Former Credit Suisse executive Leonardo Brummas Carvalho (pictured) is launching Aquarius Financial in London's Mayfair to target ultra-high-net-worth-individuals (UHNWIs) and institutional clients.
The firm will provide a range of wealth management and corporate services, including investment strategy and asset allocation, portfolio risk management and consolidation, and arrange asset financing, to be delivered in-house and in partnership with external parties.
"Many people have been quick to write off the UK as an investment destination following Brexit, and after the coronavirus hit the country harder than any other major economy," said CEO Carvalho.
"We believe that this view is incredibly short-sighted. Everything that made London one of the world's two most important financial capitals remains: the infrastructure, rule of law, lifestyle, pool of talent, stable government, reasonable taxation, and time zone, as well as access to a huge concentration of high-net worth individuals.
According to the firm, it will leverage experience and economies of scale to give private clients access to prices and services currently reserved for large institutions.
The venture is backed by Geneva-based Crescendo Group. CEO and co-founder Jacques Diwan, said: "We are delighted to partner with Leonardo and his team. Crescendo Group knows London very well, and we share Leonardo's confidence in the UK's growth prospects."
"Leonardo is the perfect person to lead this project; he brings almost a quarter of a century's experience in the industry. He is passionate about harnessing new technologies and he is unconditionally committed to deliver an un-parallel attention to clients and the quality of service," he added.
Carvalho has said that wealth management in the UK and elsewhere has historically been a "closed shop", with the banking sector lacking transparency as to the value it provides.
"We know there is just as much frustration within the industry as there is among its clientele and there is enormous demand to improve the value, accountability, and service delivered to its customers," said Carvalho.
"Our strategy is simple: we seek to change people's expectations about the value wealth managers should bring, and to change investment behaviours by delivering great opportunities and services to everyone, from clients to our industry partners. We all representing the financial industry need to contribute to regain the trust of the people," he added.
The firm will be headquartered in Mayfair and there are plans to expand to other jurisdictions including Switzerland, Monaco, Dubai, and Singapore.
