ou'Ye a Wr'eealth M We Managger and their assets ... - The Wealth Net

PAM Awards 

2012 Special Report

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Ed Hicks 

Managing Director 

PAM Insight 

Welcome to this special report on the 2012 PAM Awards. 

This year marked the 13th annual PAM Awards ceremony, which took 

place at the Dorchester hotel on Thursday 1st March. 

The PAM Awards programme is firmly established as the leading platform 

for the acknowledgement of excellence and achievement in the private asset 

management marketplace. In total 64 managers began the entry process to 

the Awards this year, with a record number (32) of the firms being shortlisted as finalists vying for the 12 

Awards. This year the Cautious, Defensive and Growth Investment Performance categories received a 

very high number of entries. The competition for the PAM Awards gets greater and greater every year. 

The standard of submission is very high. This is a good opportunity for me to thank the teams who put so 

much time and effort into their entries. 

One of the new additions to the judging process was the introduction of presentations to a Judging 

Panel for companies and firms being considered as finalists. This took place a month before the Awards 

and again I would like to thank the Judges and management teams for the additional time put in here. 

One of the reasons why the PAM Awards has such a strong reputation is because of the quality of the 

Judging Panel. It is made up of 15 leading independent experts in wealth management and investment 

consulting. A big ‘Thank You’ to them for their time, wise counsel and support throughout the 

deliberation process. 

This special report contains an exclusive article on the winning firms’ thoughts on their success, profiles 

on PAM Awards Judging Panel and photographs from the PAM Awards ceremony itself. 

The 2012 PAM Awards were sponsored by Aberdeen Asset Management, Advent Software, BITA 

Risk, Cerebral Palsy Sport, CarryQuote, JHC, Premier Corporate Mail Ltd, TD Wealth Institutional and 

Spencer House Partners. The Awards are supported by Louis Roederer Champagne, Asset Risk 

Consultants, www.thewealthnet.com, www.eprivateclient.com and Private Client Practitioner Events. 

I would like to encourage firms that did not enter this year to consider entering the 2013 PAM Awards, 

which will take place on Thursday 7th March. The Judges Feedback I give to entrants, who are supporters 

of PAM, after the Awards can be invaluable management information in helping firms shape their 

corporate strategy going forward. Firms considering entry need to indicate which of the 12 categories they 

are going to enter by the beginning of September. 

Once again, I would like to extend my congratulations to all those that were named as finalists and, of 

course, to the winning firms. 

Ed Hicks 

Managing Director, PAM Insight 

www.eprivateclient.com 

Sponsors 

In association with 

Foreword 

www.pamonline.com PAM Awards 2012 

1

the winners 

The view 

from the podium 

What leads to success in the PAM Awards? Tristan Blythe 

spoke to this year’s winners to find out what they thought 

had set them apart from the competition and how they intend 

to remain ahead. 

This year’s PAM Awards saw a number of 

new winners, as well as the return of 

some after a long absence and a few 

familiar names. 

In total a record 64 firms entered the Awards 

programme and 32 named as finalists by the PAM 

Awards Judging Panel. 

C Hoare & Co was one firm that won for the 

first time, despite being a finalist many times in the 

PAM Awards’ history. The bank won Awards in 

the Investment Product or Service Innovation and 

Image and Reputation - HNW categories, and was 

a finalist for the Client Service Quality-HNW 

category. 

The Judging Panel was particularly impressed 

with the bank’s Master Charitable Trust, a 

philanthropic offering for its clients that allows 

customers the benefits of their own charitable trust 

but leaves the administrative burden with the bank. 

“It makes it simple and effective for clients to give 

to good causes,” said Diviya Gosrani, head of 

Messrs Hoare Trustees. “It is an alternative to your 

own charitable trust or foundation.” 

“Many people leave charitable legacies in their 

wills,” added Roger Clark, the head of professional 

services at the bank. “This enables them to do so 

just as efficiently and retain some control of their 

donations whilst still alive.” 

A number of existing clients are already using the 

service, with many more expressing an interest. It is 

also a driver of new business to the firm. 

“Some new clients come to us because of the 

Master Charitable Trust and broaden their 

Tristan Blythe 

Group Editor, PAM Insight 

relationship from there,” said Annamaria Koerling, 

the bank’s head of investment management. 

In addition, the bank was also praised for how it 

changed the traditional view of it only providing 

banking services and had begun to win recognition 

for its investment services and wider offering. 

Another firm toasting a successful evening was 

Sarasin & Partners. A firm that is well used to 

winning PAM Awards, it managed to walk away 

with the Quality and Clarity of Reporting Award 

again. 

“Our reporting facilities are all designed and 

constructed in-house, with many of the 

improvements over the years driven by requests and 

feedback from clients,” said Jamie Black, partner 

and head of private client at the firm. “The 

substantial investment Sarasin & Partners has 

made in its own proprietary IT systems has 

contributed greatly to the business across key areas 

such as client servicing, fund management, 

settlement, administration and marketing. The fact 

that the software is all our own gives us great 

flexibility and encourages a process of continuous 

upgrade. 


3

4 

the winners 

Steve D’Sousa, sales & 

marketing director at 

JHC; and Nancy 

Curtin, chief 

investment officer at 

Close Brothers Asset 

Management 

“In terms of the reporting package, I have always 

felt the ‘look through’ facility showing clients 

precisely what they own via any Sarasin fund 

holdings in their portfolio is a very powerful tool in 

terms of providing greater transparency and simply 

making the portfolio more interesting. I also hope 

the judges were impressed by our secure online site, 

which allows clients to interact with their portfolio 

and their fund managers on a variety of levels.” 

