Industry Luminaries Launch New UK Wealth Management Firm

Tom Burroughes

18 December 2012

A new wealth management business in the UK with the name London Wall Partners has been created by the former chief executive of private client advisory business Saunderson House and the former chief investment officer of Kleinwort Benson.

London Wall, which was launched with authorisation by the Financial Services Authority, the UK regulator, is the creation of Nick Fletcher, who left Saunderson House at the start of 2012, and Jeremy Beckwith, according to a statement.

The new business is being rolled out barely a fortnight before the start of the Retail Distribution Review reform programme by the FSA to financial advice, which aims to stamp out the use of trail commissions to make advice more independent.

“Fletcher and Beckwith believe the partnership structure is the ideal vehicle for providing independent financial advice, which is with the structure of a number of well-established and highly-regarded legal and accountancy firms,” the statement said.

Team

The new business has appointed Mark Johnston, formerly a director in KPMG’s financial services practice, who takes up the role of chief financial officer and chief operating officer. “A strong investment and back office team has also been recruited in the run up to authorisation, with administration and client delivery being of paramount importance to the firm’s overall service proposition,” the firm said.

The firm’s investment committee includes the relevant partners and two experienced independent consultants: Ingrid Kirby, who spent 25 years with Hermes Pension Fund Managers (where she is now a trustee), and Dan Kemp, an investment fund and securities specialist. At the firm’s advisory board have been appointed Iain Brown, a former company secretary at the FSA, and Mark Bogard, a lawyer and financial services practitioner.

The two main founders of the business are well known. In Fletcher’s case, he was latterly CEO at Saunderson House for eight years. Beckwith built up and managed an investment process with responsibility for overseeing assets of around £5 billion.

The company said there are a number of clients in the pipeline.

In its fee structure, London Wall Partners will charge clients on an hourly fixed fee or an hourly rate basis; the firm is fully owned by its partners and is looking for new partners and staff.