Schroders has unveiled a new London-based wealth management business that will target high- net-worth (HNW) US clients living in the UK and North America.
The new unit, named Schroder Wealth Management (US), will sit alongside the fund manager’s existing UK wealth management arm Cazenove Capital.
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Schroders said that the new business will focus on internationally-minded US investors and will help it to cater to American expatriates living in the UK more effectively. A third party custodian will offer banking and custody services.
The team at Schroders’ new operation will be led by Martin Heale, who will assume the new role in August 2017. Heale joins from RBC, where he served as a managing director in the Americas private wealth team. His other previous roles include head of private wealth management at Kleinwort Benson and UK team head at Barclays Private Bank.
Mary-Anne Daly will serve as CEO of the new business in addition to continuing her responsibility as Cazenove Capital CEO.
“We have a long experience of managing US clients resident in the UK and are fully familiar with their complex investment and reporting requirements. The recruitment of such an experienced individual as Martin reinforces our commitment to serving US clients including those living in the US,” Daly noted.