In previous years this Award has been dominated 

by Sarasin & Partners and Berry Asset 

Management, which was a finalist again. However, 

the Judging Panel noted that the quality of entries 

for this had increased which perhaps signalled that 

this duopoly on success for reporting could be 

coming to an end in the near future. 

Close Brothers Asset Management won the 

Client Service Quality – HNW Award. The firm 

is coming to the end of a restructuring, during 

which it has refocused its business to solely serve 

private clients. However, Nancy Curtin, its chief 

investment officer, said that restructure was not 

the reason for the victory. She said the private 

client investment business had not been affected 

by the changes, which had seen the firm sell off 

non-core parts of the business as well as build up 

its advice arm. 

Instead she said it was the continued service, 

including for some clients that have been with the 

firm for over 20 years, that was key to the success. 

PAM Awards 2012 

Prior to the changes, and now, the firm builds 

“genuinely bespoke” portfolios, she said, that 

benefit from shared intellectual capital and 

investment processes. 

“We go out of our way to understand clients’ 

needs on everything, including risk, liquidity as 

well as non-financial needs,” she explained. “We 

also understand that this can change with time, so 

keep a dialogue open with them.” 

She added this was endorsed by the client surveys 

that are taken every three years. In the most recent, 

from the fourth quarter of 2011, 98 percent said 

they were satisfied or very satisfied while 83 

percent would recommend the firm. 

PAM Awards hat tricks 

Heartwood completed its PAM Award hat trick 

winning the Total Wealth Solutions Provider – 

HNW Award for the third year in a row. 

“Combining investment management, tax, 

retirement and estate planning and delivering it 

cohesively to a client with tangible financial 

benefits is a demanding process,” commented 

Simon Lough, the firm’s chief executive. “It relies 

on having the right blend of specialist skills and a 

robust service model. While total wealth offerings 

are becoming more common, a culture where 

wealth structuring and investment are truly 

integrated cannot be conjured out of the ether, and 

the fact that this philosophy and practice is 

embedded within Heartwood is what sets us 

apart.” 

Schroders Private Banking also won an award for 

the third year running - Image and Reputation- 

UHNW. 

“This is the third consecutive year we have won 

this award,” said Rupert Robinson, chief executive 

of the firm. “It reflects the integrity and skill of our 

people to provide complex solutions to very 

wealthy clients and families. It reflects the integrity 

of our business model, the Schroders brand and our 

proven ability to deliver excellence to this client 

segment.” 

The firm has been a multiple PAM Award 

winner in previous years and 2012 was no 

exception as it also won in the Investment 

Performance - Cautious Portfolios category. 

“The enhancements we have made to our 

investment process have led to superior risk 

adjusted returns across our core multi-asset class 

strategies,” said Mr Robinson. “We continue to 

www.pamonline.com

invest in talent with the appointment of Kieron 

Launder as chief investment officer for the private 

bank in London. Also our move to adopting a risk 

budgeting approach to asset allocation post 2008 

has resulted in more high conviction views being 

expressed in client portfolios leading to superior 

results.” 

Does size matter? 

Once again boutique firms and smaller 

organisations dominated the PAM Awards. This 

year only two global banks were amongst the 

winners – JP Morgan Private Bank and Citi 

Private Bank. 

“We take a comprehensive approach, looking 

across clients' balance sheets and entire estate with 

a long-term perspective to best position them for 

the future,” said Olivier de Givenchy, head of JP 

Morgan Private Bank UK and Ireland. “I believe 

our integrated team model, expertise within the 

UHNW segment, depth of resource and overall 

capabilities are unrivalled in the market place today. 

Our approach is based on our credibility as an 

institution, the quality of our staff and as J. 

Pierpont Morgan said, ‘doing only first-class 

business in a first-class way,’ and I believe this is 

why we won the PAM Award for Total Wealth 

Solutions Provider-UHNW.” 

David Poole, head of Citi Private Bank in the 

UK, said that he felt being part of a large banking 

organisation was one of the reasons behind 

winning the Client Service Quality – UHNW 

Award. 

Mr Poole said that the private bank only focused 

on extremely wealthy clients, who were “quasiinstitutional” 

in their needs. 

“Being part of a large global bank allows us to 

provide a completely comprehensive offering to 

larger and often multi-jurisdictional clients,” he 

explained. 

Extremely wealthy clients often do not 

differentiate between their business and private 

wealth, with many having wealth created and tied 

up in their businesses. Mr Poole said many looked 

for a bank that saw their needs as a whole and 

could serve them all, from business to personal and 

philanthropic. 

He added the difficulty that large organisations, 

such as Citi, face is keeping a global service, but 

stopping it becoming impersonal. To this end, Citi 

private bankers have between 10 and 20 clients 

each. A ratio which Mr Poole said means a banker 

can, if needed, contact all their clients in one day – 

as they did during the financial crisis in 2008. In 

fact, Mr Poole singled out this ratio as the key 

factor behind the bank’s PAM Awards success. 

Boutique successes 

Three boutique firms became first time winners 

this year, namely Cheviot Asset Management, 

Vestra Wealth and Taylor Young Investment 

Management. They won the Investment 

Performance – Defensive Portfolios, Investment 

Performance – Growth Portfolios and Investment 

Performance-High Growth Portfolios respectively. 

The PAM Judges also identified Signature, a 

small Bristol-based investment management firm 

for the overall quality of all their investment 

performance entries, although they failed to make 

the Finalists short-list. 

Peter Thomson, chief executive of Taylor Young, 

said that the thematic approach the firm takes to 

investing was behind its victory in the Investment 

Performance – High Growth Portfolios category. 

“We are concentrated on what are the drivers and 

enablers of future change,” he explained. “What is 

going to make a positive different to asset prices? 

