Germany’s Berenberg plans 10-man UK team

Berenberg, Germanys oldest bank, plans to set up a 10-man UK private banking team by the end of the year, according to Andreas Brodtmann, a managing partner at the bank. It has an assets under management target of £500 million within three years, gathering client assets at a rate of £200 million a year. The business, which has international private banking operations in Austria and Switzerland, already has a 60-person investment management business in Threadneedle Street in the City of London.