Williams says the new unit, which will deliver in the UK and across Europe, should fill the void for wealthy clients, with between £1m and £10m to invest who deserve a bespoke service.
He says private banks currently tend to offer an ‘off the shelf’ service for clients, unless they have over £10m to invest.
Skandia UK and offshore division chief executive Nick Poyntz-Wright will succeed the Selestia founder in his current position.
Williams says the development will start with the client, fully assessing the market requirement before it commences, rather than trying to ‘shoehorn’ client and adviser needs into existing solutions.
Skandia Wealth Management Unit will launch in two-phases. The first, expected to take between six and nine months, will see the first three months researching the market, with a business plan being drawn up thereafter. The entire project should be fully operational in between 18 months and two years.
Williams says he will keep an open mind regarding technology, whether it will be outsourced or developed internally, saying it will be purely an enabler rather than integral to the strategy.
He hopes to forge links with discretionary managers and expects the Selestia Investment Solutions platform will also be utilised in the provision wealth management services.
He says: “I am looking forward to working from a blank sheet of paper. This is a huge growth market that will be run apart from Skandia UK, which will continue with its strategy. Nick and I have similar views and I am confident he is the right man, doing things in his own way.”