We always have a pipeline of new ideas and refresh 

when necessary.” 

Once a theme has been selected investments are 

picked that are most likely to benefit from the 

trend. Mr Thomson described the approach as 

mixing the best of a top down approach with the 

best of a bottom up approach. 

The firm is a long term investor in stocks that it 

thinks will benefit from the trends it highlights. 

The stocks tend to be the mid to small cap sectors. 

He said these areas suited the approach best, if you 

can hold the investment and not have the liquidity 

issues a larger investment firm may have. 

He added that whilst this approach is used across 

all levels of risk, it is in the high growth area that it 

has the largest impact on returns. 

David Scott, managing partner of Vestra Wealth, 

also believes being a boutique helped the firm win 

the Investment Performance – Growth Portfolios 

Award. 

“Our investment philosophy is not concerned 

with hugging a benchmark,” he said. “So, if we 

believe an investment is not good we will have no 

exposure, for instance in the period covered by the 

Award we didn’t favour Japan. All a larger 

the winners 


5

institution concerned with a benchmark will do is 

underweight an area it dislikes. 

“We believe that with conviction investing and 

not investing money in things you dislike, there is 

more of an alignment with the client. Why would 

you put their money into something you would not 

want to put your own money in?” 

He added that during the period covered by the 

Awards, Vestra had equity exposure but only to 

those it considered to be highly defensive stocks. 

Michael Kerr-Dineen, chief executive of Cheviot, 

said that it was not jut the win that was important 

to the firm. He said that being a finalist in the 

Growth and Image and Reputation – HNW 

categories demonstrated that it has “the waterfront 

covered”. 

“It proves we are not a one-legged animal,” he 

said. “We are capable of meeting clients’ needs 

whatever they are.” 

Mr Kerr-Dineen added that he also felt the firm’s 

structure as an independent partnership was an 

important factor in Cheviot’s investment 

performance. 

“It can pay fruits in investment,” he explained. 

“We are genuinely conflict free. That doesn’t mean 

we will always get it right, but we are more likely 

to.” 

He also said the win demonstrated the quality of 

investment professionals at the firm. 

Continuing to move forward 

Of course, Mr Kerr-Dineen stressed success and 

endorsement of the PAM Awards is not a reason 

for complacency. This is a view other winners 

shared and are continuing to push their business 

forward and innovate for clients. 

“We continue to invest heavily in building a 

talented team across both wealth management and 

investment management,” added Mr Lough. “We 

have taken on for the last year a highly experienced 

consultant to help us develop and systemize further 

our wealth management services. She has done 

great work and we believe we can improve further 

on the strong position we have established. 

“We are also developing our business to enable a 

broader base of clients to gain access to our 

investment management capabilities via other 

professionals, including IFAs and financial 

advisers.” 

Mr Black also said that Sarasin & Partners was 

striving to develop its offering. 

“As ever, we want to remain passionate about 

clients, staff and investment in no particular order,” 

he said. “We were delighted to be shortlisted in 

three other categories for the last set of awards, one 

of them for innovation, and we will be looking to 

bring new ideas and people into the picture during 

2012 with a particular focus on investment.” 

Close Brothers Asset Management is also looking 

at ways to continually improve and add to its 

service. Ms Curtin said one new element that it 

was currently exploring is the launch of an iPad 

app for its clients. 

Mr Scott added that Vestra Wealth was looking 

to increase the number of resident non-domiciled 

clients it has. He said that this was an area 

previously dominated by the big banks but now the 

growth in boutiques which were able to serve such 

clients well had given them a choice. 

“We continue to think about innovative 

investment solutions for our clients and invest in 

technology and in people. We have recently 

formalised our Private Wealth Management effort 

at the Private Bank, focusing on high net worth 

individuals and families in the UK with investible 

assets ranging from £3 million to £20 million,” said 

Mr de Givenchy. 

Of course, these developments take place at a 

time of global economic uncertainties. Overall the 

winning firms expressed a cautious optimism for 

the year ahead. Although there remains some 

potential issues and the eurozone crisis has not yet 

gone away, investment opportunities are available. 

With all the winners, and other firms, planning 

to develop their offering in one way or another 

over the next 12 months, it looks like the 2013 

PAM Awards will have quality entries and fierce 

competition once again. 

the winners 

Clare Balding, Peter 

Thomson, chief 

executive & CIO of 

Taylor Young 

Investment 

Management; and 

Tristan Blythe, group 

editor at PAM Insight 


7

8 

the winners 

Investment Performance 

Cautious Portfolios 

Winner: Schroders Private Banking 

Finalists: Bestinvest, 

Lloyds TSB Private Banking, 

Standard Life Wealth 

Commended: Jupiter Asset 

Management, 

Vestra Wealth 


Defensive Portfolios 

Winner: Cheviot Asset Management 

Finalists: Investec Wealth & 

Investment, 

Jupiter Asset Management, 

Ruffer, 

SGPB Hambros, 

Smith & Williamson, 



Growth Portfolios 

Winner: Vestra Wealth 

Finalists: Bestinvest, 

Cheviot Asset Management, 

Ingenious Asset 

Management, 

Rathbone Investment 

Management International, 

Smith & Williamson 


High Growth Portfolios 

Winner: Taylor Young Investment 

Management 

Finalists: Greystone Wealth 

Management, 

Ingenious Asset 

Management, 

Jupiter Asset Management, 

Newton Investment 

Management, 

PFP Wealth Management, 


Quality & Clarity of 

Reporting 

Winner: Sarasin & Partners 

Finalists: Berry Asset Management, 

Citi Private Bank, 

Close Brothers Asset 

Management, 

Schroders Private Banking 

Investment Product or 

Service Innovation 

Winner: C Hoare & Co 

Finalists: Collins Stewart Wealth 

Management, 

S C Davies & Co, 

Sarasin & Partners, 


Client Service Quality 

HNW 

Winner: Close Brothers Asset 

Management 

Finalists: Berry Asset Management, 

C Hoare & Co, 

Sarasin & Partners, 

Veritas Asset Management 

(UK) 


