The UK private banking business of Germany’s Berenberg Bank has
appointed former Schroders Private Bank client director Richard
Brass to its UK team.

Brass will be in charge of developing Berenberg’s links within
the UK private wealth market and will also be in charge of
developing the Entrepreneur’s Office, the firm’s UK advisory
service, as well as Berenberg UK’s family office offering
Consilisto.

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Brass will work alongside Ross Elder and Fred Hervey,
co-founders of the firm’s 10-man strong UK operations.

 

Rising competition for UK HNWs

Berenberg, Germany’s oldest private bank, launched its
London-based private banking business in January as part of its
growing international market exposure. Bahrenberg’s has already
been offering investment banking services in the UK since 2003.

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At the beginning of July, JP Morgan Private Bank launched its
private wealth management business in order to tap into the UK high
net worth market, focusing on clients in the $5m to $30m range.