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Saranac raises £40 million, with backing from Jim Mellon

Saranac raises £40 million, with backing from Jim Mellon

Saranac Partners, the wealth management business set up by former Barclays Wealth chief Tom Kalaris, has raised £40 million from investors including Jim Mellon and Aberdeen Asset Management.

The amount raised includes £25 million from Kalaris personally, according to filings on Companies House. Aberdeen Asset Management has invested £3 million in Saranac after acquiring three million ordinary shares priced at £1 per share.

A spokesperson for Aberdeen said: ‘Our decision to invest in Saranac was based on our belief in the clear vision articulated, coupled with the strength of the Saranac management team. We are pleased with progress to date and believe that the business has
real momentum.’

Mellon, a successful emerging markets investor, has invested £1 million in total, including shares held through his firm Galloway Limited. He told Wealth Manager: ‘I am very impressed by the management team, led by David Giampaolo, and I think the wealth management business for ultra-high net worth people has a promising future.’

Other shareholders include US-based East Ferry Investments, an investment firm that is headed by David Booth. He was previously a non-executive director at Barclays between 2007 and 2013.

South Street Securities, a New York-based securities finance specialist, also features on Saranac’s shareholder register with a stake that totals 1 million ordinary shares, for which the firm paid £1 per share. Kalaris’ (pictured) former colleague Bob Diamond, previously chief executive of Barclays, took a stake in South Street Securities back in 2015.

Saranac Partners received full Financial Conduct Authority (FCA) authorisation back in May. Giampaolo, who heads London-based networking club Pi Capital, leads the business as managing partner. The staff roster also includes Kleinwort Benson’s former managing director Jeremy Brown, Ed Klinke, HSBC’s former UK discretionary portfolio management head, and Giovanni Revedin, who was previously managing director at JP Morgan.

Kalaris stepped down as a director of Saranac in June 2016. Barclays, Kalaris and three other former senior executives of the bank currently face fraud charges from the Serious Fraud Office over its 2008 Qatar fundraising.

Saranac Partners declined to comment, while South Street Securities and East Ferry Investments were unavailable for comment at the time of writing.

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