Wealth briefs

Teresa Smith is now SEI’s London business director

SEI Investments has promoted Teresa Smith (pictured) to business director on the London Wealth Team. She will handle SEI’s 30 existing UK adviser partnerships and develop new relationships. Key targets are financial planning arms of professional firms including solicitors. She has worked for two years with SEI’s Wealth Team. Baughan hands over Atlantic to Richardson London-based Atlantic Wealth Management’s chief Bryan Baughan is stepping aside in anticipation of retirement, remaining in an advisory role. New recruit Mark Richardson takes over his post of managing director for Europe. Atlantic, recently taken over by Invesco, was founded by Mr Baughan in 1998. Scorpio shows ultra rich want more private equity The average allocation to hedge funds and private equity in the portfolios of British ultra HNW and family office clients is only 8.4 per cent, according to research from wealth management consultancy Scorpio Partnership. But the super rich want more private equity in their portfolios. Scorpio found low allocations stemmed from a lack of vehicles. Sucden expands private client net into Germany Sucden Commodity Brokers is expanding its European private client business. The UK firm is counting on fresh interest in trading energy, coffee, metals and sugar among high net worth investors as faith in equities flags. Sucden has opened an office in Düsseldorf, which will deal with German individual customers.