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Julius Baer raids Barclays for four new regional wealth arms

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Julius Baer raids Barclays for four new regional wealth arms

Barclays Wealth & Investments has lost a number of its senior wealth managers to rival Julius Baer, Wealth Manager can reveal. 

The former Barclays directors will open regional offices for Julius Baer in Manchester, Leeds and Glasgow. The firm also plans to build a smaller operation in Belfast. 

Wealth Manager understands at least eight of Barclays team based in various regions have left the firm for Julius Baer. These include North head Callum Brewster and Leeds boss Martin Cuthbert. 

Other names believed to have exited are Simon Patterson, a vice president based at Barclays' Newcastle office, along with fellow Newcastle director Andy Miller.

James Bailey, Mark Embley, Gordon Scott and Jonathan Dobbin are also rumoured to have quit as directors at Barclays' Manchester, Birmingham, Glasgow and Belfast bases, respectively.

Charlie Hague, a director at Barclays' Leeds office, is another name linked with an exit.  

Barclays confirmed there has been departures but refused to comment on the names or number of exits.

While Julius Baer confirmed it is opening the branches, the private bank also would not disclose the names or numbers of individuals it had hired to spearhead the regional push. It is understood that Julius Baer will populate the four new bases with up to 30 staff. 

A statement from Julius Baer stated:  'The newly hired relationship managers all have proven track records and will be joining Julius Baer over the coming months, operating out of premises that have been identified and which are expected to open later this year.' 

Outlining its logic for the new divisions, Julius Baer noted two thirds of the UK's wealth is held by individuals outside of London and the south east. 

Julius Baer head of Europe Yves Robert-Charrue described the move another step in the company's growth strategy and suggested the new wealth team was attracted to his firm's 'pure wealth management model'. 

'The UK, with its deep pool of talent in financial services, is a strategic location for investment and growth. We are committed to building a strong business for the long term and serving clients across the whole country,' Robert-Charrue said. 

Julius Baer International chief executive David Durlacher (pictured) added: 'We are excited to make such an important addition to Julius Baer's already strong UK business.

'I am delighted we have attracted a number of very high calibre individuals and especially that we will be able to form strong and lasting client relationships across the country.'

It is understood Barclays plans to announce successors to the departures in due course. 

A spokesperson for Barclays said: 'Barclays supports clients across the whole continuum as their wealth management needs evolve, from those starting to build their wealth to ultra high net worth (HNW).

'Barclays Wealth & Investments in the UK has a growth strategy and will continue to be a leading manager of HNW services, including banking, investments and wealth advisory. We continue to hire and promote talent in target areas.' 

 

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