Breedy Henderson partner Rosalyn Breedy has joined Forsters and wrapped up the niche private wealth practice she founded in the process.
Breedy, who has worked with Forsters for several years, will take up a new partner role in the Mayfair firm, which is best known for its work in property and the private client arena.
Forster said the opportunistic hire of Breedy would help the firm would help boost links between private client and the corporate group.
“We weren’t looking but we probably should have been,” said managing partner Paul Roberts.
“Rosalyn is known to one of the partners who’s with us, it’s a personal connection and, from her perspective, we offer a great opportunity to develop her connections and to provide an all round service.”
He added: “We wouldn’t have hired a purely corporate financial services specialist because we needed someone with the high net worth skills we’re looking for.”
Breedy has built up a strong reputation for her work with international high-net-worth clients but the move paints a picture of the climate for sole practitioners.
“My practice got to a stage where it had really grown, we’ve been growing for three years and won lots of awards but I needed a significant injection of finance if I was going to continue,” explained Breedy.
She said overheads like office costs, people, and insurance were issues for sole practitioner firms but her biggest challenge was cash flow, which made the move away from being a sole practitioner appealing.
“You’ve got to be paid really quickly”, she said, “you wouldn’t go to Marks and Spencers and say you’ll pay for the sandwich in two weeks.”
Breedy and Roberts pointed to the increasing demand for firms offering private client services and family offices to international clients.
Roberts said: “We’re looking, and succeeding, in winning clients who come from other parts of the world who see London as the place they’re going to invest or seeing it as the place they want to have their affairs looked after.”