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UK's James Hambro & Partners Merges With Financial Planner

Max Skjönsberg London 16 August 2012

UK's James Hambro & Partners Merges With Financial Planner

James Hambro & Partners, the private client asset manger, has merged with Calkin Pattinson, a financial planner concentrated on the high net worth market. The merged group will combine financial planning and discretionary portfolio management.

The combined group, which will trade under the James Hambro brand, will have more than £1 billion ($1.57 billion) in assets under management, advice and administration.

Andy Steel, chief executive of the combined group, told WealthBriefing that he thinks the new business will particularly appeal to clients with between £1 million and £5 billion in investible assets. "These clients are becoming increasingly disillusioned with the major banks, which are moving away from bespoke to more packaged solutions," he said.

"Most private banks are looking for clients with between £5 million and £10 million for them to give them personal service, and there is a lot of unhappiness in the segment below that threshold," Steel said.

Founded in 2009, James Hambro & Partners manages discretionary investment portfolios for 102 families, charities and trusts - with around £480 million assets under management and administration. Established in 1964, Calkin Pattinson advises 2,000 private clients and charities on financial planning issues, and in addition has around £600 million assets under management. James Hambro employs 21 people while the headcount at Calkin is 19. No redundancies will be made as a result of the merger, Steel said.

When the deal has been completed, Charles and Paul Calkin will become partners in James Hamrbo & Partners.

James Hambro & Partners believes that the move will enable it to capitalise on the so-called post-RDR world. The UK regulator's Retail Distribution Review comes into force on 1 January 2013. "We have attracted a considerable amount of business from major banks in the last year and we expect this to accelerate with a broader service offering in place," said Andy Steel, who will lead the combined James Hambro Group as chief executive. "In a post-RDR world the combination of independent financial advice with a tailored portfolio management capability should further increase our ability to attract business.”

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