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Merged James Hambro to have two-pronged status

Clients will benefit from improved service due to the “extra service” offered following the merger, advisory firm says.

By Donia O'Loughlin | Published Aug 24, 2012 | comments

The newly merged James Hambro & Partners will be offering its clients both a restricted and an independent service, Andy Steel, who will lead the combined James Hambro Group as chief executive, told FTAdviser.

On 16 August, James Hambro & Partners announced that it is to merge with independent financial advice firm Calkin Pattinson & Company, creating a combined business with assets under management and administration of £1bn.

The group, which will trade under the James Hambro & Partners brand, will offer a full suite of services ranging from bespoke discretionary portfolio management to financial planning services.

Mr Steel told FTAdviser that James Hambro & Company, previously Calkin Pattinson, will also be independent. For clients that want a discretionary focus however, the James Hambro & Partners business will be restricted.

He said: “However, interestingly, at group level, we will be independent. Where clients come to us and want to look at that wider service, then clearly we can offer that through James Hambro & Company, but where we have clients who have had that advice and are just looking for the investment element, we can offer that through James Hambro & Partners.”

Charles Calkin, chairman and chief executive at Calkin Patterson added that Calkin Patterson has always been an independent adviser and will remain that way when it becomes James Hambro & Company.

He said: “James Hambro & Partners is a discretionary fund manager and that will be just offering discretionary fund management services so there is that natural break, if you like, between the two business entities. Effectively James Hambro & Partners will be the principle and James Hambro & Company will be an appointed representative of that principle.”

When asked if there will be further mergers in the near future, he said that is the “something very much for the future”.

Mr Calkin said: “I can see merit in the merger now and how we develop that will be something for the future. If we add various individuals over time, if the right opportunity presents itself, I think any business needs to take a pragmatic and commercial view. So yes, perhaps [there will be more ARs].”

Mr Calkin believes their clients will benefit from the improved offering due to the extra services that are brought about.

He said: “Our advisers will be able to access really excellent levels of research at an institutional level but via what will still be a small boutique.

“Our ethos has been built on personal service and we think that is a defining point going forward. We have that very much in common with James Hambro & Partners - putting the client first and being service-led. That is what we think is the differentiator in the marketplace, where perhaps some of the competitors become more vanilla in their offering.”

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