Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Weatherbys opts to shut internal investment arm and outsource

Weatherbys opts to shut internal investment arm and outsource

Weatherbys Private Bank has closed its in-house investment management and is building a panel of external investment managers.

The move by the private bank, which is the official bank of the British Horseracing Authority, comes after it launched its own investment management proposition in late 2010.

A spokesperson confirmed it was putting together a panel of selected investment managers, which is understood to include boutique James Hambro & Partners.

The bank would not give details about the reasons behind its decision to outsource, although the spokesperson added: ‘Under this model, clients will have access to a wide range of products and, under our guidance, will be able to choose ones that best suit their long-term financial goals.

‘The process of moving our clients to this new model is well under way and the current members of the panel will be announced in due course.’

The decision follows the departure of Weatherbys’ head of wealth management Roddy Buchanan (pictured right), a former Wealth Manager cover star, in March of this year.

He was responsible for launching an investment management division at the bank, which also involved the launch of a discretionary service with Asset Risk Consultants (ARC).

At the time it was dubbed one of the three pillars of the private bank’s triple-pronged investment approach, alongside internal research by the group’s financial planning and banking teams and an independent investment committee chaired by chief executive Roger Weatherby.

The bank said that it remains committed to providing private banking and wealth management services to its clients.

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: what's behind the second oil crash?

Brewin's Gutteridge: what's behind the second oil crash?

This week Brewin Dolphin's research head talks to Will Riley, co-manager of the Guinness Global Energy fund, about what next for oil.  

Play AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Richard Bullas has quietly been making a name for himself at the helm of the Franklin UK Smaller Companies fund.

Play Sector spotlight: how Harwood's Philbin is playing emerging markets

Sector spotlight: how Harwood's Philbin is playing emerging markets

Emerging markets have been a rollercoaster for investors, but amid the doom there have been have been bright spots, such as India. 

Your Business: Cover Star Club

Profile: CHI's bond supremo on liquidity and bond risk management

Profile: CHI's bond supremo on liquidity and bond risk management

'Some people have been extremely complacent about rate rise risk. Myself, I wish they would just get on with it.'

Wealth Manager on Twitter