UHNW 

Winner: Citi Private Bank 


Finalists: Sarasin & Partners, 

Schroders Private Banking, 

Stonehage 

Image & Reputation 

HNW 

Winner: C Hoare & Co 

Finalists: Brooks Macdonald Asset 

Management, 

Cheviot Asset Management, 

Smith & Williamson, 


Image & Reputation 

UHNW 

Winner: Schroders Private Banking 

Finalists: Coutts & Co, 

JPMorgan Private Bank, 

Rothschild 

Total Wealth Solutions 

Provider – HNW 

Winner: Heartwood 

Finalists: SGPB Hambros 

Total Wealth Solutions 

Provider – UHNW 

Winner: JPMorgan Private Bank 

Finalists: SGPB Hambros, 

Stonehage, 

UBS Wealth Management 

We would like to thank our sponsors for 

supporting the PAM Awards 2012: 

Aberdeen Asset Management, Advent, 

BITA Risk, CarryQuote, CP Sport, 

JHC, PCM, Spencer House and TD 

Waterhouse. 

As well as Louis Roederer, ARC, 

Private Client Practitioner Events, 

eprivateclient and thewealthnet who 

the PAM Awards were held in 

association with. 

www.pamonline.com

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10 

the entry process 

The entry 

n 2012 the PAM Awards underwent a major 

overhaul of the entry process, including a 

process 

reduction in the questionnaire that forms the 

basis of the entry, stronger guidelines and tips on 

the content and presentation of entries, and the 

introduction of the opportunity for entrants to 

present to the Judging Panel. 

Behind the scenes the Panel also increased the 

rigour of the judging process by introducing 

judging templates, to further bolster the “level 

playing field” on which all entrants compete. 

“The PAM Awards are recognised as the most 

prestigious wealth management awards currently 

I 


www.pamonline.com

available,” said James Anderson, chairman of the 

Judging Panel. “This reflects the rigour and 

robustness of a judging process that uses verifiable 

quantitative and qualitative data. Over the years 

this has enabled the Judging Panel to identify and 

recognise the best wealth managers available long 

before the rest of the market. 

“No process is perfect, however. As a 

consequence we have continued to refine the 

PAM Awards judging process on the back of 

feedback received from both entrants and judges 

to provide something that is manageable, fair and 

representative. This year we have streamlined the 

data collection process as well as giving invited 

firms the opportunity of presenting directly to the 

judges. We hope that this will encourage more 

firms to enter. If firms have a good story to tell we 

certainly want to hear about it.” 

Private asset management firms entered 

themselves for individual award categories via the 

completion of a category specific submission. 

Submissions addressed the criteria highlighted by 

the Panel and an in-depth questionnaire, 

including approximately 65 questions across 

several subject areas, encapsulating: group 

structure & personnel; investment management 

process; pooled funds/unlisted securities; 

regulation and investor protection and fees, 

charges and interest. 

The entry process begins in the early autumn 

the year before the Awards. In 2012, the criteria 

for each category was further refined to give 

better guidance to entrants as to what the Judges 

expect an entry to contain, as well as being 

accompanied by guidelines and tips on how best 

to present the entry and what areas were of 

particular importance. 

Whilst the judges emphasised the importance of 

taking time to prepare the category submission, 

the extended questionnaire was reduced by 37 

percent to focus on the information felt to be 

most relevant and to reduce repetition. 

All entries received by the deadline were 

presented to the members of the Panel. Each 

entry was considered by a category sub-committee 

which presented their recommendations to the 

entire Panel. Firms attaining a high standard of 

entry were invited to meet with the panel in the 

last week of January, for a short presentation and 

Q&A. In its inaugural year, the presentations 

received very positive feedback from managers: 

The Panel members reviewed the remaining 

entries and ranked their individual preferences in 

ascending order, with 1 as the highest rank. The 

managers were placed in order, starting with the 

the highest ranked firm. This list was then 

presented to the Panel in a closed plenary session. 

The Panel debated the respective merits of the 

nominated firms and determined the (unlimited) 

number of finalists for each Award category. The 

Panel then discussed and evaluated the list of 

finalists, from which it chose a winner in each 

Award category. 

The PAM Awards is proud of the diligence and 

rigour behind the judging process, and take great 

pains to ensure that it is robust, fair and 

transparent. Feedback is prepared for entrants 

following the announcement of the winners and 

finalists, the only Awards programme to offer 

such openness about the rationale behind the 

decision-making, and on how entrants can 

improve. The process itself is reviewed on an 

annual basis, and suggestions on further 

improvements are always welcome. 

the entry process 

“Many thanks for giving us the chance to present our thoughts last week 

for the award entry. David [Scott] and I found it extremely useful to be 

able to present to the judges, not only to clarify some of the concerns that 

they may have had, but also to explain fully the reasons and rationale 

behind the strategy that we have at Vestra. I believe that the presentation 

process adds further gravitas to the award entry process and whilst it was 

hard to prepare for in Year 1, I think going forward it is a fantastic 

opportunity for entrants.” 

-Lizzie Anstey, marketing manager at Vestra Wealth 

“Edward [Allen] and I enjoyed presenting to the panel and think that this 

innovation is an excellent enhancement to the judging process. My feeling is 

that by allowing the panel to eye-ball the representatives of each firm and to 

question them in depth on their submissions, the panel members can be more 

confident that their decision making process will result in the correct outcome 

and the firms applying for Awards can be confident in the transparency of 

the Awards process.” 

