Berenberg’s UK office was dealt another blow this week as Andy McNally, the UK chairman of Berenberg, decided to move on from the firm after only six months in the role.
A source close to the process said the private bank is not looking to replace McNally ‘in the foreseeable future.’ In the meantime, his responsibilities will be absorbed by Hendrik Riehmer, a partner at the firm, and David Mortlock, head of equities.
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This follows the departure of Ross Elder, Berenberg’s co-head of private banking in the UK, which Private Banker International exclusively reported in October of last year. Elder’s sudden exit followed a series of staff cuts, less than two years after the German bank established a private banking business in the UK.
Private banks such as Credit Suisse and Barclays have struggled to maintain profitability in the UK in recent years and have retrenched to their core markets.
McNally, who had been with the German bank for twelve years, said: "It has been a privilege to be part of such a strong and growing team, especially against a backdrop of rapid change in the industry and challenging markets. Wide support for Berenberg’s approach of taking responsibility and client service founded on high quality insight is great testament to the work and dedication of everyone in the firm."
Berenberg, Germany’s oldest bank, held EUR 30.1 billion assets under management at the end of 2013.
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