Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Brexit drives Handelsbanken to create UK subsidiary

Brexit drives Handelsbanken to create UK subsidiary

Handelsbanken, the Swedish bank which acquired Heartwood in May 2013, is creating a UK subsidiary due to the uncertainty surrounding Brexit and how it might impact passporting rules.

While this will not change anything for customers, the creation of a subsidiary is expected to ‘strengthen [the business’s] foundations for future UK growth’.

It will be owned by its parent Handelsbanken Group and will be regulated by the Prudential Regulation Authority.

A spokesperson added: ‘Handelsbanken is fully committed to the UK for the long term and we see the creation of a subsidiary as a natural next step in our UK development.

‘We will base further expertise and resources here in the UK, closer to our branches and the customers they serve. We will remain an integral part of one of the world’s strongest banks and most successful business models.’

The wealth management arm of the business has seen a 19% rise in assets under management and advice to £3.4 billion, according to its results for the year to 31 December 2017. The business ended 2017 with a pre-tax profit of £1.3 million, compared to a £600,000 loss the previous year.

Revenue was up 14% to £25.8 million, while costs also grew by 6% to £24.6 million.

Elsewhere, Handelsbanken Wealth Management has hired Kersi Deboo as a client director. He joins from Cambridge law firm Tees, where he was a director and chartered financial planner.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Hugh Young: the buck stops with me on Asia recovery

Hugh Young: the buck stops with me on Asia recovery

The Veteran Asia Pacific fund manager discusses how he is going to improve the performance of Aberdeen Standard Asia Focus and the other investment trusts run by his team.

Play Tim Steer: fund managers will have to get 'stuck in'

Tim Steer: fund managers will have to get 'stuck in'

The second part of our film with former Artemis and New Star fund manager Tim Steer looks at how his profession has evolved over the past two decades.

2 Comments Play Tim Steer: how to spot a stock disaster coming

Tim Steer: how to spot a stock disaster coming

The former Citywire AAA-rated fund manager has written a book on 22 stock disasters and how forensic examination of annual reports could have spotted them coming.

Read More
Your Business: Cover Star Club

Profile: what this duo did after quitting Hargreave Hale

1 Comment Profile: what this duo did after quitting Hargreave Hale

Two former Hargreave Hale staffers left following its purchase by Canaccord, but insist their move was due to a long term structural industry shift

Wealth Manager on Twitter