-David Rosier, chairman of Thurleigh Investment Managers 


11

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James Anderson, 

James founded PAM 

Insight in 1993 and has 

been Chairman of the PAM 

Awards’ Judging Panel since 

its inception. He began his publishing 

career at Haymarket in 1985 and has 

been focused on the financial services 

sector since 1987, specifically working in 

the field of private wealth management, 

both in the UK and around the world, 

since 1990. James launched the UK 

edition of the PAM directory in 1999 as 

a guide to asset managers providing 

portfolio management services to private 

clients, following this with the launch of 

the PAM Awards in 2000 and 

PAMonline in 2001. James founded 

PAM Insight SA in 2010 and is now 

focused on the development of 

company’s brands outside the UK. 

Dermot Callinan, 

Dermot is a partner in the 

KPMG tax practice and is 

Head of the UK Private 

Client business. Dermot 

leads a national team of 200 tax 

professionals, specialising in personal 

taxation planning and compliance, trust 

accounting and taxation. Dermot has 

lead a number of significant transactions, 

floatations and management buyouts and 

his private client specialist knowledge is 

widely recognised. Dermot is a chartered 

tax advisor and member of the Society of 

Trust and Estate Practitioners with over 

20 years experience 

Graham Chambers, 

Graham has spent his entire 

career with Dixon Wilson 

working within the private 

client world. Over the years 

he has built up a varied portfolio of 

clients including entrepreneurs and 

wealthy family groups. He advises a 

number of clients in the art world and 

heads the firm’s Art Advisory Group. 

Graham works with his clients on 

investment matters, alongside their 

investment managers. He liaises with 

clients to help identify the vital issues 

which influence asset allocation and the 

setting of investment objectives and 

follows through with the 

implementation. He also consults with 

clients on performance evaluation and 

manager selection. Experienced in 

advising trusts and trustees, Graham acts 

as a trustee himself for a number of 

trusts and charities. In addition, Graham 

advises on high level tax issues, residence 

and domicile, asset protection and 

succession planning. 

Stuart Davies 

Stuart Davies is a director 

of LJ Athene Investment 

Advisors in London. He has 

over 20 years’ experience of 

providing investment and financial 

planning advice for wealthy families, 

individuals and trusts. Stuart specialises 

in investment consulting and long term 

strategic financial planning. His work 

includes detailed risk analysis for client 

portfolios, objective setting, portfolio 

benchmarking, manager search and 

assessment and performance monitoring. 

He advises a large number of ultra-high 

net worth individuals, trusts and other 

organisations in the UK and overseas. 

James Day, 

James is managing director 

and founder of Peritus 

Investment Consultancy 

located in Zurich. Peritus 

guides wealthy private clients and trusts 

through the complex task of risk profiling, 

strategic asset allocation, manager 

selection and ongoing performance 

evaluation. The company places great 

emphasis on strong ethical values. Peritus 

is not tied to any investment manager and 

refunds all institutional rebates negotiated 

on the client's behalf. The company's 

mission is "to enhance the investment 

experience clients have in the 

management of their wealth". 

John Elder 

John is a founding partner 

of Family Office Advisors 

LLP. He consults in the 

Family Office sector, 

advising families and regulated entities 

on establishing or restructuring their 

investment management, wealth and 

reporting services. He also acts as an 

independent non executive director. John 

was previously a director of the London 

and international office of BNY Mellon 

PAM judges 

Family Office Services. His 

responsibilities included coordinating 

UK and International strategy within the 

Family Office Services Division, in 

addition to overseeing the growth of the 

UK and international business. Prior to 

joining Mellon, John established and ran 

the Investment Consulting Practice at 

Ernst & Young in London. He has over 

30 years broadly based financial services 

experience encompassing consulting, 

investment management and financial 

planning. John is a Chartered Fellow of 

the Chartered Institute for Securities 

and Investment. 

Graham Harrison, 

Graham is co-founder and 

managing director of Asset 

Risk Consultants Limited 

(ARC), an independent 

investment consulting practice. ARC 

provides advice to wealthy individuals, 

trust companies and private banks on 

portfolio construction and design, risk 

profiling and performance measurement. 

The philosophy of ARC can be 

summarised as "translating information 

into knowledge" and represents a 

response to the most common complaint 

heard from potential clients: too much 

hay; too few needles. ARC helps clients 

sort out the padding and get to the 

point! Graham is a regular commentator 

on investment manager performance 

trends and is a Chartered Fellow of the 

Chartered Institute of Securities and 

Investment. 

Paula Higgleton, 

Paula is a senior partner in 

the Private Client Practice at 

Deloitte which consists of 

over 300 people across 15 

locations in the UK. She has specialised 

in providing complex solutions to 

wealthy individuals, their families, 

businesses and trusts for over 20 years. 

Her clients consist of private individuals 

and entrepreneurs based in the UK and 

overseas, and in particular, Paula 

specialises in non-UK domiciled and 

internationally mobile individuals and 

family offices. Paula is a member of the 

Chartered Institute of Taxation. She is a 

sought after speaker and commentator 

on private wealth industry related issues. 


13

PAM judges 

Andrew Hutton 

Andrew is an independent 

investment advisor and 

director of A.J. Hutton Ltd. 

Prior to setting up his own 

business in 2007, Andrew spent 10 years 

as head of investment management at 

Coutts and subsequently as jointmanaging 

director of RBS Asset 

Management. Previously, Andrew was a 

managing director at J.P. Morgan 

Investment Management where he held a 

variety of investment and business 

management positions from 1979 to 

1997 in New York, Singapore, Melbourne 

and London. Andrew is a graduate of 

Cambridge University and is a CFA 

charterholder. 

