Anderson Strathern Asset Management is opening a “hub-style” office in Glasgow that will be led by new recruit Ken Davidson, previously of Adam & Co.
The move by the financial planning and investment business, which is wholly owned by Scottish legal firm Anderson Strathern, comes as funds under management grew to £341 million last year, up from £250m in 2020.
Chief executive Graham Clark said market uplift contributed positively to the increase in funds, with an equal contribution from a rise in business from both new and existing clients. This has paved the way for the move into Glasgow.
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“Having identified untapped potential in Glasgow over the last couple of years, the timing is right to have a more dedicated presence in the city,” he said. “Getting Ken on board to lead the provision of financial planning advice and guide our team is a great result.”
Mr Davidson takes up the role of chartered financial planner after more than seven years with Adam & Co in Edinburgh. Prior to that, he had stints as an associate director at HSBC Private Bank, and more than thirteen years in a variety of senior positions at Royal Bank of Scotland.
Commenting on the unsettled economic outlook, chief investment officer Phillip Ross said: “The recent increase in market volatility and the likelihood of future rate rises supports a diversified and disciplined approach to investment.
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“We have seen some clients crystallise capital gains in anticipation of capital gains tax hikes, while more general fears around future tax rises drive the need for an even closer focus on financial planning.”
In January, Anna Gratwick was appointed to the newly-created role of head of financial planning, working closely with the firm’s financial planners and sitting on Anderson Strathern Asset Management’s investment committee. Ms Gratwick will split her time between the Edinburgh and Glasgow offices, providing additional oversight to help drive the new Glasgow office forward.
Mr Clark said: “Anna is a highly valued member of our senior management team, key to strategy development, while advising a range of private individuals, trusts, charities, and companies.”