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Corporate governance

Handelsbanken Wealth Management and Heartwood Investment Management are trading names of Heartwood Wealth Management Ltd ('Heartwood') which is part of the Handelsbanken Group.

The UK Stewardship Code

The UK Stewardship Code (the "Code") is published by the Financial Reporting Council (FRC), the UK body responsible for promoting high quality corporate governance. The Code sets out good practice standards for institutional investors, such as investment managers, for their dealings with the UK-listed companies in which they invest. The FRC recognises that not all parts of the Code are relevant to all institutional investors and that small institutions (such as Heartwood Investment Management) may judge that some aspects are disproportionate to their business.

Please click here to view Heartwood's policy which sets out our commitment to the Code and how we have applied its seven principles.

Whistleblowing Policy

Please click here to view Heartwood's policy.

Modern Slavery Act

Heartwood is part of the Handelsbanken Group and therefore supports, and is included within, the Group statement which can be located on the Handelsbanken website here.

In addition to the main statement:

Suppliers/Counterparties - Heartwood has a Counterparty Due Diligence Policy and procedures in place which help to ensure that we only do business with selected counterparties after careful consideration in order to mitigate against potential reputation, regulatory and legal risks and protect both Heartwood and our clients.  The Group requirements are incorporated into this policy, as appropriate to our business.

Heartwood exercises a risk-based approach to due diligence which drives the level of scrutiny required for different counterparties – the higher we deem their risk to Heartwood and our clients, the broader the due diligence needs to be.

Employee remuneration arrangements

Heartwood takes a long term view of its staff’s employment. We reward our members of staff through salary and standard benefits such as pension contributions and medical insurance schemes. Because Heartwood has a low tolerance of risk, we consider that fixed compensation contributes to healthy operations. As well as identifying, monitoring, analysing and reporting material risks of the compensation system, our compensation policy and the compensation system are reviewed at least annually by the Head of Compliance, which will include consideration that the provisions of FCA’s Remuneration Code are being adhered to.

Company structure

The Board of Heartwood Wealth Management Ltd is responsible for the high level supervision of the current and future regulated activities of Heartwood Investment Management and Handelsbanken Wealth Management.

The directors of the Heartwood Wealth Management Ltd Board are:

Ian White (Chairman)

Tracey Davidson (CEO)

Noland Carter (Head of Investment Management/Chief Investment Officer)

Simon Dixon (Head of Wealth Management)

Within our governance structure the day to day management of Heartwood Investment Management and Handelsbanken Wealth Management are delegated to the Management Group, the members of which are:

Tracey Davidson (CEO)

Noland Carter (Head of Investment Management/Chief Investment Officer)

Simon Dixon (Head of Wealth Management)

Dominic Fielding (Head of Compliance)

Lucy Jackson (Acting Head of HR)

Peter McCree (Head of Operations)

Anne-Marie Ohlsson (Head of Finance)

 

Tracey Davidson - Chief Executive Officer

Tracey joined Heartwood in 2013 as Executive Director and was appointed Chief Executive Officer in July 2014.

Tracey has over 25 years banking and wealth management experience having started her career with Barclays International in her home town of Liverpool. In her time with Barclays she worked in Jersey, Channel Islands and on the South Coast of England in a variety of roles within the business and wealth management sectors. She moved to Handelsbanken in 2003 when she helped establish the Bank’s 10th branch in the UK in Southampton.

After carrying out a number of management positions within the Bank, in 2010 Tracey was appointed Senior Vice President and Head of Handelsbanken in Northern Great Britain, and became a member of Group Management. During 2012 she worked closely with the management team of Heartwood on the merger of the two companies and when this was completed in early 2013, Tracey made the move to work full time on the integration and expansion of Heartwood as part of the Handelsbanken Group.

Noland Carter - Head of Heartwood Investment Management/Chief Investment Officer

Noland joined Heartwood in 2008. He leads Heartwood Investment Management and has overall responsibility for our investment management business. Before Heartwood, he was CEO of Rothschild Wealth Management (UK) and Global CIO of Rothschild Wealth Management. In 1997, he was appointed Global CIO at Barclays Private Banking and, between 1999 and 2005, was CIO of Barclays Wealth, where he established and was also CEO of Investment Services. Before that, he worked in institutional asset management at Ivory & Sime, where he was Head of Global Equities, and at Mercury Asset Management, having started his career at Save & Prosper.

Noland graduated from the University of Reading and is a member of the Chartered Institute for Securities & Investment. He is also a trustee of Moorfields Eye Charity, where he is chairman of the investment committee.

Simon Dixon - Head of Wealth Management

Simon is a Chartered Tax Adviser and qualified Financial Planner. Before joining Heartwood in 1998, he worked for 10 years within a tax specialist London firm of Accountants, H W Fisher & Company, focusing on the complex needs of private clients.

His career with Heartwood has progressed through his leadership of tax, pension and client focused teams, such that he is now Head of Wealth Management. Simon believes that staying close to the client to ensure he fully understands their demands and concerns is central to the successful delivery of his role. As part of this objective he continues to advise City based clients with complex wealth advisory needs.

Dominic Fielding - Head of Compliance

Dominic joined Heartwood in 2016 as Head of Compliance. He has worked in Financial Services for over 20 years and has extensive investment and private client regulatory experience.

Before joining Heartwood, Dominic was Chief Risk Officer at Duncan Lawrie Asset Management. Before that, he was appointed Internal Audit Director at Friends Life Group (now Aviva), and as Director of Regulatory Practice at PriceWaterhouseCoopers, where he worked with clients across financial services. Prior to this, he worked in supervision at the regulator (London) and dispute resolution at the  Financial Ombudsman Service. Dominic is also the Founding Director of Binnacle Management Consulting.

Dominic holds a Bachelors and Masters degree in Law from the University of London.

Lucy Jackson - Acting Head of HR

Lucy Joined Heartwood in 2016 as a HR Business Partner and is currently Acting Head of HR.  She has seven years of HR generalist experience and has extensive knowledge of change management, recruitment strategy and  FCA remuneration code. Lucy is an advocate of the Women in Finance Charter.

Lucy holds a BSc, an MA in Strategic HR Management and is a Chartered member of the Chartered Institute of Personnel Development.

Peter McCree - Head of Operations

Peter started his working career in the Operations team of Kleinwort Benson Investment Management in 1987 and transferred to the London office in 1991 where he worked with the Global settlements team.

In 1998 Peter joined Dresdner RCM Global Investors and took management responsibility for the dealing support and settlement teams. He focused on the migration of institutional clients from Kleinwort Benson, establishing new procedures and developing the operational support systems.

He joined Heartwood in 2001 and is currently responsible for the Operational team. He is a member of the operating committee and has the FCA significant influence function for client money and assets (CF10a).

Anne-Marie Ohlsson  - Head of Finance

Anne-Marie was appointed Head of Finance at Heartwood in 2016. Her responsibilities include ensuring that all financial matters comply with UK accounting and tax laws and follow the procedures adopted by Svenska Handelsbanken AB (publ). She is also a member of the Management Group.

Before joining Heartwood, Anne-Marie was Head of Finance at Handelsbanken Netherlands from 2013. Her career began at Handelsbanken in 1979 and she has since held a number of in-branch positions, including Deputy Branch Manager. From 1998, she was Head of Administration and Financial Control within Handelsbanken Sweden’s Investment Bank and later became Deputy Head of Group Financial Control based in Stockholm. 

 

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