German bank Berenberg has officially launched a UK private
banking operation, almost a year after it told PBI its
plans for a 10-man UK team.
Speaking with PBI in March 2010, managing partner
Andreas Brodtmann had outlined his plans for the UK operation.
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At the time, Brodtmann said the new UK
business had an assets under management (AuM) target of £500m
($799m) within three years, aiming to gather client assets at
a rate of £200m a year.
Brodtmann expected the hiring and putting in
place the IT processes to run the systems to cost in the region of
£2m.
UK a ‘dynamic
entrepreneurial market’ for Berenberg
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By GlobalDataAnnouncing the UK team this month, Brodtmann
said: “The UK offers a dynamic entrepreneurial market for us, with
good long-term prospects for wealth creation, within which we can
add significant value to our clients.”
The private banking services will sit
alongside the UK investment banking operations that have been based
in London since 2003.
Ross Elder and Fred Hervey, both formerly at
Barclays Wealth, will be heading the private banking team from the
bank’s UK headquarters in Threadneedle Street, London.
Berenberg has a balance sheet total of €3.4bn
($4.6bn) and AuM of more than €25bn.
