Charlotte Square hires asset raider

WEALTH manager Charlotte Square has recruited former Bank of Scotland operations director Stephen Webster to lead an aggressive raid on the Scottish market.

Webster, who formerly led a team at BoS that was sold to rival Rathbones last year, aims to grow assets under management at Charlotte Square from just over 100 million to 500m.

"My aim is to grow the business in the next three to five years to become the most respected and best independent investment house in Edinburgh," said Webster.

"You are regarded as a serious player when you get to something over 500m under management.

"We intend to get to the point where we are regarded as a serious independent investment house. Below 500m and you are still regarded as niche and boutique."

The firm has also confirmed it is ready to buy out rivals in order to grow.

Webster said: "Although we want to have a good reputation with all market sectors, one of the ways we are going to grow is potentially through acquisitions. We are looking for opportunities in that regard currently and will continue to do so until we find something of interest to us."

Webster joins Amanda Forsyth, Charlotte Square investment manager and charities specialist, who in 2009 was among the first of a mass exodus of managers from private bank Adam & Company.

Charlotte Square will target retail investors and high net worth individuals in the Scottish market, particularly in Glasgow. The firm manages two in-house investment funds which will also be marketed to institutional investors.

Under the stewardship of chief executive Willie Forsyth (no relation to Amanda), Charlotte Square is part of the Florida-based Raymond James Financial, which provides back office services to the group.

The small investment team, which manages funds and clients, comprises of former managers from Rathbones, Gartmore and Lazards offering discretionary investment management.