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Company

C. Hoare & Co.

Index

Wealth Managers

Advice type

Impact investing

Sector focus

Financial Services

Wealth Management & Private Banking

Profile

Alexander Hoare

Description

Spear’s review

‘As senior partner, I am steward of the firm’s values and heritage,’ says Alexander Hoare. These values continue to inform the character of the UK’s oldest family-owned bank (founded in 1672). For Hoare, who joined C. Hoare & Co. in 1987, profit and philanthropy are easy bedfellows. ‘We aim to be good bankers and good citizens,’ he says. A pioneer in the field of social and impact investing, Hoare is a founding partner of Snowball LLP, a diversified, multi-asset investment vehicle focused on positive outcomes for ‘people and planet’.

‘It has been my life’s work’, he says, ‘to demonstrate that you don’t have to descend to the unacceptable face of capitalism to earn an honest crust.’

Adviser Profile

‘My mantra is “small is beautiful”,’ says Alexander Hoare. ‘At C. Hoare & Co., we are selective as to which customers we take on. We only want customers who share our values and who want to enter into a long-term relationship with us.’

Despite this, or perhaps because of this, Hoares’ has recently seen record numbers of new customers and record levels of deposits. The partners’ unlimited liability and conservative attitude to risk makes the 349-year-old bank attractive in uncertain times; having weathered three industrial revolutions, two World Wars and successive financial crises, it has proved a safe haven for its customers’ wealth.

Customers are also attracted by the bank’s strong ethos of social responsibility. The partners continue to honour the tithing adopted by earlier generations of the Hoare family, donating around 10% of annual profits to a wide range of social, educational and environmental causes via its Golden Bottle Trust.

An early champion of social impact investment, Hoare was delighted to see the Golden Bottle Trust achieve ‘total portfolio impact' at the end of 2019. ‘The Trust’s endowment is now 100% allocated to impact investments,’ he reports, ‘and I’m pleased to say that Snowball, the investment vehicle we co-founded, plays an important part in this.’

Sustainability is increasingly a focus for the bank: ‘This year we have been active in supporting the restoration of peatlands, the promulgation of seagrass and the protection of eels. We have also launched a bioplastic Visa card which is significantly kinder to the environment than traditional plastic cards’.

Aligning the interests of profits, people and planet, Hoare concludes, is not only sustainable, it is key to the bank’s continued success.

Rank: Recommended

Recommended 2021, HNW Wealth Managers

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