Schroders, the London-based, FTSE 100-listed asset management house, today unveiled a new operation that it said will offer wealth management services to high-net-worth US clients resident in the North America as well as the UK.
The new business will be called Schroder Wealth Management (US) Ltd, and will be a part of its Wealth Management Division, the company said in a statement, sitting alongside its existing UK subsidiary, Cazenove Capital.
Subject to regulatory approval, Schroder Wealth US will specialise in banking and custody services, to be provided by an unspecified but “reputable third party” custodian “with specific expertise in catering for the reporting needs of US residents and US taxpayers”, Shroders said.
Named to head up the new business was Martin Heale, who will join Schroders in August from RBC in London, where he has been a managing director in that company’s Americas Private Wealth Team since 2011.
Mary-Anne Daly, pictured above, will take on the role of chief executive of Schroder Wealth US alongside her current role as CEO of Cazenove Capital in the UK, again subject to regulatory approvals.
In its statement announcing the new operation, Schroders said Schroder Wealth US would give the company “the opportunity to access the very significant, fast growing US private wealth market, with a specific focus on internationally-minded US investors who are attracted by the financial standing and reputation of London, as an additional centre of excellence for international wealth management”.
The new operation would also enable Schroders “to better service American expatriates living in the UK, for whom the choice of managers has become increasingly restricted, following changes in regulation”.
Currently Schroders’ UK wealth management business offers only discretionary management services for its clients, but going forward, will offer advisory management as well.
Its UK-resident US clients now are only able to use funds which have dual US and UK reporting status, a company spokesperson said.
However, as a result of Schroders’ entering a “strategic relationship” last year with Philadelphia-based wealth manager Hartford Funds, to distribute Schroders’ US mutual funds in the US market, Schroders clients in the US will be able to look to this new Hartford-Schroder range, the spokesperson added.