Banking on rich kids

CITY grandee Ken Costa is targeting megarich millennials with a pioneering bank.

His investment company Alvarium has bought a 49pc stake in fellow dealmaker Jonnie Goodwin’s lender Lepe to develop the business. The duo aim to attract millionaires in their 20s and 30s by offering an alternative to the City’s traditional high-end banks.

Costa, 69, said: ‘ Big banks have become discredited for their ability to cater to the next generation. A flexible, more skilful investment bank is going to emerge.

Goodwin, 45, will remain chief executive of Lepe.