UK wealth managers are facing international competition as a French bank launches a rival.
Part of French banking group Crédit Mutuel-CM11, Banque Transatlantique is launching a wealth management division in the UK.
The wealth management service, which will launch in January 2018, will offer a range of portfolios constructed using regulated third-party funds from global equities, government bonds, credit and alternative asset classes and strategies.
Fund selection will be managed in London, and according to the company the focus will be on liquidity, transparency and cost efficiency.
It has appointed Robert Jeffree as chief investment officer, based in its London branch.
Mr Jeffree will be responsible for developing a new discretionary and advisory wealth management offering that will complete the bank’s private banking service available in the United Kingdom.
He has over 20 years’ experience in investment management, having held roles in retail and institutional fund management, strategy consulting and wealth management.
Previously he was chief investment officer of C. Hoare & Co. He started his career at HSBC Asset Management, before moving to McKinsey's European Asset Management practice and then to New Star where he was manager of the Asia portfolio.
Gwenolé Le Blevennec, general manager of Banque Transatlantique London Branch, said: “We are delighted to have Robert join the team in London. His considerable experience will enable us to grow a wealth management offering to serve the investment needs of our clients.
“Banque Transatlantique continues to invest in the development of its UK operations, as we remain optimistic about the City’s post-Brexit prospects, and as a French bank are committed to growing our presence in the UK. The long-term success of the firm depends on its ability to serve global customers by growing the international reach of our services.”
Mr Jeffree said: “I am pleased to join Banque Transatlantique at such an exciting phase in their development.
“Between now and launch in January, I’m taking time to meet with our banking clients to properly understand their investment needs.
We have no legacy issues to deal with; we can design our investment offering in the best way to meet the client’s objectives and the new regulatory framework. People often ask me about our client’s attitude to Brexit; the outcome is clearly uncertain but what I hear is that our clients enjoy living in London and the UK and are too busy focusing on their careers, businesses and family matters to be overly concerned.”
Banque Transatlantique launch its UK banking services, a year ago attracting its core French non-domiciled clients and British nationals with interests, such as property and business, in France.