Investec introduces performance reviews for panel firms

Private banking group legal head Scott Southgate said the firm is looking to reduce the number of advisors it uses in a bid to drive down costs and strengthen relationships with external counsel.

“There hasn’t been a panel review as such,” said Southgate. “Panels are always open to question and we’re now looking at using rolling reviews, which is a new development.

“The idea is that we want to build up close relationships with firms on our panel and ensure the relationships work for both of us. We need to make sure the firms we use are being engaged on a regular basis.”

He added: “If the relationship isn’t working then it’s not fair on the firm or us, and we would need to look at that on a case-by-case basis.”

There are currently 19 firms on the private banking panel, including new arrivals Shepherd & Wedderburn. Others include Howard & Kennedy, Osborne Clarke and Wragge & Co. 

The bank’s capital markets, property investment and investment banking divisions are also assessing their list of advisors.