Former Credit Suisse executive Leonardo Brummas Carvalho has announced he is launching a boutique wealth manager in London called Aquarius Financial.
The London-headquartered business will provide a range of wealth management and corporate services, and “promises to transform financial services for ultra-high net worth individuals (UHNWIs) by breaking up the industry’s closed shop to deliver massive value for both individuals and institutional clients”, it said.
The services on offer include investment strategy and asset allocation, portfolio risk management and consolidation, as well as arranging asset financing.
This will be delivered both in-house and via external partners.
Aquarius Financial said that it already “plans to expand to other jurisdictions including Switzerland, Monaco, Dubai, and Singapore”. It is backed by Geneva-based international investment firm Crescendo Group.
‘Many people have been quick to write off the UK’
Carvalho was previously head of emerging Europe at Credit Suisse and former group co-chief executive at ITI Capital.
He said: “Many people have been quick to write off the UK as an investment destination following Brexit, and after the coronavirus hit the country harder than any other major economy.
“We believe that this view is incredibly short-sighted. Everything that made London one of the world’s two most important financial capitals remains: the infrastructure, rule of law, lifestyle, pool of talent, stable government, reasonable taxation, and time zone, as well as access to a huge concentration of high net worth individuals.
“In many countries, including the UK, wealth management has been a closed shop only for few, with the banking sector suffering from a lack of transparency over the value it provides. We know there is just as much frustration within the industry as there is among its clientele and there is enormous demand to improve the value, accountability, and service delivered to its customers.
“Our strategy is simple: we seek to change people’s expectations about the value wealth managers should bring, and to change investment behaviours by delivering great opportunities and services to everyone, from clients to our industry partners. We all representing the financial industry need to contribute to regain the trust of the people.”
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