Philanthropy
Newly-Enlarged UK Wealth Manager Creates Charities Division
Tilney Bestinvest, the UK wealth manager born out of a recently completed merger, has created an investment team behind its new charities division, initially overseeing more than £600 million ($967 million) of assets.
[Tilney Bestinvest|Tilney Bestinvest, the UK wealth manager born
out of a recently completed merger, has created an investment
team behind its new charities division, initially overseeing more
than £600 million ($967 million) of assets.
The team is led by managing director Paul Frame and “is targeting
significant growth in this area”, it said in a statement.
“The regional team structure allows for clients to receive a
personalised investment service with direct contact to the
investment manager in charge of the account,” it said.
The venture is another move by the firm since the completion of a
M&A deal that sees both firms now owned by Permira, the
private equity house. Tilney Investment Management was formerly
owned by Deutsche Bank (the private client arm of Tilney
Investment Management has been separately bought by UK-listed
Rathbone Brothers). The merger is also a sign of the industry
consolidation going on in the UK that is seen as driven, in part,
by rising regulatory cost burdens, forcing businesses to seek
economies of scale and change their distribution channels.
Frame works with regional team heads Caroline Connell, Robin
Adamson, Jason Haworth and Stephen McClymont, as well as managing
directors, Duncan Brookes and John Mulhern. The charity team’s
investment process is overseen by chief investment officer Gareth
Lewis. With the advisory service, the team will support trustees
with asset allocation, fund and stock selection recommendations,
with the final decisions remaining with the trustees.
With many charities also requiring a responsible investment
overlay, Tilney Bestinvest has appointed EIRIS to support it with
ethical screening. The research allows the Tilney
Bestinvest team to invest in line with their client’s own
environmental, social and governance issues.
Tilney Bestinvest, headquartered in London, oversees more than £9
billion.
