Waverton Investment Management has hired the former UK head of UBS Wealth Management as its chief executive.
Nick Tucker (pictured) is expected to join the discretionary investment manager on 10 February, subject to regulatory approval.
He replaces Andrew Fleming who left the business in June to seek a new challenge. Waverton chairman David Rosier has been interim CEO since Fleming’s departure.
Tucker has nearly 30 years’ experience building wealth management businesses in the UK and overseas. Before joining UBS in 2010, he spent 23 years with Merrill Lynch, latterly as head of private clients UK and Ireland. His time at Merrill Lynch included stints in Monaco and Sydney.
In a press release announcing the appointment, Rosier said Tucker brings “a wealth of relevant, commercial and operational experience and expertise within the private banking and wealth management sectors”.
The hire follows the December acquisition of Timothy James and Partners, an adviser firm based in Tottenham Court Road in London, which added £950m to assets under advice.
Tucker said: “The opportunity to work in an organisation with both great people and a great investment process is a real differentiator. The recent addition of Timothy James & Partners is, in my view, the final piece of the puzzle. I have spent considerable time with David Rosier and the board and look forward to driving the clear growth mandate they have given me.”
In 2016 Waverton bought Europe and Southeast Asia equity specialist 2CG Senhouse for £1m in cash, but a year later it took a £340,000 hit after the purchase value was written down by more than a third.
