Bowmore Wealth Group takes shape

On 12 June 2020, two well established financial services business will join forces under Bowmore Wealth Group Ltd. The two businesses align Chartered Financial Planning and Discretionary Fund Management services.

The businesses in question are The Citimark Partnership, a Chartered Financial Planner with over 450 high net worth clients, and Bowmore Asset Management, one of the UK’s fastest growing discretionary fund managers. As part of the change The Citimark Partnership will also be re-branding as Bowmore Financial Planning Ltd.

Bowmore Asset Management’s funds under management have doubled every year for the last three years, reaching £170m at the end of 2019. PAM (Private Asset Manager) has recognised the firm as one of the fastest growing discretionary fund managers over the past 3 years.

The new Group will have over 25 staff working across financial planning and asset management with over £350m of assets under advice. The CEO is Mark Incledon (pictured above), who founded The Citimark Partnership over 30 years ago, and the group is chaired by Christian Yates, formerly of Lazard Asset Management, Chase Asset Management and Julius Baer.

Bowmore Wealth Group is a realisation of Incledon’s long term plans for The Citimark Partnership. He commented: “Having come out of the financial planning stable, it’s always been my ambition to provide quality asset management with chartered financial planning. After 30 years, this significantly increases our offering whilst securing the future of our business.”

When asked about name change, he said: “My management team and I felt that we have established a stronger brand under Bowmore and therefore have decided to drop the Citimark name. As part of this change my Co-Director Gill Millen has been appointed Managing Director of Bowmore Financial Planning.

“Over the decades we’ve never been entirely satisfied with outsourcing investment management, primarily due to inconsistencies in investment performance and service. Hence we’ve established our own fully authorised discretionary fund manager. This provides our clients with a more dedicated service which is 100% aligned with their objectives.

“For me, there were several issues I wanted to resolve, primarily associated with inconsistent performance and inaccurate representation of a client’s attitude towards risk. The final nail in the coffin came after a comprehensive review of an asset manager’s long-term performance. Our findings showed the figures to be vastly different between regional offices. An asset manager must provide consistency and predictability, something that we now have developed a solution for.

“At an investment level it is imperative you have access to the whole of the market and have the ability to invest with true conviction. This is ultimately how you outperform; if you are paying for active management that is what you should receive.”

The average client portfolio managed by Bowmore Asset Management is £1m in size. Each portfolio has between 25-30 funds which give access to approximately 1,700 individual holdings.

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