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.