Moricko Kemp 

Moricko heads up the 

investment and treasury 

function for Sanne Group and 

is focused on assisting trustees 

and their customers with investment / 

treasury related solutions. He has over 15 

years investment consultancy experience 

and has held various senior positions 

within organisations specialising in 

international financial services. Specific 

areas of interest / expertise include 

investment consulting, investment 

manager selection and the analysis of 

investment portfolios. He is an MBA 

having obtained a B.Comm (Law) degree 

in South Africa and is a member of the 

Securities Institute. 

Stephen McMahon 

Stephen is the managing 

director of Asset Risk 

Consultants in Jersey, and 

leads the Manager Selection 

team for the ARC Group. Stephen joined 

ARC, the private client investment 

consultancy, in Jersey upon his arrival from 

London in May 2008. After a degree in 

Economics & Management from Oxford 

University, Stephen qualified as an 

accountant with the tax office of 

PricewaterhouseCoopers in London 

before embarking on a consultancy career 

with PwC. Following large consultancy 

projects for telecoms companies in the 

UK, Saudi Arabia and Switzerland, 

Stephen worked for the Bank of England, 

where he reviewed operations in the 

14 

Economic and Financial Markets divisions 

of the central bank. 

Conrad Montford 

Conrad is head of Wealth 

Advisory at Allenbridge, the 

research driven investment 

consultants, with a focus on 

family office, HNW and UHNW 

investors. Allenbridge Group plc also 

provides research on hedge funds, third 

party managers and funds for private 

investors and consults to large pension 

schemes and local authorities. Conrad has 

over twenty years experience as an 

investment professional, having recently 

joined from Citi Private Bank where he 

was a director and senior banker looking 

after family office clients and UHNWIs. 

Prior to this Conrad held senior client 

positions with FF&P/Sagitta Group, 

Credit Suisse IM and Deloitte, including 

the then Deloitte-owned Walbrook 

Trustees, where he was director of 

investment strategy giving him valuable 

offshore consulting experience working 

closely with fiduciaries and trustees. 

Clive Nicholson 

As a senior partner in Saffery 

Champness, Clive specialises 

in private clients, landed 

estates and substantial family 

trusts providing advice on financial matters 

from investment strategy to taxation of 

trusts, and has considerable experience in 

the structure and administration of trusts. 

He founded the firm's Guernsey office in 

1977 and managed the office, now the 

largest independent fiduciary in Guernsey, 

until 1989. He was managing partner 

from 1990-2002, during which time the 

firm grew to be one of the top 20 UK 

accountancy firms. He is Deputy 

Chairman of Nexia International, a 

worldwide network of independent 

accounting firms, and Chairman of City 

Merchants High Yield Trust Plc. 

David Nolan 

David is a partner and 

director of Ivey Cox and has 

over 30 years experience 

within the investment 

management industry, in both the UK 

and offshore markets. David is a 

Chartered Fellow of the CISI and also 


holds the IAC. Prior to joining Ivey Cox 

David was the managing director of 

Walbrook Investment Consultants 

Limited (WIC), with responsibility for 

the supervision of trust & company 

financial assets of £3bn and during this 

time he also served as an independent 

member of the Kedge Capital Funds 

investment board. Previously, David was 

director of investment strategy at Deloitte 

Jersey, with responsibility for the selection 

and review of all external financial service 

providers, including third party 

investment managers. He relocated to 

Jersey in 1995 from the UK as head of 

investments at Coutts (Jersey) Limited 

and he began his investment career in 

1979 as a portfolio manager with 

NatWest Investments in the UK. 

Ian Orton 

Ian is PAM Insight’s Editor 

at Large and the founder of 

Slump Associates, which 

provides research and 

consultancy vetting and monitoring 

services to firms active in the wealth 

management sector as well as a memory 

facility for corporate amnesiacs. An 

economist by background Ian has written 

extensively on the banking financial 

services sector over the past two decades 

for a wide range of publications and is 

acknowledged expert on private banking 

and wealth management in all its guises. 

Simon Rees 

Simon is director of Trust 

Services at New Quadrant 

Partners LLP (NQP). He 

also acts as a director of 

New Quadrant Trust Corporation and 

of Trapezium Capital Management, an 

ACD company which serves NQP 

client OEICs. As part of his role, he 

takes a considerable interest in 

investment manager performance. 

Simon has specialised in private clients 

and trusts, both UK and offshore, for 

thirty years. This included 24 years 

advising on private client tax with 

KPMG, Ernst & Young and PwC. He 

then spent three years with Ansbacher, 

as head of private client tax, but with a 

broader client relationship role, 

encompassing both investment and 

lending issues. 

www.pamonline.com

16 


Tim Bailey, senior portfolio manager and head of offshore; James Hoare, head 

of portfolio management; Rob Jeffree, head of research; David Cavaye, chief 

investment officer; Annamaria Koerling, head of investment management; 

and Bob Loft, senior relationship manager; at C. Hoare & Co 

the 

Gala Reception 

On 1 March 2012, a gala evening was 

held at the Dorchester hotel to present 

the PAM Awards. Senior figures from 

across the wealth management 

profession attended the black tie event to 

celebrate the achievements of the best in 

private asset management. 


www.pamonline.com

Jonty Colchester, formerly of GAM, & 

Penny Lovell, managing director at 

Rothschild Private Banking & Trust 

John Elder, Family Office Advisors and 

PAM Awards Judge; James Field, founder 

of James Field Consulting; and Mark 

Rayward, head of UK private client at 

Veritas Asset Management 


Clare Balding; Kate Leppard, head of private clients at Schroders Private Bank; and Bob 

Powell, managing director at Premier Corporate Mail 

Jonathan Conder, partner and head of 

private clients at Macfarlanes; and David 

Scott, managing partner of Vestra Wealth 

Katy Barnard, 

director, Caroline 

Dyson, associate 

director; Peter 

Fernandes, head of 

private client 

investment 

management; 

Henrietta Clarke, 

director; and Alison 

Moynihan, director 

at Smith & 

Williamson 

Patricia Nicholson & Clive Nicholson, 

senior partner at Saffery Champness and 

PAM Awards Judge 


17

A 

world 

of ideas 

at Sarasin & Partners 

Leaders in global 

thematic investing 

We look for companies that are the real 

winners from global trends and themes 

wherever they trade in world markets. 

