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Wealth Adviser: Tracey Reddings of SGPB Hambros- 'You can't rely on cannibalising other advisers'
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by James Phillipps on Jan 27, 2011 at 00:01
Few people’s claims to have had a baptism of fire when starting their job ring as true as those of Société Générale Private Banking Hambros' (SGPB) Tracey Reddings.
Joining as head of UK private banking in the week after Lehman Brothers collapsed, she was immediately faced with the challenge of how to reassure clients that the group’s parent company remained on a sure footing.
‘My timing was perfect,’ she quips. ‘While you do have that feeling of vulnerability being a new person, I learnt more about the organisation in a week than I would have at any other time.
‘I was fascinated by SGPB Hambros,’ she adds. ‘It had seen a lot of growth since it was acquired by Société Générale, but it still hadn’t reached its full potential.
‘Here was an excellent proposition with a staff of people very passionate about SGPB Hambros as a bank, but there was still so much more to achieve.’
Reddings says her mission is to make SGPB Hambros the private bank of choice for both advisers and clients and, after initially carrying out a review of the business, she devised a three-year plan for its growth.
The pillar of the strategy was to harness the opportunities thrown up by the retail distribution review (RDR) through establishing closer relationships with high end financial advisers in order to grow the legacy private banking business.
SGPB Hambros has carried out extensive research, effectively asking advisers how they would devise their business model ahead of the RDR if they had a blank sheet of paper.
Much has been made of the likelihood of many intermediaries seeking to outsource investment management and Reddings is keen to ensure the adviser community is aware of SGPB Hambros and the breadth of its capabilities.