Cazenove Capital, the UK Wealth Management subsidiary of Schroders plc, today announces the appointment of two Independent Non-Executive Directors (INEDs) to its Board, Paul Drechsler, CBE and Charlie Porter. They join INED Sue Harris who has been on the Board since 2016 and has chaired Schroder's Wealth Management Audit and Risk Committee since 2018.
Paul Drechsler, CBE is former President of the CBI, former Chief Executive and Chairman of Wates Group and, until June 2020, was Chairman of Bibby Line Group which employs 4,000 people in sectors ranging from financial services and retail, to shipping and construction equipment hire. Paul is actively involved in sponsoring UK corporate entrepreneurship and is a regular speaker at initiatives such as Lloyds Development Capital's 'Top 50 Most Ambitious Business Leaders' programme. He has wide philanthropic interests, particularly in the field of education and is former Chairman of Teach First.
Charlie Porter has extensive investment management experience. He ran Baring Asset Management's Unit Trust business until 1998, when he left to found successful hedge fund business Thames River Capital, attracting some of the most highly regarded Fund Managers in the City. In 2010, the business was sold to F&C Asset Management where Charlie Porter remained until F&C's acquisition by Bank of Montreal in 2014. He remains an INED of BMO Asset Management Holdings Plc and is a member of its Risk and Remuneration Committee.
Sue Harris has a wealth of banking and finance experience having held top executive positions in Finance at Lloyds Banking Group (LBG) where she was Finance Director of, respectively, Cheltenham and Gloucester, LBG's Retail Bank and LBG Group Finance, and latterly Group Audit Director. Sue's other current INED roles include FNZ UK where she chairs the Audit Committee, and the Co-operative Bank. She was a former INED of St. James's Place (representing LBG), Abcam and Bank of Ireland UK. She chairs the Audit and Assurance Council at the FRC.
Peter Hall, Executive Chairman of Cazenove Capital and Global Head of Wealth Management at Schroders, said:
'I am delighted that Paul and Charlie have agreed to join the Board. They share our client-centric culture and along with Sue Harris, bring a depth of expertise and commerciality to challenge and help us pursue our strategy of being recognised as the leading UK player in the Family Office, Business- Owner, Charity, and High Net Worth client segments.'
Mary-Anne Daly, Chief Executive at Cazenove Capital Management, said:
'Sue's contribution on the Board is invaluable and I look forward to working with Paul and Charlie. They bring extensive knowledge in two areas of established strength and strategic focus for Cazenove Capital. Paul's leadership positions at the CBI and at two major privately-held companies have made him a passionate champion of family-owned businesses across the UK. Charlie's experience as Founder and Chief Executive of Thames River Capital brings him a deep understanding of the ultra-high net worth and family office market'.
Sue Harris, INED and Chair of Schroder's Wealth Management Audit and Risk Committee (WMARC) said:
'Cazenove Capital is renowned for ensuring clients are at the heart of all we do. I am delighted that Charlie and Paul will be joining as INEDs as we continue our journey to deliver quality outcomes to both existing and new clients'.
Charlie Porter, newly appointed INED and member of Schroders' WMARC said:
'I first met Cazenove in 1987 and have always been impressed by the quality of its people and unswerving devotion to servicing their clients so well. The Cazenove journey has been an interesting one in recent years and I am looking forward to working with the team and their ambitious plans'.
Paul Drechsler CBE, newly appointed INED and member of Schroder's WMARC said:
'I am delighted to be joining a business with over 200 years' history, rooted in family values including integrity and relationships, a passion for serving clients and a strong emphasis on sustainability'.
Schroders plc published this content on 13 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2020 10:49:04 UTC