Spear's reveals best wealth managers for the world's richest individuals

 
Lucy White
SWITZERLAND-BANKING-EARNINGS
The majority of advisers belong to major banks while a few are housed in boutique firms (Source: Getty)

Spear's, the magazine for the world's wealthiest people, has released its annual ranking of wealth advisers for high- and ultra high-net-worth individuals (HNWs and UHNWs).

Read more: London cements position as global home for multi-millionaires

As in previous years, the majority of advisers belong to major banks while a few are housed in boutique firms.

UHNWs, who have wealth of more than £15m, are less interested in fintech according to the report.

“All our UHNW advisers inhabit a rarefied world, where clients are comfortable with risk as a way of engendering double-digit returns,” it said.

“These managers seem less vulnerable to the tide of fintech and earn their reputation by whatever charm, competence or empathy they bring to their relationships.”

Meanwhile in the £1m to £15m HNW crowd, fintech is "nipping at the heels" of managers.

Spear's found that managers in this segment were generally positive about the outlook of post-Brexit London, and divided over the Trump presidency.

Read more: Three quarters of UK millionaires believe Brexit will be good for Britain long-term

But whatever the political environment, returns must still be made. So who is in the Spear's pick of the crop?

UHNW managers

Manager name Firm What Spear's says
Jim Bouley Julius Baer “We have long-standing client relationships, a commitment to deliver a bespoke personal service, and a very supportive client base who help us grow our business,” Bouley told the magazine.
Dina de Angelo Pictet De Angelo has been working on the firm's Global Fiduciary Mandate, which she describes as "a highly technical, very complex" option for large clients with substantial wealth enabling them to oversee numerous asset managers.
William Drake Owl Private Office

"The landscape has changed; it’s harder for wealthy families to get the overarching advice that they need from people, with no conflicts of interest," Drake told Spear's. His newly established office aims to combat that.

Charlie Hoffman HSBC Private Bank Hoffman is aware of challenges ahead, and told Spear's: "Diversification remains key to managing risks. Finding pockets of value is also becoming increasingly hard for managers."
Jeremy Knowland Citi Private Bank Knowland said he owes his success to a childhood foray into stocks, and added that Citi is very responsive for a large institution.
Amit Kotha RBC Wealth Management Kotha focuses on south east Asian UHNWs in the UK, and according to the magazine "his books have seen ‘around 30 per cent’ growth in the past year".
Giles Pascoe Goldman Sachs Spear's said Pascoe is "credited by industry experts as ‘brilliant’ for his rare combination of expertise and bedside manner".
Daniel Pinto Stanhope Capital Pinto is a long-time favourite on the list, and told Spear's that empathy is what makes a good wealth manager.
Camilla Stowell Coutts Private Office Stowell has noted a surge in enquiries from UHNWs keen to do business in the UK over the past 12 months, especially from Asia, the US and South America.
Helen Watson Rothschild Wealth Management

"I am passionate about tackling diversity in wealth management and looking at ways to encourage people with different social backgrounds, genders, ages and life experiences into the industry," said Watson, who has overseen a 21 per cent increase in UHNWs at the firm since 2015.

Read more: A new wave of foreign millionaires is poised to buy ultra-exclusive London property thanks to the weak pound

HNW managers

Manager name Firm What Spear's says
Jamie Black Sarasin According to the magazine, Black "favours a highly educational approach to client management, including enrolling the next generation in the firm’s internship scheme".
Chris Boon Close Brothers

Boon advocates "a more entrepreneurial spirit in stock selection", according to Spear's. He said: "Wealth management firms are better placed than most to take short-term benchmark risk to support those quality companies genuinely capable of outgrowing the economy over the long term."

Ross Elder Lincoln Private Investment Office Lincoln's team invest their own money alongside their clients', which according to Elder "means people are here for the long term".
Bandish Gudka LGT Vestra

"We should be tasked with educating clients, and giving them context, but it’s a conversation many aren’t having," Gudka told Spear's.

Jeremy Hervey Cazenove Capital Hervey is gladdened that the industry is becoming more professional, according to Spear's, and credits tightening regulation for this.
Alan & Gina Miller SCM Direct The Millers argued for Mifid II, a new set of rules designed to increase transparency and dreaded by many other asset managers.
Lee Robertson Investment Quorum The former Navy intelligence operative does not believe in "pigeonholing" his firm into either the active or passive category, and is a strong proponent of diversification.
Jonathan Ruffer Ruffer LLP

Ruffer "continues to consider the stock markets to be significantly overvalued", and told Spear's that he thinks the wave of internationalisation is waning.

Charles White McInroy & Wood

White "is particularly focused on preservation of capital and aims not to succumb to ‘external pressures’ from shareholders", said Spear's.

Patrick Wilson Credit Suisse After starting his career as a teacher and author, Wilson became attracted to finance and now manages assets under management of £650m.

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