Please note that the value of shares and the income from them can fall 

as well as rise and you may not get back the amount originally invested. 

This can be as a result of market movements and also of variations in 

the exchange rates between currencies. 

To find out more about investment opportunities please contact Lucinda Harris on 020 7038 7000, 

email: lucinda.harris@sarasin.co.uk or visit www.sarasin.co.uk 

Sarasin & Partners LLP, a limited liability partnership registered in England and Wales with registered number OC329859, 

is authorised and regulated by the Financial Services Authority. © 2012 Sarasin & Partners LLP – all rights reserved.

Stephen Rothwell, head of wealth 

management at Kleinwort Benson 

David Nolan, partner at Ivey Cox Consultants and 

PAM Awards Judge; Cheryl Nolan; and James 

Fairbairn, director of Rothschild Private Banking 

Trust 

Clare Balding, host of the 2012 PAM 

Awards 


Will Townrow, 

portfolio manager; 

Lizzie Anstey, 

marketing manager, 

David Scott, 

managing partner; 

and Bandish Gudka, 

portfolio manager at 


James Anderson, managing partner and 

editor-in-chief of PAM Insight SA 

Graham Chambers, 

partner at Dixon 

Wilson and PAM 

Awards Judge; Ian 

Orton, editor at large 

on thewealthnet at 

PAM Insight and 

PAM Awards Judge; 

and Charles Marston, 

senior vice president 

at UBS Wealth 

Management 


19

Schroders has been innovating for over 

200 years. 

Our personal and discreet private 

banking services will keep your money 

working hard, leaving you to focus on 

what you do best. 

Trusted relationships, advanced thinking 

Best Private 

Bank in the UK 

WINNER 2012 

Visit us at www.schroders.com/privatebanking 

Investment Performance – 

Cautious Portfolios 

… 

Image and Reputation – 

Ultra High Net Worthlity Investment Management 

Company of the Year 

Winner – Charity 

Investment Management 

Schroder & Co. Limited is authorised and regulated by the Financial Services Authority. For your security communications may be taped or monitored. w41082

Paul Stibbard, member of senior advisor platform at Rothschild Trust; 

Alex Ruffel, partner at Berkeley Law; and Conrad Montford, head of 

wealth advisory at Allenbridge and PAM Awards Judge 

Cormac Naughten, account director institutional sales;James Sellon, 

managing partner and co-founder of Maseco Private Wealth; and 

Maria Chapman, head of business development at Maseco Private 

Wealth 


Clare Balding, David Scott, managing partner of Vestra Wealth; 

and Andrew Malcolm, partner at Spencer House Partners 

Michael Maslinski, 

director of Maslinski 

& Co and former 

PAM Awards Judge; 

Maggie Maslinski, 

Andrew Hutton, 

director of AJ Hutton 

and PAM Awards 

Judge 

Clare Balding; James Hoare, head of portfolio management at C. 

Hoare & Co; and Christian Erlandson, chief executive of CarryQuote 


21

WINNER 

Client Service Quality – 

Ultra High Net Worth 

Citi Private Bank is a business of Citigroup Inc. (“Citigroup”), which provides its clients access to a broad array of products and services available through bank and non-bank 

affiliates of Citigroup. Not all products and services are provided by all affiliates or are available at all locations. In the United Kingdom, Citibank, N.A., London and Citibank 

International plc, Citigroup Centre, Canada Square, Canary Wharf, London, E14 5LB are authorised and regulated by the Financial Services Authority. Citi and Citi with Arc Design are 

registered service marks of Citigroup Inc. or its affiliates. 

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE 

© 2012 Citigroup Inc., All Rights Reserved. 

YOUR 

WEALTH 

Can Do More 

Than You Think. 

Citi Private Bank provides access to opportunities for 

your wealth legacy, combining the global network of Citi 

with local insight. So you can give life to projects that 

make an impact. We can help you manage your wealth 

for generations. For an office near you, or to learn more, 

visit citiprivatebank.com


Stewart Newton, director of Veritas Asset Management; Anthony Rosenfelder, chairman and managing director of Veritas Asset 

Management AG; Anthony Yadgaroff, group managing director at Allenbridge; and Ross Ciesla, senior private client director at Veritas Asset 

Management 

Dave O'Brien, production director at PCM Ltd; Bob Powell, managing 

director of PCM Ltd; and Claire Harvey, associate director at SC Davies 

Ed Hicks, 

managing director of 

PAM Insight 


23

Yo Yoou’ 

ou’re 

re 

a WWe 

ealth Manag M Manager nag ger 

Focus us on on y your clients 

and their assets... 

...and leave e the the re r re 

est to us 

TD Wealth 

ealth Institutional Institutional supplies supplies a a complete complete business business pr 

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management, dealing, ealing, settlement, custody custody, , and administration. 

