Quilter Cheviot Investment Management – Best Boutique Wealth Manager
David Loudon (pictured), director and head of regional offices for Quilter Cheviot Investment Management, believes that the most important element in the business is maintaining the high personal standards of service for direct clients and intermediary introducers around the country.
Along with many in their sector, the firm has experienced a number of corporate changes over the years, the most recent two seeing the 2012 merger of Quilter and Cheviot and the 2015 purchase as a specialist branded unit within Old Mutual Wealth.
Individually, Quilter was originally Quilter Goodison, a stockbroking firm led by Sir Nicholas Goodison who was chairman of the London Stock Exchange right up to the Big Bang deregulation of the London financial markets. Cheviot Asset Management was launched in May 2006, following the recruitment of 92 investment professionals and support staff from UBS.
The united firm has GBP17.5 billion (as at 31 March 2015) of funds under management and the largest source of new business is via the financial adviser route, where Quilter Cheviot is part of a selected panel of investment firms. “In many cases we will win the business and it is important to add value to underlying client portfolios and also form a lasting relationship with the intermediary,” Loudon says.
Quilter Cheviot has over 160 investment managers. Loudon says: “We have a firm wide investment process, providing a disciplined framework throughout the firm. Therefore, investment managers across all our offices work with a standard investment process. Whether it’s Manchester, London or Jersey, consistency is very important from the point of view of the client, the introducer and also the regulator who is looking for a robust process.”
The average client size is over GBP500,000, ranging from a direct portfolio to their SIPP, a charitable or family trust, ISAs and so on.” SIPP and Charity assets are increasingly important to the firm and in many cases trustees might be direct clients as well.
“As a specialist investment house, we have maintained that our investment managers have the dual role of managing money and also meeting clients and talking on a regular basis,” Loudon says.
“Some firms manage the money from an ivory tower but we have found that clients like their investment manager to be sitting in front of them and explaining their portfolio.”
This year has seen Quilter Cheviot moving into the Old Mutual Group as a standalone part of Old Mutual Wealth, offering services to the high net worth client and picking up increasing amounts of business as more and more financial advisers appoint discretionary fund managers.
“It is important to remember we are nothing without our clients,” Loudon says. “It is up to us to add value and an increasing number of independent financial advisers are looking at outsourcing discretionary fund management. We also need to recognise the changes in society and the way clients wish to do business and it’s important that we respond.”