Handelsbanken buys UK wealth manager
Handelsbanken has acquired Heartwood, a UK wealth and investment manager.
“Handelsbanken is steadily growing and maturing in the UK, particularly amongst customers with high requirements for qualified asset management. This acquisition makes it possible for us to widen our offering to current and future customers,” says Anders Bouvin, Head of Handelsbanken UK.
With operations in London and Tunbridge Wells, Heartwood currently manages around SEK 15 billion of assets. Its services to private individuals range from discretionary investment management, to offering financial advice on pensions and retirement planning. The acquisition gives Handelsbanken an important platform for additional growth in the savings area.
“We have followed the progress of Heartwood for a while and have been impressed by their approach to wealth and investment management. Just like Handelsbanken, Heartwood values satisfied customers more than the number of sold products. This is the best way to build up profitable business,” continues Anders Bouvin.
The UK is Handelsbanken’s fastest growing market. There are currently 147 branches there with a new one being added every eighth business day.
The purchase of Heartwood – which will become a wholly- owned subsidiary of Handelsbanken – requires the formal approval of the UK financial regulator as well as Heartwood’s shareholders. The acquisition will initially have a marginal impact on Handelsbanken’s financial position.
For further information, please contact:
Richard Winder, Head of Communications UK, +44 207 578 8271, +44 7791 096 631
Mikael Hallåker, Head of Investor Relations at Handelsbanken, + 46 (0)8-701 56 63, +46 (0)70-266 29 95
This information is of the type which Handelsbanken must make public according to the Swedish Securities Market Act. The information was submitted for publication on 6 February 2013 at 06.48.
For more information about Handelsbanken, see: www.handelsbanken.se