Making a difference, rather than running a company that is in a steady state, is what appeals most to Hugh Titcomb, group chief executive of...

Making a difference, rather than running a company that is in a steady state, is what appeals most to Hugh Titcomb, group chief executive of Ansbacher, about his current role.

The relatively small private bank is already a global player, with 300 people around the world in seven offices in the UK, Jersey, Guernsey, the Bahamas, Zurich, United Arab Emirates and Qatar. Its investment and loan assets total more than $2 billion, and its assets under administration amount to more than $3 billion.

It is already a major player in the financing of super yachts. However, there is a significant push to increase both the bank’s size and profile, which is being driven by Mr Titcomb.

He said: “What we are moving progressively towards, and indeed are making very good progress, is to become an integrated wealth management business. We aim to position the client at the centre of all that we do.

“We think about the client from a client perspective and will do what we believe and agree is in the best interests of the client. We are not a product business, but a service business.

“We have streamlined non-core activities and now have a focused business intent on providing an integrated service to our clients.

“We cannot be all things to all men. Our principal market focus is on clients who are able to give us at least $2 million to manage. We compete with a wide spectrum of different banks – for different services you compete with different players.”

The bank is already more than a century old – having been established in 1894 – but has moved on from its corporate focus of the 1980s towards a private client focus that it hopes will be second to none.

Mr Titcomb said: “I’m sure most private banks aspire to offer a personal service, but the proof of the pudding is in the eating. The feedback from clients is that they do value the service we provide. It is partly a function of size and attitude – what we believe is important is looking at life from a client’s perspective. Understanding their needs and providing a consistent and quality service.”

Ansbacher established its investment management business four years ago, and started a UK trust business to complement its offshore activities. The plan is to grow all its activities with particular focus on investment management, and Mr Titcomb said that “consideration will be given to supporting this growth through acquisitions”.

By streamlining the many facets that the company had – it has sold its Cayman trust business and its European Private Equity Fund Administration business in the last 18 months – Mr Titcomb believes it will be a more nimble, simplified business going forwards, which is able to concentrate on its core strengths and interests.

Ansbacher’s purchase by Qatar National Bank two years ago has resulted in an increasing, although not exclusive, focus on building its business in the Middle East.

Mr Titcomb said: “To support this we have established two offices in the Middle East, in Doha, where we were awarded the first licence to operate within the Qatar Finance Centre, and in the UAE. Going forward, we are aiming to build a balanced business split between the Middle East and non-Middle East.

“Being part of the QNB Group provides opportunities to expand further in the Middle East. QNB has plans to open offices in several Middle East - and other locations - outside Qatar and this provides us with the opportunity to consider further expansion at the right time while managing the obvious risks of setting up in new locations.”

In conjunction with QNB, Ansbacher established a property fund last year – The Ansbacher Prime 1 Property Fund “raising equity from a number of Middle East investors including QNB, other institutions, family offices and private individuals”, said Mr Titcomb. Further funds are planned for this year, including a Sharia compliant fund.

He added: “Further, in conjunction with QNB and Oxford Capital Partners (a UK venture capital firm), we have established a Qatar-based joint venture which has secured the mandate to establish, market and manage two venture capital funds centred on the Qatar Science & Technology Park. Additionally, we manage three Doha stock market equity funds.”

There is no doubt that there is plenty to keep Mr Titcomb occupied at Ansbacher for the time being, as his “focus is very much on building Ansbacher’s business and turning our vision into reality”.

He added: “The key motivation that drives me is making a difference, rather than just running things in a steady state. Within Ansbacher this means the transition from an historic structure of largely separate business units to an integrated service proposition, our developing business in the Middle East and the continual drive to build scale across all our activities.”

Within a private banking sector that Mr Titcomb describes as “particularly buoyant”, a state he anticipates will “continue over the foreseeable future”, there is a high demand for good quality staff.

Many banks are finding this a challenge to growing their business, and it can mean they are finding it increasingly necessary to train up staff from other professional arenas.

However, despite this, there is an ever increasing need to distinguish themselves from their competitors.

Mr Titcomb said: “Investment management is about managing clients’ money in line with their objectives and managing risk. Our investment management proposition is based on an absolute return focus, rather than relative performance.

“I think the market will segment further, split between product houses and other institutions which are willing and able to provide tailored solutions on a bespoke basis. We are intent on the latter and see this as a way in which we can differentiate ourselves in a highly competitive market. Where appropriate we will use third party products and services to supplement those sourced internally.

“We do have a particular strong focus in terms of client service. Partly because of our size and flexibility, we have a decision making process that is relatively quick and easy from the client’s perspective. As we grow we want to be able to maintain this competitive advantage.”