Aquarius Financial, the new boutique financial services firm backed by Crescendo Group, has launched in London.

Founded by ex-Credit Suisse executive Leonardo Brummas Carvalho, who will be CEO, Aquarius promises to transform financial services for UHNWIs. It will do this by breaking up the “closed shop” industry to deliver value for individuals and institutions.

Aquarius will provide a range on wealth management and corporate services. These include investment strategy and asset allocation, portfolio risk management and consolidation, arranging asset financial and more. The services can be delivered in-house and also in partnership with external partners.

Jacques Diwan, CEO and co-founder of Crescendo Group, said: “We are delighted to partner with Leonardo and his team. Crescendo Group knows London very well, and we share Leonardo’s confidence in the UK’s growth prospects. Leonardo is the perfect person to lead this project; he brings almost a quarter of a century’s experience in the industry. He is passionate about harnessing new technologies and he is unconditionally committed to deliver an un-parallel attention to clients and the quality of service.”

“Many people have been quick to write off the UK as an investment destination following Brexit, and after the coronavirus hit the country harder than any other major economy,” added Carvalho.

“We believe that this view is incredibly short-sighted. Everything that made London one of the world’s two most important financial capitals remains: the infrastructure, rule of law, lifestyle, pool of talent, stable government, reasonable taxation, and time zone, as well as access to a huge concentration of high-net worth individuals.”

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“In many countries, including the UK, wealth management has been a closed shop only for few, with the banking sector suffering from a lack of transparency over the value it provides,” he continued.

“We know there is just as much frustration within the industry as there is among its clientele and there is enormous demand to improve the value, accountability, and service delivered to its customers. Our strategy is simple: we seek to change people’s expectations about the value wealth managers should bring, and to change investment behaviours by delivering great opportunities and services to everyone, from clients to our industry partners. We all representing the financial industry need to contribute to regain the trust of the people.”

Aquarius is opening in London and plans to expand to Switzerland, Monaco, Dubai, and Singapore.