Swiss private bank Julius Baer is hoping to court some of the UK’s wealthiest individuals living outside London and the south-east by opening hubs in Manchester, Leeds, Glasgow and Belfast.
The Zurich-based bank, which has seen a rush of new money from Asia, the Middle East and Monaco this year, has hired a number of bankers from Barclays to help it target more of the UK’s super-rich.
The timing of its UK expansion is notable given that many other financial institutions are looking to scale back in response to Brexit, with the bank’s international boss David Durlacher saying he did not expect the vote to damage individual wealth.
“There’s limited competition of wealth managers able to approach these individuals, there’s a lot of [wealth] creation occurring outside of the south east and we see Brexit still providing opportunities,” he said.
Two thirds of the UK’s wealth is held by individuals outside of London and the south east, the bank said, adding that it would target business owners, entrepreneurs and “other wealthy individuals” from its new branches.
The offices are expected to open later this year, with Mr Durlacher saying the bank could potentially open in other areas of the country later down the line. Staff in Belfast will work remotely.
Although the bank has not disclosed who will be leading the new offices, a number of its hires are understood to have come from Barclays’ wealth management division.
Barclays’ Glasgow-based head of wealth management for the north Calum Brewster and its Leeds-based regional director for the north Martin Cuthbert have both resigned, sources have said.
A number of others are also understood to have left Barclays from various offices outside London. However, despite the exits, the FTSE 100 bank’s wealth management arm is not expected to close any of its regional offices.
Originally published by Lucy Burton at The Telegraph