Swedish bank acquires Heartwood

Swedish banking group Handelsbanken has acquired UK wealth manager Heartwood for an undisclosed fee.

Subject to FSA approval of the deal, Heartwood will now form the basis of the bank's move into the UK wealth management space via its offices in London and Tunbridge Wells and £1.5bn in funds under management. "We were encountering Handelsbanken more and more frequently in our work with clients and quickly discovered the very close cultural fit between our organisations," said Heartwood CEO Simon Lough, who will stay on as chief executive. "The Heartwood team has worked hard to build our business on the recommendation of clients we have served well, so partnership with Handelsbanken, ...