Kalaris will on August 1 launch Saranac Partners, based in London’s St James’s, as a private family office that also offers investment management, capital and financing advisory, structuring and fiduciary services, according to a statement to FN.
The firm, named after a lake in upstate New York near which Kalaris once lived, will be staffed by former executives from the likes of BlackRock, JP Morgan, Kleinwort Benson, Woodford Investment Management and Lombard Odier.
They include Richard Urwin, the former head of BlackRock’s $ 73 billion fiduciary team in Europe, who will serve as chairman of Saranac’s investment committee.
A spokesman for Saranac said: “Our approach marries the art of private banking and its reliance on the quality of its people, with the insight and rigour modern technology affords.
“The founding partners have worked tirelessly to build a business and a team that, we believe, represent some of the best and the brightest the industry has to offer.”
Saranac has already agreed strategic partnerships with £301.4 billion investment house Aberdeen Asset Management, London-based membership club Pi Capital and Australian software company Iress.
Kalaris once ran Barclays’ wealth management business. Alongside Diamond, the UK bank’s former CEO, and Rich Ricci and Jerry del Missier, who co-ran its investment bank, he became known among analysts as one of the ‘the four musketeers’ during a period of growth.
However, Diamond and del Missier left in the immediate aftermath of the Libor-rigging scandal that engulfed the bank in 2012. Kalaris departed alongside Ricci in June 2013, following a boardroom restructure under Diamond’s successor as CEO, Antony Jenkins.
All have now made new homes for themselves in finance.
Diamond co-founded Atlas Mara, a listed Africa banking group, in 2013, while in July 2015, del Missier set up private equity firm Copper Street Capital. In February 2016, it was confirmed that Ricci had joined the fintech revolution as chairman of London-based currency exchange freemarketFX.
Kalaris’s new shop already employs 27 people and expects this to grow to around 40 over its first year of operation. Staff hold 25% of the firm’s shares, with the majority held by a small number of private investors, according to the statement.
Saranac’s management committee also includes former Barclays managing directors Michelle Witter, Andrew Catterall and Tanvi Davda, who all worked across investment and wealth management.
Also on the books are: Lombard Odier’s former European head of compliance, Philip Dench; Gray Smith, previously chief legal and compliance officer at Woodford Investment Management; and Len Gayler, the former head of Cayenne Asset Management.
Completing the line-up will be Jeremy Brown, formerly a managing director at Kleinwort Benson’s private wealth management business, and Giovanni Revedin, previously a managing director at JP Morgan, who will be client advisers, while Mary Reilly, a former partner at Deloitte, will be a non-executive director.
All parties were contacted for comment.