Subject to regulatory approval, London-based Schroder Wealth US will specialise in offering wealth management services to high net worth US clients resident in the UK and North America.
Banking and custody services will be provided by a reputable third-party custodian with specific expertise in catering for the reporting needs of US residents and US taxpayers.
Fast growing market
Schroders said its new US-focused business provides an opportunity for the company to access the very significant, fast growing US private wealth market, with a specific focus on internationally-minded US investors.
It also allows Schroders to better service American expatriates living in the UK for whom the choice of managers has become increasingly restricted following changes in regulation.
People moves
Martin Heale has been appointed to head up the newly created US wealth management team and will join Schroders in August from RBC in London where he has been a managing director in the Americas private wealth team since 2011.
He brings with him 25 years’ experience in the private wealth management industry; having previusly been head of private wealth management at Kleinwort Benson and UK team head at Barclays Private Bank.
Mary-Anne Daly will take on the role of chief executive of Schroder Wealth US alongside her current role as chief executive of Cazenove Capital in the UK.
She said: “This is an exciting development for our business. We have a long experience of managing US clients’ resident in the UK and are fully familiar with their complex investment and reporting requirements. The recruitment of such an experienced individual as Martin reinforces our commitment to serving US clients including those living in the US.”
