Chris Purves and Stewart Siegel of Principal & Prosper

PRINCIPAL & Prosper has appointed Barclays as its banking partner to accelerate its long-term strategy following a period of sustained growth.

The bank has taken on the independent chartered financial advisers’ transactional banking and cash deposits and the support has been tailored specifically to operations to allow it to automate finances and day-to-day banking processes, ensuring greater efficiencies, and enhancing its back-office capabilities.

The investment and wealth management firm, founded in 2003, has grown under the direction of Managing Director Chris Purves and Director Stewart Siegel.

Commenting on the deal, Stewart Siegel, Director at Principal & Prosper, said: “Relationships with clients is a key part of our organisation and so the relationship with our business partners must also be strong. We chose to bank with Barclays as they felt like the best cultural fit for us.

“In addition, Barclays ticked all the boxes from a business efficiency point of view with the facilities offered improving our finance function immensely.”

The deal team was led by Andy Hall, Head of Corporate Banking, Central Scotland at Barclays and Stuart McAleese, Relationship Director at Barclays.

Andy Hall, Head of Corporate Banking, Central Scotland at Barclays, said: “Principal & Prosper is a long-established and recognised business and we are pleased Stewart and Chris have chosen Barclays as their financial partner for the future. Our offering aligns with their growth ambitions, while our online banking platform provides the functionality to automate reporting and payment mechanisms with confidence.

“Strong partnerships are critical for success and our relationship model will support the strategic direction of Principal & Prosper as it continues to grow in line with commercial aspirations.”