Oldest German private bank to launch in London
Berenberg Bank has hired two employees from Barclays Wealth as managing directors to expand its private banking services into the UK.
Ross Elder and Fred Hervey are joining Berenberg in Threadneedle Street, where their team will offer clients a full advisory service, including on tax.
At Barclays Wealth, Hervey was a vice-president, managing a team of bankers for wealthy individuals with assets of at least £3m. Elder was a director advising high- and ultra-high net worth individuals. He had also set up the advisory derivatives business for HSBC’s private clients.
Andreas Brodtmann, responsible for the firm’s private banking activities and one of the group’s three managing partners, said the UK offered “good long-term prospects for wealth creation, within which we can add significant value to our clients”.
Hervey said the bank’s private ownership and independence allowed staff to be “entirely focused upon its clients. The bank’s culture focuses on personal commitment, trust and responsibility, which enables us to be relationship-led, as opposed to sales-led.”
Elder added: “We believe the security of Berenberg as an institution makes our offering attractive for clients looking for an alternative wealth manager, particularly entrepreneurs, overseas clients living in the UK and UK-domiciled professionals.”
Berenberg manages more than €25bn on behalf of clients, and has a balance sheet of €3.4bn. Founded in Hamburg in 1590, Berenberg has 1,000 staff, and businesses in Germany, Switzerland and Austria. It has conducted investment banking in the UK since 2003.