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Standard Life to launch high-net worth business arm

Standard Life is to launch a high-net worth business focusing on very wealthy clients and has already appointed a chief executive to run the new venture.

The new business will be headed up by former Williams de Broe chief executive Richard Charnock who joined Standard Life Investments at the end of February.

It is thought the subsidiary will target what the life office terms the “very high-net worth” marketplace and it is expected to use Standard Life in its branding but may also come up with a new name for the venture alongside the brand.

The arm is likely to be available to both British and overseas clients and it is believed to be looking at marketing its services to specialist IFAs who primarily advise HNW customers but this has not been confirmed by the group.

A spokesman for the company said it was early days and that the business would not be operational for many months.

The life office is in the process of recruiting a team for the venture.

Standard Life spokesman Brian Simmons says: “It will be an operating company within the Standard Life family. We don’t have a name as yet. The launch is not imminent and we are still at the beginning of the process.”

A statement from Standard Life Investments says: “We will use Standard Life Investments’ institutional quality investment management capability and develop a persuasive whole of life personal balance sheet philosophy based on Standard Life’s market leading wrap technology.”

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