A new firm called Granaway Wealth Management has opened its doors for business in Bermuda, launched by a pair of former HSBC private bankers, according to local media.

Ryan Kromer and Dominic Powell had previously worked together for four years at HSBC's Private Bank Investment Group and together had been responsible for around $750 million in individual mandates for high net worth individuals, trusts and companies, The Royal Gazette reports. Powell previously worked for Bank of Bermuda, First Bermuda Securities, Schroders (Bermuda) and Tewksbury Capital Management, while Kromer worked at Butterfield Asset Management before joining HSBC.

Granaway, which provides both discretionary, consultancy and advisory services, currently has some $21 million in assets under management. The firm is keen to emphasise its aim of keeping costs to clients as low as possible. To this end Granaway, which is named after the Bermudan harbour Granaway Deep, builds portfolios using individual securities rather than mutual funds to avoid incurring too many layers of unnecessary fees.

WealthBriefing was unable to reach Granaway for further comment at the time of publication.