Before the relaunch, Cheviot was a UK stockbroker of some 20 years standing owned by accountancy firm Kingston Smith. It was acquired in May by Old Oak, a financial services group run by Martin Hughes, who separately runs hedge fund Toscafund.
Many of the 50 staff poached were formerly with Laing & Cruickshank Investment Management, which was bought by UBS in 2004 in a bid to strengthen its position in the UK private banking market. Among those former Laing & Cruickshank employees to join Cheviot is former CEO Michael Kerr-Dineen, who will be chief executive.
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