Anthony Thomson Unveils Family Offices Bank: A Bold New Era for Ultra-Wealthy Clients

A significant shift is underway in the world of private banking. Anthony Thomson, the visionary co-founder behind successful ventures like Metro Bank and Atom Bank, is embarking on a new and ambitious project. He is launching the Family Offices Bank (FOB), a dedicated institution for the global super-rich. This strategic move promises to redefine how ultra-high-net-worth individuals and their family offices manage their vast wealth. Furthermore, it aims to address critical service gaps within the traditional banking sector.

Introducing Family Offices Bank: A Vision for the Ultra-Wealthy

Anthony Thomson’s latest venture, the Family Offices Bank, targets an exclusive clientele. Specifically, it will serve ultra-high-net-worth individuals (UHNWIs) possessing at least $30 million in investable assets. Additionally, it will cater to family offices managing $100 million or more. The bank will initially be domiciled in Jersey, a well-regarded international finance center. Moreover, plans are already in motion for a second office in Singapore. This strategic location aims to tap into Asia’s rapidly expanding population of wealthy individuals. FOB sets ambitious goals. It plans to sign up 2,000 of the world’s wealthiest clients within five years. This includes over 500 family offices. Consequently, the bank projects reaching a substantial $10 billion balance sheet by 2030. These targets highlight a clear intent to become a dominant player in high-net-worth banking.

Addressing Gaps in Traditional Private Banking with Family Offices Bank

Thomson strongly believes that incumbent private banks poorly serve their wealthiest clients. He asserts these institutions often prioritize selling investment products. Furthermore, their responsiveness can be notably slow. Thomson cited a compelling example. A family office, pledging $120 million in listed assets, endured a six-week wait. This delay was for a $30 million loan approval. Ultimately, the approval came too late to meet their urgent need. The Family Offices Bank aims to rectify these shortcomings. Initially, FOB will offer core banking services. These include taking term deposits and providing unsecured loans and mortgages. Over time, the bank will expand its offerings into more complex financial products. This phased approach ensures a solid foundation built on client needs.

Strategic Growth and Financial Projections for Family Offices Bank

The investor document for the Family Offices Bank outlines a robust financial trajectory. It projects FOB breaking even in 2028. Following this, the bank expects to generate more than $100 million in annual profit. Initial fundraising efforts will commence in September. This will begin with a $5 million first tranche. Subsequently, a further $95 million will be raised over the following months. First-round investors will receive a notable 25% discount. This applies to the next two capital-raisings. FOB’s current valuation stands at $20 million. This demonstrates strong investor confidence in its potential. The bank is currently applying for a license from the Jersey Financial Services Commission. This approval is anticipated in December. Such regulatory progress is crucial for its operational launch.

Technology and Service: The Family Offices Bank Advantage

The competitive landscape for ultra-wealthy clients in the UK is fierce. Rivals include established names like Coutts, C Hoare & Co, SG Kleinwort Hambros, and the private banking arms of HSBC, Barclays, and Lloyds. However, Thomson believes the Family Offices Bank can achieve significant differentiation. Its strategy hinges on a unique blend of personalized relationship management and cutting-edge technology. This includes the integration of generative AI. Crucially, FOB will operate free from legacy systems. This allows for greater agility and innovation. The bank is co-founded by Paul Pester, former TSB chief, and Stuart Grimshaw. Grimshaw previously served as CEO of Yorkshire Bank and Clydesdale Bank. He also chairs the Roche family office in Australia. This collective experience underpins FOB’s expertise. Thomson also envisions the bank being privately owned by its wealthy clients. This “evergreen” shareholder structure promotes long-term alignment and stability.

Navigating a Competitive Landscape: The Future of Family Offices Bank

The market for ultra-high-net-worth individuals is experiencing significant growth. Global wealth among UHNWIs is projected to rise substantially. It is expected to increase from $49 trillion in 2023 to $68 trillion by 2030. Furthermore, the number of such individuals is forecast to reach 588,000. Family offices are also expanding rapidly, with over 9,000 now operating worldwide. This expanding market presents a considerable opportunity for the Family Offices Bank. Anthony Thomson, at 71, brings extensive experience to this new venture. He departed Metro Bank in 2013. Subsequently, he co-founded Atom Bank in 2014. He also established the Australian digital bank 86400, which was successfully sold to National Australia Bank for A$440 million in 2021. This proven track record positions FOB for potential success. The bank’s focus on a specialized, underserved niche, combined with technological innovation, could indeed carve out a significant market share.

Frequently Asked Questions (FAQs)

Q1: Who is the target clientele for Family Offices Bank?
A1: Family Offices Bank (FOB) targets ultra-high-net-worth individuals with at least $30 million in investable assets. It also serves family offices managing $100 million or more.

Q2: Where will Family Offices Bank be domiciled and what are its expansion plans?
A2: FOB will be domiciled in Jersey. It plans to open a second office in Singapore to serve the fast-growing ultra-wealthy population in Asia.

Q3: What unique services will Family Offices Bank initially offer?
A3: Initially, FOB will offer term deposits, unsecured loans, and mortgages. It plans to expand into more complex financial products over time.

Q4: How does Family Offices Bank plan to differentiate itself from traditional private banks?
A4: FOB aims to differentiate through a blend of highly responsive relationship managers and cutting-edge technology, including generative AI. Crucially, it will operate free from legacy systems, allowing for greater agility.

Q5: What are the financial projections for Family Offices Bank?
A5: FOB projects breaking even in 2028 and generating over $100 million in annual profit thereafter. It aims for a $10 billion balance sheet by 2030 and plans to secure $100 million in initial fundraising.

Q6: Who are the key co-founders of Family Offices Bank alongside Anthony Thomson?
A6: Anthony Thomson is co-founding FOB with Paul Pester, former TSB chief, and Stuart Grimshaw, ex-CEO of Yorkshire Bank and Clydesdale Bank, who also chairs an Australian family office.