The HNW population might be booming, but that hasn’t stopped a fierce battle for market share among London’s wealth managers, says Peter Gale. ‘Banks have clearly targeted this as a revenue generator. We welcome the healthy competition,’ he says.
Roundly respected by peers and clients, Gale wears three hats: he’s a senior private banker looking after HNW and UHNW clients, a team leader, and lastly head of entrepreneurs – overseeing and delivering the bank’s strategy geared towards successful self-starters (Elon Musk is cited as an inspiration).
Gale says Britain’s oldest surviving independent bank has a clear advantage: ‘We are the only bank I know of in the UK where an entrepreneur will meet one of our partners at the account opening stage – ie one “owner-manager” meeting another.’
Hoare’s recently sold its wealth management business to Cazenove, allowing it to focus on building its banking and lending businesses. ‘When I take my customers around our museum here at Fleet Street it reminds me about how this particular institution has weathered many storms over the years,’ he says. ‘So I feel as though we are well positioned, regardless of what the world throws at us.’
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