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.