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.

Waverton’s retail fund management drive pays off

Waverton’s retail fund management drive pays off

Waverton’s move from private clients into retail fund management helped to drive profit and asset growth last year.

Assets under management rose 24% to £4.48 billion, with net inflows of £335 million in 2013, compared to £113 million the previous year.

The company highlighted that half of this increase occurred in the fourth quarter of last year, in the wake of its decision to spin out of Credit Suisse after a part-management buyout backed by Bermuda National Limited.

The management team also reorganised the business into five business groups, including funds, managed funds services and global institutional, to diversify revenues.

Fund management was a growth area with the flagship Waverton European fund, managed by AAA-rated Oliver Kelton, attracting £292 million over the year.

Pre-tax profit rose almost 7% to £7.2 million, buoyed by a £4 million rise in fee income to £26.5 million.

Earlier this year, chief executive Hugh Grootenhuis (pictured) stressed that while private clients would always be at its core, the lack of scalability when running bespoke portfolios, means strong asset growth can be more easily achieved in other channels.

In director Stephen Browne’s mind, the review also meant a push in the wealth manager’s global equity institutional platforms, in what he described as a ‘departure’ from its pure private client business, and eventual new products in its range of specialist mandates.

Linked to Waverton’s fund management push, the firm also appointed three former executives of fund groups and chairs of investment trusts to its board.

Peter Troughton, chairman of Lowland, Christopher Keljik, a director of the Foreign and Colonial Investment Trust and Vivien Gould, former deputy managing director of River & Mercantile, have all joined as non-executive directors.

In March, Waverton looked to ramp up its American business, with the hire of Lazard Capital Markets’ Andrew Vaughan-Payne as US sales director. Vaughan-Payne, who worked in US equity sales at his previous firm, will be tasked with growing Waverton’s private clients, trusts, charities and specialist mandates business in the US.

The same month, the firm hired Ian Enslin, formerly of Newton, to its charities team , led by James Pike, after taking on the 100th client last year.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Related Fund Managers

Oliver Kelton
Oliver Kelton
1/54 in Equity - Europe (Performance over 3 years) Average Total Return: 101.80%
Citywire TV
Citywire TV
Citywire TV
Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Play Europe bulls, a retail boost and why a little inequality can be a good thing

Europe bulls, a retail boost and why a little inequality can be a good thing

This week’s Investment Pulse looks at whether investors should be bullish on Europe, the surprise rise in UK retail sales and if a little inequality is a good thing.

Your Business: Cover Star Club

Profile: meet the duo at the heart of Hargreave Hale's succession plan

Profile: meet the duo at the heart of Hargreave Hale's succession plan

For the first time in the company's history a non-Hargreave is now at the head of the north west broker and asset manager

Wealth Manager on Twitter