Liverpool Cheviot office hits £50m mark after just three months
Wealth management firm Cheviot says its Liverpool office has brought in more than £50m in funds under management in just three months.
Cheviot opened the St Paul’s Square office – its first outside London – at the end of May. Founder Michael Kerr-Dineen says he chose the city because of its strong reputation as a centre for wealth management.
Cheviot’s Liverpool team was recruited from Deutsche Bank’s city office earlier this year, and staff members have joined the new office as their contractual obligations permit.
Nigel Hibbert, a senior partner in Liverpool, said: “We opened without being at full strength and a standing start in terms of assets under management, so it’s a real pleasure to be able to announce this £50m milestone so quickly.
“Clients have been attracted by our independence, our contemporary approach to asset management and our traditional view of how client relationships should be managed – on a one-to-one, bespoke basis.
“We have also benefited from some new and very positive relationships with some of the region’s best independent financial advisors who recognise the unique nature of the service we can bring to their clients.”
Cheviot manages funds on behalf of private clients, charities and trusts.
It was founded in May 2006 by Mr Kerr-Dineen, formerly head of UBS Laing & Cruickshank.
He said: “Our growth plans for Liverpool are very ambitious.
“We are already experiencing fast organic growth, which I believe is aided by our partnership model which frees up staff from any conflicts of interest.”
A 2010 report by ComPeer, produced for Professional Liverpool, showed Liverpool’s wealth management sector was the largest in the UK outside London. As well as Cheviot and Deutsche Bank, other key players include Investec – formerly Rensburg Sheppards – and Rathbones.
In July, Mark Chadwick, chief executive of Liverpool City Region (LCR): Business & Professionals, said the city should make more of an effort to promote itself as a wealth management centre.
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