Transfer to Edinburgh firm
Hampden & Co takes on Smith & Williamson loan book
Graeme Hartop: ‘well-positioned’
Hampden & Co, the private bank, is taking on the £35 million loan book from Smith & Williamson which has relinquished its banking licence.
It is secured against Smith & Williamson client investment portfolios and the transfer is expected to complete later this year.
Hampden & Co CEO, Graeme Hartop, said the firm was “well-positioned” to work collaboratively with specialist wealth managers like Smith & Williamson.”
David Cobb, Co-CEO at Smith & Williamson said Hampden & Co’s “clear focus on banking made the decision a relatively straightforward one.”
Reflecting on continuing growth at Hampden & Co and the value expected to flow from the Smith & Williamson transfer, Mr Hartop added: “We have been growing strongly year-on-year since launch, and a key component of that growth has stemmed from recommendations from UK professionals in the high net worth space.”
In August, Hampden & Co reported 48% year-on-year income growth in its half-year results, with deposits up 39% and lending increased by 44%.