Our Our fully fully integrated integrated systems systems support support both both bespoke bespoke portfolio portfolio management management and and centralised 

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opositions. W 

e of fer portfolio modelling and r rebalancing, 

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We 

e can trade and supply custody for almost any instrument, acr across 

oss mor 

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This This allows allows you you to to focus focus on on the the critical critical investment investment decisions decisions that that will will benefit benefit you you and and your 

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clients. Yo ou ou simply simply simpl tell tell us us what what to to invest invest in in and and when, when, and and we we take take car 

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And because our systems update in r 

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www .tdwealthinstitutional.co.uk 

0121 233 0336 

T D Wealth 

instit 

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al 

is 

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m e of 

TDWCS 

LLP 

( a subsid 

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of 

the 

Toront 

o-Dom 

inion 

Bank 

) a l imite 

d liabili 

ty 

partn 

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, regis 

tered 

in 

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a les, 

reist 

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Anita Gill, partner at Speechly Bircham; Annamaria Koerling, head of 

investment management at C. Hoare & Co; Tim Wallis, Barrister at 

Child & Child; and Julia Thackray, head of family law at Penningtons 

James Baudains, managing director Capita Fiduciary Group; 

Georgina Campbell, vice president of JP Morgan Private Bank; and 

Chris Boon, managing director investments at Close Brothers Asset 

Management 

Polina Khoroshilova, news reporter for 

thewealthnet at PAM Insight; and Will 

Sidery, news reporter for eprivateclient at 

PAM Insight 

Clare Balding, Rupert Robinson, chief 

executive of Schroders Private Banking; 

and Jason Robinson, chief executive at 

TD Wealth Institutional 


Clare Balding; Joss Mitchell, head of business development (UK) at 

Citi Private Bank and Mark Leveson-Gower, UK director of 

Champagne Louis Roederer 

Cecelia Lady MacGregor; Philippa Burge, PA to MD of PAM Insight; 

and Maddie Lewington 

Caroline Wells, associate director at 

Coutts; and Duncan MacIntyre, global 

head of Coutts Private Office 


25

Winner 2012 


- High Net Worth 

Bespoke portfolios 

Award-winning service 

Our clients are at the very heart of our business which 

is why we are delighted to have won the award for 

Client Service Quality (High Net Worth) at the prestigious 

2012 PAM Awards. We provide a truly personal and 

customised service which aims to preserve your wealth 

and exceed your financial expectations. 

To learn more about our award-winning 

wealth management service please contact 

William Ladenburg on 020 7426 4076 

Email: william.ladenburg@closebrothers.com 

www.closebrothersbespoke.com 

Issued by Close Asset Management Limited which is authorised and regulated by the Financial Services Authority. 

The value of investments can go down as well as up and you may get back less than your original investment. 

CBAM605 03.05.12

Peter Thomson, 

chief executive of 

Taylor Young 

Investment 

Management 

Grant Leon, head of global financial institutions at Aberdeen Asset Management 

Olivier de Givenchy, head of JP Morgan Private Bank 

UK and Ireland; and Will Sidery, news reporter for 

eprivateclient at PAM Insight 


Clare Balding, David Miller, partner at Cheviot Asset Management; 

and Daniel Hurdley, director at Asset Risk Consultants 

Hugh Tottenham, 

client director at 

Heartwood; and Jan 

Dinger, regional sales 

director, UK & Ireland 

at Advent Software 

Amy Browne, investment manager at Sarasin & 

Partners 


27

28 


Jamie Black, partner and 

head of private clients at 

Sarasin & Partners; and Daryl 

Roxburgh, global head of 

BITA Risk 

Gordon Puckey, managing director of Phoenix 

Financial PR; Mary Ann Wright, head of family law 

division at DWF; and Richard Fellows, director of 

Berry Asset Management 


Roddy Balfour, 

founder director of 

Virtus Trust Group 

and former PAM 

Awards Judge 

Bryony Cove, partner at 

Farrer & Co; Paul Kearney, 

head of private investment 

office at Kleinwort 

Benson, Richard Stanwell, 

head of private wealth 

management – regions at 

Kleinwort Benson; and 

Steve D’Sousa, sales & 

marketing director at JHC 

www.pamonline.com

WINNER 

Investment Performance – High Growth Portfolios 


The award is in recognition of our consistently strong risk-adjusted performance 

in the Equity Risk arena over the last three years. 

Our successful thematic approach extends to: 

Servicing the needs of our clients 

Private clients • Trusts • Charities • SIPPs • SSASs • Private Offices 

Absolute return portfolios 

Combining the traditional and the alternative 

Balanced, income, growth and opportunistic portfolios 

Single or multiple asset classes • UK and international markets 

For further information, please contact: 

Peter Thomson, Chief Executive Officer and Chief Investment Officer 

Taylor Young Investment Management Limited 

60 Cannon Street, London, EC4N 6NP 

Tel 020 7378 4500 Fax 020 7378 4501 Email invest@tyim.co.uk 

www.tayloryoung.com 

Taylor Young Investment Management 

Authorised and Regulated by the Financial Services Authority. Investments can fall in value as well as rise and past performance is no guarantee of future performance. 

Pursuing Excellence for 25 years

personal 

bespoke 

focused 

just what you would expect 

from your wealth manager 

Vestra Wealth. 

your wealth, managed your way. 

Lizzie Anstey +44 (0)20 3207 8007 

lizzie.anstey@vestrawealth.com 

www.vestrawealth.com 

Vestra Wealth Management LLP, a limited liability partnership registered in England and Wales No OC 329392. 

Registered office: 14 Cornhill, London EC3V 3NR. 

Authorised and regulated by the Financial Services Authority for the conduct of UK business.

ou'Ye a Wr'eealth M We Managger and their assets ... - The Wealth Net

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