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Corporate governance

Heartwood Investment Management and Handelsbanken Wealth Management are trading names of Heartwood Wealth Management Ltd ('Heartwood') which is part of the Handelsbanken Group.

The UK Stewardship Code

The UK Stewardship Code (the "Code") is published by the Financial Reporting Council (FRC), the UK body responsible for promoting high quality corporate governance. The Code sets out good practice standards for institutional investors, such as investment managers, for their dealings with the UK-listed companies in which they invest. The FRC recognises that not all parts of the Code are relevant to all institutional investors and that small institutions (such as Heartwood Investment Management) may judge that some aspects are disproportionate to their business.

Please click here to view Heartwood's policy which sets out our commitment to the Code and how we have applied its seven principles.

Further to the implementation of the Shareholders Rights Directive II in the UK from Monday 10th June 2019, Heartwood is currently considering whether any changes need to be made to this policy. 

Whistleblowing Policy

Please click here to view Heartwood's policy.

Pillar 3 Disclosures

It is a regulatory requirement that these documents are made available on an annual basis. They contain disclosure requirements regarding our risk management information and procedures.

Modern Slavery Act

Heartwood is part of the Handelsbanken Group and therefore supports, and is included within, the Group statement which can be located on the Handelsbanken website here.

In addition to the main statement:

Suppliers/Counterparties - Heartwood has a Counterparty Due Diligence Policy and procedures in place which help to ensure that we only do business with selected counterparties after careful consideration in order to mitigate against potential reputation, regulatory and legal risks and protect both Heartwood and our clients.  The Group requirements are incorporated into this policy, as appropriate to our business.

Heartwood exercises a risk-based approach to due diligence which drives the level of scrutiny required for different counterparties – the higher we deem their risk to Heartwood and our clients, the broader the due diligence needs to be.

Employee remuneration arrangements

Heartwood Investment Management takes a long term view of its staff’s employment. We reward our members of staff through salary and standard benefits such as pension contributions and medical insurance schemes. The main principle of our compensation policy and the majority of our employees are on fixed compensation. Variable compensation is applied with great caution so to maintain Heartwood’s risk profile. As well as identifying, monitoring, analysing and reporting material risks of the compensation system, our compensation policy and processes are reviewed annually by the Head of Compliance. The review will consider adherence to the provisions of FCA’s Remuneration Code.

Company structure

Heartwood Investment Management and Handelsbanken Wealth Management are trading names of Heartwood Wealth Management Ltd. The Board of Heartwood Wealth Management Ltd is responsible for the high level supervision of the current and future regulated activities of Heartwood Investment Management and Handelsbanken Wealth Management.

The directors of the Heartwood Wealth Management Ltd Board are:

Tracey Davidson (Chairman) 

Simon Dixon (CEO and Head of Wealth Management - subject to regulatory approval)

Noland Carter (Head of Investment Management/Chief Investment Officer)

Michael Broom (Non-Executive Director)

Within our governance structure the day to day management of Heartwood Investment Management and Handelsbanken Wealth Management are delegated to the Management Group, the members of which are:

Simon Dixon (CEO and Head of Wealth Management - subject to regulatory approval)

Noland Carter (Head of Investment Management/Chief Investment Officer)

Peter McCree (Chief Operating Officer, Handelsbanken Wealth & Heartwood)

Haydn Aird (Head of Third Party Distribution)

Austin Bodunrin (Head of Risk)

Dominic Fielding (Head of Compliance)

Lucy Jackson (Head of HR)

Kanene Nwodika (Head of Finance)

Simon Dixon - CEO and Head of Wealth Management (subject to regulatory approval)

Following Simon's appointment as Acting CEO of Heartwood Wealth Management on 1 November 2019, he has now been appointed CEO (subject to regulatory approval).

Simon is a Chartered Tax Adviser and qualified Financial Planner. Before joining Heartwood in 1998, he worked for 10 years within a tax specialist London firm of Accountants, H W Fisher & Company, focusing on the complex needs of private clients.

His career with Heartwood has progressed through his leadership of tax, pension and client focused teams, such that he is now Head of Wealth Management. Simon believes that staying close to the client to ensure he fully understands their demands and concerns is central to the successful delivery of his role. As part of this objective he continues to advise City based clients with complex wealth advisory needs.

Noland Carter - Head of Heartwood Investment Management/Chief Investment Officer

Noland joined Heartwood in 2008. He leads Heartwood Investment Management and has overall responsibility for our investment management business. Before Heartwood, he was CEO of Rothschild Wealth Management (UK) and Global CIO of Rothschild Wealth Management. In 1997, he was appointed Global CIO at Barclays Private Banking and, between 1999 and 2005, was CIO of Barclays Wealth, where he established and was also CEO of Investment Services. Before that, he worked in institutional asset management at Ivory & Sime, where he was Head of Global Equities, and at Mercury Asset Management, having started his career at Save & Prosper.

Noland graduated from the University of Reading and is a member of the Chartered Institute for Securities & Investment. He is also a trustee of Moorfields Eye Charity, where he is chairman of the investment committee.

Peter McCree - Head of Operations

Peter started his working career in the Operations team of Kleinwort Benson Investment Management in 1987 and transferred to the London office in 1991 where he worked with the Global settlements team.

In 1998 Peter joined Dresdner RCM Global Investors and took management responsibility for the dealing support and settlement teams. He focused on the migration of institutional clients from Kleinwort Benson, establishing new procedures and developing the operational support systems.

He joined Heartwood in 2001 in Operations and as COO is now responsible for Operations, IT, Change and Middle Office. He also has the FCA significant influence function for client money and assets (CF10a).

Haydn Aird - Head of Third Party Distribution

Haydn joined Heartwood as Head of Third Party Distribution in 2017. Prior to this, he worked for Handelsbanken Wealth Management where he was Area Manager for the Private Clients team in the North of UK.

Haydn started his career at Handelsbanken in 2007. Before joining Handelsbanken, he worked for 16 years at HSBC in a variety of roles in Corporate Banking, Operations, Credit and Risk and Branch Management.

Haydn has a BA Hons degree in Business Studies. He is an Associate of the Chartered Institute Bankers and holds the Diploma in Financial Planning.

Dominic Fielding - Head of Compliance

Dominic joined Heartwood in 2016 as Head of Compliance. He has worked in Financial Services for over 20 years and has extensive investment and private client regulatory experience.

Before joining Heartwood, Dominic was Chief Risk Officer at Duncan Lawrie Asset Management. Before that, he was appointed Internal Audit Director at Friends Life Group (now Aviva), and as Director of Regulatory Practice at PriceWaterhouseCoopers, where he worked with clients across financial services. Prior to this, he worked in supervision at the regulator (London) and dispute resolution at the  Financial Ombudsman Service. Dominic is also the Founding Director of Binnacle Management Consulting.

Dominic holds a Bachelors and Masters degree in Law from the University of London.

Lucy Jackson - Head of HR

Lucy joined Heartwood in 2016 as a HR Business Partner and is currently Head of HR.  She has seven years of HR generalist experience and has extensive knowledge of change management, recruitment strategy and FCA remuneration code. Lucy is an advocate of the Women in Finance Charter.

Lucy holds a BSc, an MA in Strategic HR Management and is a Chartered member of the Chartered Institute of Personnel Development.


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