Weatherbys’ head of wealth management Roddy Buchanan (pictured right), a former Wealth Manager cover star, has left the private bank.
Buchanan’s departure comes after a two-year stint at the firm, during which time he had been tasked with launching a dedicated investment management division at Weatherbys, the official bank of the British Horseracing Authority.
The reasons for Buchanan’s exit are unknown. A spokesperson for the bank confirmed the departure and said he would not be replaced.
‘Roddy Buchanan has left Weatherbys Private Banking after two years in which he has helped us to build and launch our discretionary investment management service,’ the spokesperson said.
‘He will not be replaced directly. The investment service remains the responsibility of Adrian Crichton, head of private banking.’
The firm’s discretionary investment management service was launched in late 2010. At the time it was dubbed one of the three pillars of the private bank’s triple-pronged investment approach.
The other pillars being internal research by the group’s financial planning and banking teams and an independent investment committee chaired by Roger Weatherby, the private bank’s eponymous chief executive.
The service was developed with Asset Risk Consultants and comprises four risk-based portfolios, ranging from cautious to growth, which are run as funds of funds.
Buchanan was formerly head of wealth management at Ansbacher and also enjoyed a stint at SG Investment Management as deputy managing director.