New Strategy and Team Unveiled at Arbuthnot Latham

Stephen Harris

14 November 2006

UK-based Arbuthnot Latham, the private banking business of Arbuthnot Banking Group, has completed an overhaul of its business that has seen it recruit 10 new senior managers over the last 12 months, both on the technical and product side as well as in client relationship management. The overhaul was predicated by the arrival of chief executive officer John Reed three years ago who instigated a strategic review, the outcome of which was the decision to re-build Arbuthnot Latham into a full service private bank, discarding the specialist offering option along the way. The existing investment management offer has been reinforced with a new chief investment officer, David Kidd, formerly of Chiswell Associates, where he was also CIO and deputy managing director since 1993. “Client assets under management currently stand at around £1 billion, and of these 20 per cent are under discretionary management,” Mr Reed told WealthBriefing. “We are particularly pleased that the discretionary element has doubled over the last 12 months and we expect the figure to double again in the coming year.” Core revenues have grown at an annualised rate of 11 per cent in the first six months to 30 June and assets under management have grown by 23 per cent compared to 2005. “We are opening for business in Switzerland next year and we’re planning a presence in Asia by the end of 2007,” he said. Although staff numbers at the bank have fallen from 150 to 141 over the last 12 months, the emphasis has shifted from support staff in legacy businesses to front line sales staff, according to Mr Reed. For the record, the new senior management team at Arbuthnot Latham is; Chris Bryans, head of pensions, who joined from Coutts, Martin Calder, head of structured property finance, StJohn Gardner, head of collectives, who joined from Merrill Lynch, Tony Lanning, head of collectives research, Jonathan Thorne, managing director, Musical Instrument Finance Co, Stewart Dick and Gillian Keeler, directors of private client finance, who both joined from Singer & Friedlander, Karen Barnes, senior manager, private banking, who joined from Lloyds TSB and Anne Barnes, senior manager, private banking who joined from HSBC.