Roger Weatherby, chairman of the Weatherbys Banking Group, represents the seventh generation of a family whose name is closely associated with British horse racing and banking. Established in 1770, the Weatherby family business originated when James Weatherby became secretary of the Jockey Club, initially managing funds for individuals involved in the sport. Over time, it has evolved into a diverse financial services group headquartered in Wellingborough, maintaining strong ties to horse racing while expanding into private and business banking, asset finance, and leasing.

Weatherby, 63, who spent over two decades as the bank’s chief executive before stepping into the chairman role in 2024, describes the group as both a family legacy and a personal passion. Though officially working part-time, he remains deeply engaged with the business. Last year, client deposits increased by 11% to £1.9 billion, while lending balances grew 16% to just over £1 billion. The bank’s performance benefited from higher interest rates between late 2021 and 2024 but faced challenges in 2025 due to lower borrowing costs, which compressed its net interest margin from 4.53% to 4.05%. Earnings were also supported by the sale of a stake in an insurance broking joint venture, contributing to pre-tax profits of £23.1 million, slightly down from £24.6 million the previous year.

The Weatherbys Banking Group formally split into two family-owned entities in 2005. Weatherbys Limited manages horse racing administration under contract with the British Horseracing Authority, while Weatherbys Banking Group oversees the Racing Bank, which handles financial transactions for the sport, alongside broader private banking services. The bank’s clientele includes individuals connected to racing as well as high-net-worth clients with assets exceeding £5 million or annual incomes above £500,000.

The bank has contended with significant political and economic changes in the UK, including tax reforms under the Labour government that have prompted some wealthy clients, such as steel magnate Lakshmi Mittal, to leave the country. Weatherby acknowledged the bank has lost some clients but suggested the impact was reduced due to its relatively UK-centric focus. He described such departures as “hugely damaging” to the country’s economic fabric.

Weatherby’s own background is distinctive, combining elite education at Eton, military service in the 15th/19th The King’s Royal Hussars, and a global career in investment banking before joining the family business in 1997. After completing a master’s degree in finance at London Business School, he became chief executive of the financial services arm and later oversaw its formal separation from the racing administration side.

Both Weatherby and his late brother Sir Johnny — who chaired the lender for over two decades and served as Her Majesty’s Representative at Ascot until 2020 before his death last year — played prominent roles within the racing community. Looking ahead, Weatherby is focused on family succession within the business, noting that several members of the eighth generation are already involved or eager to prove themselves independently before joining the firm.

While he values the family’s deep connection to the business, Weatherby emphasizes the importance of competence over bloodline when it comes to leadership. “The worst thing is to get somebody who’s in the business who hasn’t got the qualifications or the ability," he said. The Weatherbys Banking Group remains a central pillar of both the family’s heritage and the horse racing industry, balancing tradition with the demands of modern financial services.