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Profile: Salamanca CEO - 'Investment banks have been very thick'

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by Elsa Buchanan on Dec 12, 2013 at 00:01

Businesses extending their tentacles into wealth management must make a fundamental choice between offering advisory and execution-only services.

Martin Bellamy, founder and chief executive of Salamanca Group, is looking to expand into wealth management, and has taken the decision to focus purely on advisory.

‘The big dilemma for us is that we want to be involved in the wealth management space and we want to be able to advise our clients. But do we need to be executing in that area?’

Probably not, he says. ‘We will not build an asset management business per se, because there are people out there that do it much better than we could, yet we should be good at selecting managers that do it really well.’

While he admits it is still early days, he is already on the lookout for a wealth management business to acquire to provide an entry point into the market.

‘The wealth management service is something we have our sights on. It is early days but we know what we are after,’ Bellamy says.

‘While we have a lot of private clients, and do a lot of things for them such as private equity and real estate, we don’t do the actual wealth management side for the moment.’

 

The group offers a range of investment services across real estate, private equity, along with corporate risk management and advisory services, including mergers and acquisition, capital restructuring and capital raisings. It also provides research and intelligence, and a standalone private clients service.

The latter involves what Bellamy describes as ‘basic services’, such as providing advice on schools, immigration services, luxury asset acquisition, security services, and property and staff advisory, typically for overseas clients moving into the UK.

It is into this service that the wealth advisory business will be integrated.

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