Weatherbys Private Bank

Company Profile

Founded in 1770, Weatherbys is a seventh-generation, family-owned business. The banking division includes Weatherbys Private Bank, Weatherbys Racing Bank, Arkle Finance Ltd and insurance broker Weatherbys Hamilton. Weatherbys Ltd is primarily responsible for providing racing services to the British Horseracing Authority.

Weatherbys Private Bank, winner of the Spear’s Award 2023 for Best Private Bank (UK), offers day-to-day banking services, including current accounts, foreign exchange services, flexible lending facilities and bespoke deposit accounts, as well as investment and wealth planning – including tax, trusts and estate planning – for HNW and UHNW individuals. 

History

With a history that stretches back more than 250 years, the Weatherbys name is synonymous with horse racing: in 1770, James Weatherby, a Northumbrian solicitor, was appointed by the Jockey Club as secretary. The first racing calendar was published in 1773, and in 1791 Weatherbys published the General Stud Book, a record that became the foundation for thoroughbred bloodstock. Weatherbys continues to serve as an administrator to the Jockey Club, operating from its Northamptonshire headquarters. 

Weatherbys initially launched the Racing Bank to serve the equestrian community, offering accounting services for participants in the sport, holding their winnings to fund future race entries and offering racehorse owners a current account as well as short-term borrowing.

In 1994 Weatherbys was granted a banking licence by the Bank of England, and in 1997 Arkle Finance was formed to offer commercial asset finance services. In 2006 Weatherbys Bank developed into Weatherbys Racing Bank, based in Wellingborough and catering to racehorse owners and bloodstock industry professionals, and Weatherbys Private Bank, which opened a London office.

In 2013 Weatherbys launched in Scotland, and the private bank opened an Edinburgh office two years later. The private bank opened a Manchester office in 2022.  

Senior leadership

Chairman: Roger Weatherby

CEO: Quentin Marshall

Head of Private Clients Ollie Barnett

Private client services

Weatherbys Private Bank’s typical client earns over £300,000 a year, or has assets worth more than £5 million. Offering banking services and investment and wealth planning advice, private bankers also have specialist knowledge in a range of areas. This includes teams that understand the increasingly complex financial needs of farms and landed estates; services for expats and citizens who live abroad but who are looking to purchase property in the UK; a team dedicated to servicing US citizens; and bankers with experience advising sports professionals.

Banking

Weatherbys banking services include: 

• Current accounts
• Deposit accounts: fixed-term deposit accounts, notice accounts and instant access accounts
• Foreign exchange services: foreign exchange in most of the world’s major traded currencies; onshore currency accounts in Euro and USD, with other currencies on request; forward contract; and time options
• Lending and mortgages: arranging short-to-medium-term mortgages and loans secured against residential property, including owner-occupied and buy-to-let property

Investment and wealth advice

Weatherbys planners consider assets, income and outgoings, and assess future spending requirements. They then apply their three key areas of expertise: cash flow and tax planning, structuring, and investment strategy. 

Weatherbys’ in-house preference is for passive investment strategies, and it offers a range of global tracker portfolios. They also offer liquid, low-risk portfolios designed to meet shorter-term objectives. If active management is preferred, Weatherbys employs what it says is a ‘rigorous fund manager market review’, evaluating risk control, consistency, portfolio governance, service and performance to recommend a partner.

Succession and estate planning, combined with tax planning, aim to achieve wealth preservation in the most tax-efficient manner possible.

Locations

Weatherbys Private Bank has offices in London, Edinburgh, Manchester, Wellingborough, while the wider group has additional offices in Newmarket, Penrith, Billingshurst and Swindon.