The finance industry briefing

The latest news, views and numbers you need to know this month

News in Numbers


Citi has merged its wealth management teams in Global Consumer Banking (GCB) and the Institutional Clients Group (ICG), establishing a single wealth management organisation – Citi Global Wealth.


The wealth and investment management (WIM) arm of Wells Fargo has shown resilience in a challenging market, reporting a 157% year-on-year surge in Q4 2020 net income. Overall, the group recorded a mixed performance, with net income rising 4%, although revenue fell 10%.


JPMorgan asset and wealth management (AWM) unit has reported a drop in net income in Q4 2020 though revenues at the unit saw a rise.

Net income at the AWM unit was $786m in the October-December quarter, down 2% from $801m in the prior year..


Dutch wealth manager Van Lanschot Kempen has concluded its proposed takeover of Gouda-based independent asset manager Hof Hoorneman Bankiers, which oversees €2bn in client assets.


Citigroup made a net income of $11,370m in 2020, a 41% drop from the $19,401m in 2019. In terms of the bank’s Q4 2020, it saw net income of $4,632m, a 7% drop year-on-year. However, it was a 47% rise from Q3 2020.

People moves

HSBC Wealth and Personal Banking announces three senior hires

HSBC has announced three senior appointments to the investment unit within Wealth and Personal Banking.

Assuming the role of global chief investment officer is William Sels, whilst Jan-Marc Fergg will take on the role as global head of wealth products, ESG and mutual funds. Patrick Boumalham has been appointed global head of UHNW solutions.

Lavanya Chari, global head of investments and products group for Private Banking and Wealth Management, believes the appointments reinforce HSBC’s “commitment to market analysis, UHNW and ESG”.

Quintet Private Bank appoints group chief operating officer

Quintet Private Bank has appointed Eli Leenaars as group chief operating officer and member of the authorised management committee.

Leenaars’ appointment has been approved by the European central bank and Luxembourg’s Commission de Surveillance du Secteur Financier.

He will oversee key functions such as operations, IT, corporate communications, marketing, and also real estate.

Stonehage Fleming appoints group head of business development

Family office Stonehage Fleming has appointed Andrew Clarke as group head of business development.

Clarke will be responsible for leadership of business development across the group. he will be based in London and report to the the group CEO, Chris Merry.

In addition, Clarke has gained experience in senior business development roles over the last 27 years. Most recently, he was with XY as an executive director for the London office.


Fairstone finalises takeover of Hammett and Petch Financial Planning

Consolidator Fairstone has concluded the purchase of Berkshire-based advice firm Hammett and Petch Financial Planning, marking its first deal this year.

The deal, whose financial details are undisclosed, was carried out by Fairstone under its downstream buyout (DBO) model.

Under this model, the company would first purchase a stake in the to-be acquired firm, in order to integrate it over a two-year period, before the final purchase.

Hammett and Petch Financial Planning, which joined the DBO model in 2017, brings in over £60m in assets to Fairstone.

British Ports Association chief executive Richard Ballantyne, following UK Chancellor Rishi Sunak’s announcement that the Freeports selection process will see the first sites in England set up by the end of 2021:

“This is a welcome development and by being more inclusive in terms of the number of freeports there might be, the government can now explore how to better deliver on its levelling up agenda without picking regions over each other. Coastal communities are often in areas of high deprivation and have also experienced challenges resulting from the coronavirus pandemic and lockdown so this potentially transformative policy will be welcomed across a range of suitable locations.”

Wealth Enhancement Group scoops up Connecticut-based RIA Reby Advisors

RIA aggregator Wealth Enhancement Group has purchased Connecticut-based RIA Reby Advisors, which oversees about $727m in client assets.

Financial terms of the deal, which is Wealth Enhancement Group’s first in 2021, were not disclosed.

The transaction boosts Wealth Enhancement Group’s total client assets to $27.2bn. It is expected to increase the firm’s locations in the New York metro region to eight.

Established by CEO Robert Reby in 1989, Reby Advisors offers investment, retirement, tax, education and legacy planning services to small business owners, pre-retirees and retirees through its six advisers.

The firm also provides advice on income generation and Social Security and Medicare strategies.

Investment Metrics buys investment analytics provider Style Analytics

Investment Metrics, which offers analytics, reporting, data, and benchmarking solutions for the institutional investment market, has acquired Style Analytics.

Financial terms of the transaction were not revealed.

London and Boston-based Style Analytics is a cloud-based SaaS platform, which provides Investment Factor and ESG Exposure analysis for the institutional investment companies globally.

The deal will enable Investment Metrics to bolster its global footprint and allow it to expand its portfolio analytics solutions to better serve investment consultants, asset managers, and owners.

Alter Domus snaps up US fund administrator Strata Fund Solutions

Luxembourg-based fund services provider Alter Domus has taken over Strata Fund Solutions, a US-based fund administrator that caters to private equity and venture capital funds, for an undisclosed sum.

Founded in 2008, Utah-based Strata has around $140bn in assets under administration (AuA) and over 200 accounting experts.

The deal is part of Alter Domus’ growth strategy in North America and helped the firm top the $1trn AuA mark.

It is also said to bolster the company’s servicing capabilities with the addition of Strata’s premier client base and complementary technology stack.

B. Riley swoops on US asset management firm National Holdings

Diversified financial services firm B. Riley Financial has agreed to buy New York-headquartered investment banking and asset management firm National Holdings (NHLD) for $3.25 a share in cash.

NHLD offers financial advisory, investment banking, institutional sales and trading, equity research, financial planning, market making, tax preparation and insurance services. It serves corporations, institutions, HNWIs as well as retail investors.

It operates through a number of subsidiaries with a presence in 141 locations across 23 states and around 1,000 affiliated personnel.

Riley currently holds 45% of the company’s common stock.

The deal has already been cleared by the respective boards of both the companies and is expected to complete during the first quarter of this year. It currently awaits regulatory approvals.

Mackenzie finalises takeover of GLC Asset Management Group

Mackenzie Financial, part of IGM Financial, has completed the acquisition of Great-West Lifeco (Lifeco) unit GLC Asset Management Group.

The deal brings C$30.1bn ($23.5bn) in AUM to Mackenzie, boosting the firm’s total AUM to C$186.8bn.

The deal is said to be mutually beneficial, enabling Mackenzie to increases its scale as a Canadian asset manager.

On the other hand, it allows Lifeco to increase focus on wealth management in Canada.

Through the deal, Mackenzie becomes as one of the top three Canadian providers of investment solutions to defined contribution plans and other group retirement offerings, noted IGM.