Handelsbanken Wealth & Asset Management Limited is part of the Handelsbanken Group. Handelsbanken Wealth Management and Handelsbanken Asset Management are trading names of Handelsbanken Wealth & Asset Management Limited (HWAM).
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 Handelsbanken Asset Management) may judge that some aspects are disproportionate to their business.
Please click here to view HWAM’s Stewardship Disclosure
Shareholder Rights Directive II
The revised Shareholder Rights Directive (“SRD II”) requires asset managers to adopt an engagement policy on a “comply or explain” basis. The engagement policy should describe how an asset manager integrates shareholder engagement into its investment strategy when it or its funds under management are shareholders in companies that have a registered office in the EU and are listed on EU regulated markets.
Holding significant direct equity positions in publicly listed individual companies does not currently form part of HWAM’s core investment strategy. There may be occasions when we do invest in shares of companies traded on a regulated market; however, the size of HWAM’s shareholding is typically much lower than those held by large institutional investors and, therefore, we are not able to engage with investee companies to the extent envisaged by SRD II. On this basis, while HWAM supports the aims of SRD II, we have determined that it is not necessary or appropriate to adopt an engagement policy for the purposes of SRD II. We shall review our investment strategy annually to determine whether our investment activities have changed to the extent that we should adopt an engagement policy under SRD II.
Please click here to view HWAM’s policy.
It is a regulatory requirement that these documents are made available on an annual basis. They contain disclosure requirements regarding our risk management information and procedures.
Please click here to view HWAM’s MIFIDPRU Disclosures.
Modern Slavery Act
HWAM is part of the Handelsbanken Group and therefore supports, and is included within, the Handelsbanken plc Modern Slavery Act statement which can be located on the website here.
In addition to the main statement: Suppliers/Counterparties - HWAM 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 HWAM and our clients. The Group requirements are incorporated into this policy, as appropriate to our business.
HWAM 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 HWAM and our clients, the broader the due diligence needs to be.
Employee remuneration arrangements
HWAM 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. The main principle of our compensation policy and the majority of our employees are on fixed compensation.
Variable compensation is applied with great caution so to maintain HWAM’s risk profile. As well as identifying, monitoring, analysing and reporting material risks of the compensation system, our compensation policy and processes are reviewed annually by the Head of Compliance & Risk. The review will consider adherence to the provisions of the FCA’s Remuneration Code.
The Board of Handelsbanken Wealth & Asset Management is responsible for the high level supervision of the current and future regulated activities of Handelsbanken Wealth Management and Handelsbanken Asset Management.
The directors of the Board are:
Tracey joined Handelsbanken from Barclays in 2003 to help to establish banking operations in the UK, where she then became Senior Vice President and Head of Northern UK in 2010. Having successfully secured the acquisition of Heartwood, in 2013 she joined the company as Executive Director, where she led the integration and business development agenda. Tracey subsequently became Chief Executive Officer in 2014 and is now Deputy CEO of Handelsbanken Plc and remains the Chair at the newly renamed Handelsbanken Wealth and Asset Management.
- Board Member of the Personal Investment Management & Financial Advice Association (PIMFA)
- Board Member at the Chartered Institute for Securities and Investments (CISI)
- Chair of the Integrity and Ethics Committee at the CISI
- Tracey holds the IAC certificate from the CISI and the ACIB qualification from the London Institute of Banking & Finance.
Graham TurnerChief Executive Officer
Graham joined in 2010 when he was approached by the Bank. Over the following years, Graham established his own branch, has run the credit function in RL (Regional Bank – Southern UK), has been an area manager and in 2019 became Regional Head in RC (Regional Bank – Central UK). In 2020, he was promoted to Chief Executive Officer at Handelsbanken Wealth & Asset Management.
- 2002 – 2010: Senior Manager - Corporate Business at Allied Irish Bank, where he helped to increase their UK branch network and diversify business activities.
- 1986 – 2002: Nat West. Graham undertook a variety of roles here including Corporate & Structured Finance, Risk & Credit Analysis.
Pete McCreeExecutive Director and Chief Operating Officer
Pete joined in 2001 as Head of Settlement and Custody and was promoted to Chief Operating Officer in 2019. Pete is responsible for all actions and outcomes delivered by Business Support, Operations, IT Governance and Change Management in line with company strategy, risk management controls and our regulatory obligations. He is also Executive Director (SMF3) of the Handelsbanken Wealth & Asset Management Board, member of the management group and chair of the CASS Governance Committee.
- 1998 - 2001: Operations Manager at Dresdner RCM Global Investors UK Ltd where he was responsible for the settlement and trade processing team supporting global asset management
- 1987 - 1998: Assistant Manager at Kleinwort Benson Investment Management where he gained experience in global operations, custody support and settlements including equities, emerging markets and eurobonds supporting private and institutional clients
- Pete also holds the Senior Management Function for client money and assets.
Michael BroomNon-Executive Director
Michael joined in 2009 where he was a Manager in the Bank’s Reading branch. He later went on to become Area Manager in 2011 in London and the South East, and established a new Regional Bank for Handelsbanken in the South West a year later. In 2016, Michael became Chief Credit Officer for the Bank in the UK. He semi-retired in 2018, becoming an advisor to the Risk team and Non-Executive Chairman of Handelsbanken Wealth & Asset Management. He retired fully from the Bank in March 2019 but remains a Board member of Handelsbanken Wealth & Asset Management.
- 2006 - 2009: Capital Markets Director at General Motors Acceptance Corporation (GMAC) where he worked in the Structured Finance Team.
- 1988 - 2006: Corporate Banking Manager / Head of UK Corporate Banking at Kredietbank NV (now KBC Bank NV
- 1986 - 1988: Assistant Manager Credits at NM Rothschild and Sons Limited where he worked in the lending department.
- Michael graduated in 1981 with a degree in Modern History from Magdalen College Oxford.
Richard CharnockIndependent Director
Richard Charnock has joined the board of Handelsbanken Wealth & Asset Management as an Independent Director.
Richard brings his extensive experience of the wealth and savings sector to the role, including senior appointments at abrdn, HDFC Life, and Standard Life.
Richard is knowledgeable and passionate about the wealth and savings landscape and in 2022 was the recipient of the prestigious PAM lifetime achievement award for contribution to the private client industry. He is also active in the promotion of Diversity and Inclusion in financial services, and led the securities industry Ethics and Integrity agenda following the financial crisis.
Margaret WillisIndependent Director
Margaret has over 40 years’ experience in financial services, having held a number of senior roles. She was CEO of Unity Trust Bank and prior to that she undertook roles within HSBC in the UK, US and Canada. She was a member of HSBC European executive and risk management committee and diversity council.
Her board experience includes HSBC Securities and Global Asset Management, Canada. She returned to the UK in 2012 to lead HSBC Wealth Management Europe. Margaret is the Chair of Music for Youth, a national, UK- based youth arts charity. Margaret is also an INED on the Board of Handelsbanken.
Within our governance structure the day-to-day management of Handelsbanken Wealth Management and Handelsbanken Asset Management is delegated to the Management Group. Please click here to view the members of the management group.