UK
Private bankers hit the provinces
20 May 2008
Fancy escaping the City? Now might be the time to metamorphose into a private banker. Despite the gloom, millionaire households are increasing exponentially in the UK, and they’re not restricted to Chelsea and Fulham.
The growing affluence of cities like Birmingham, Bristol, Manchester, Leeds and Newcastle has prompted private banks to open more regional offices, says Somerled Macdonald, a partner at executive search firm Redgrave Partners.
Goldman, Kleinwort Benson, Coutts, UBS and Allied Irish are all in Birmingham, for example. And in April Brown Shipley unveiled plans to open a new Birmingham office.
Enthusiasm for the provinces comes despite the fact that the average West Londoner has twice the amount of cash to spend than the average provincial Joe.
Expansion outside London spells recruitment, says Mark Somers of specialist wealth management headhunter, The Somers Partnership.
“There will always be strong demand for player managers who can gather assets as well as build and manage the team,” he says. It will probably help if you know some rich people in the regions, however.
It was ever thus in the regions, nothing new. Generally it's the same people moving firms otherwise where would they get the assets from? Also if it's assets these firms want then surely they are after private client fund managers, not private bankers? I thought banks lent money not managed it. I for one would not want a bank managing mine and those that do probably either white label, outsource or go down the FoF route.
Anon 20 May 2008
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