The founder of Britain's trailblazing family office Sandaire has been succeeded by the former chairman of Kleinwort Hambros, the UK wealth management wing of Societe Generale.
Fourth generation Alex Scott (below) stepped down as chairman, 21 years since he founded Sandaire to manage the wealth of his family and after overseeing its expansion into an international multi family office managing assets of more than £3 billion ($3.8 billion). However, Scott will continue to serve as chairman of parent company Applerigg.
Warwick Newbury (left) will retire as chairman of Kleinwort Hambros later this year once its full legal merger with Kleinwort Benson is completed. His appointment as Sandaire chairman “marks the next chapter of the firm's evolution, separating family ownership from governance and company administration,” Sandaire said in a statement.
Newbury in turn will be succeeded by Stuart Barnett, who was promoted internally to become chairman of Kleinwort Hambros from 6 November, subject to regulatory approval.
Scott said Newbury's “vast experience of the wealth management industry, which spans family offices as well as private banking and investment management, will play an integral part in Sandaire's continued development.
“I look forward to working closely with him to strengthen our business and deliver the levels of service that our clients have come to expect.”
Newbury said he was “thrilled” to be joining Sandaire at such a significant time in the development of the company.
“I am looking forward to making a meaningful contribution to a progressive and dynamic business as it continues to grow and evolve."
Barnett as chairman will work with the SG Kleinwort Hambros Bank Board and as a liaison between the board and Eric Barnett, chief executive of Kleinwort Hambros, to build on the strengths of Kleinwort Hambros in the UK, Channel Islands and Gibraltar. The merging company manages about $20.6 billion (£16 billion) in client assets.
Sandaire, based in London and Singapore, provides independent investment management services to families with large fortunes and substantial endowment funds, including Oxford and Cambridge Colleges. The firm is a founding member of the Wigmore Association, an organisation of eight global family offices which share ideas and investment research relevant to the dynamics of family wealth.