Maria Chapman joined Maseco Private Wealth as its head of business development, while Cormac Naughten was appointed head of Maseco Institutional.
Naughten aims to develop Maseco’s offering to financial advisers, providing tax-efficient and regulation-compliant solutions for their US clients, including discretionary fund management.
According to Maseco, Naughten was the head of private client sales and marketing at ECU, and led a team which won more than £1bn in currency management mandates over a ten-year period.
Chapman, meanwhile, was the head of private banking relationships at ECU, and additionally served as a director.
Prior to this, she held senior business development and private banking positions with Kleinwort Benson, Bank Boston, and The Boston Safe Deposit and Trust Company, where she was responsible for programmes targeting US nationals living and working in the UK.
“The addition of Maria and Cormac to our team represents another significant step forward for Maseco’s continued growth," said James Sellon, a managing partner at Maseco Private Wealth.
"Cormac and Maria will help to further strengthen Maseco’s focus on the relationships that help our broad range of clients to achieve their investment goals.”
Maseco is one of several London advisers who have spotted an opportunity in targeting US-born customers, as the upcoming Foreign Account Tax Compliance Act leads some institutions to shed their American expat clients, owing to the extra reporting burdens the act is likely to impose.
Others include Signia Wealth, which registered with the US Securities and Exchange Commission last year, London & Capital and RBC Wealth Management, which bolstered its US desk this week.
