Boutiques attract wealth advisers from the big wealth managers
Wealth advisers are quitting large banks to join family offices and fund boutiques out of frustration with bureaucracy, poorly-performing in-house products and credit writedowns.
James Peterson, seen as a rising star at UBS, is understood to be joining MaxCap Partners, a multi-family office which takes external clients. George Granville has quit UBS to join an old friend, James Tregear, at Zebedee Capital, an alternatives manager with skills in emerging markets.
Another multi-family office is Stanhope Capital, which has hired Nicole Curti from Lombard Odier Darier Hentsch to run a new Geneva office. Anna Berenfeld has joined the firm from Renaissance Capital. Stanhope is in discussion with potential recruits from several large banks.
Apart from performance issues, Stanhope has detected unrest from clients over fees, known as retrocessions, which are paid to banks by managers to get a place on platforms. They can be higher than the returns which clients are securing from their funds.
Robin Geffen’s Neptune Investment Management has recruited Richard Green as commercial development director. Green arrives from Barclays Wealth, which he will continue to advise.
In the US, a start-up called Fieldpoint Private Bank & Trust has been launched. It has won the backing of a string of heavyweights including David Komansky. Advisers working for Fieldpoint include Nick Bertha, who used to work at Credit Suisse, Mary Caty from First Republic and Dara Johnson from Merrill Lynch.
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