snee told Wealth Manager. ‘We’re hoping to increase our AUM by 25% by the end of the financial year, in May 2015.’

Growth is expected to come from a focus on ultra-high net worth clients, intermediaries and its US division, which provides a range of wealth management services to clients with ties to America.

Snee says the group’s private office proposition is a particular focus. It is headed by Scott and aimed at ultra-high net worth individuals in the £5 million to £10 million range.

‘We are increasing the resources allocated to this segment of our client base, because we feel banks don’t always understand those people, and family offices have to deal with their own issues,’ Snee said.

Vestra US, which is headed by Paul Nixon, has delivered solid growth attracting around £100 million of business since opening in May last year.

‘Not a lot of UK wealth managers have this exposure, and it has been very beneficial to us,’ Snee said.

Closer to home, he is hoping to capitalise on opportunities coming from financial advisers through platforms. Around 20% of the wealth manager’s business comes from this channel.

Snee added that Vestra is planning to roll out its new IT system this year, which he believes will help to drive efficiencies across the business.

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 JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter