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Handelsbanken buys UK wealth manager

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Handelsbanken has acquired Heartwood, a UK wealth and investment manager.



With operations in London and Tunbridge Wells, Heartwood currently manages around SEK15bn of assets.

“Handelsbanken is steadily growing and maturing in the UK, particularly amongst customers with high requirements for qualified asset management. This acquisition makes it possible for us to widen our offering to current and future customers,” says Anders Bouvin (pictured), head of Handelsbanken UK.

Heartwood’s services to private individuals range from discretionary investment management, to offering financial advice on pensions and retirement planning. The acquisition gives Handelsbanken an important platform for additional growth in the savings area.

“We have followed the progress of Heartwood for a while and have been impressed by their approach to wealth and investment management. Just like Handelsbanken, Heartwood values satisfied customers more than the number of sold products. This is the best way to build up profitable business,” says Bouvin.

The UK is Handelsbanken’s fastest growing market. There are currently 147 branches there with a new one being added every eighth business day.

The purchase of Heartwood – which will become a wholly- owned subsidiary of Handelsbanken – requires the formal approval of the UK financial regulator as well as Heartwood’s shareholders. The acquisition will initially have a marginal impact on Handelsbanken’s financial position.

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