Although boutique banks are typically placed in the capital’s investment banking industry, there is also a prominence of boutique private banks in London.

A boutique private bank is a small financial firm that provides specialised private banking services.

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A wave of scandals facing global banks since the financial crisis, has generated opportunities for smaller, family focused wealth managers and for boutique private banks in London.

This includes, a number of rate-rigging investigations, mis-sellling of certain insurance products, and high fees charged by larger traditional private banks.

Here are some of the boutique private banks in London:

  1. Butterfield Private Bank

Butterfield has been a private bank for more than 150 years. Through the relationship manager at Butterfield, the following services are available to private banking clients:

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  • Banking and cash management
  • Customised lending solutions
  • Asset management
  • Trust and estate planning
  1. Cater Allen Private Bank

Cater Allen has over 200 years of experience working with financial advisers in the UK. It is a wholly owned subsidiary of Santander UK.

It offers a both personal and professional services with a range of current, savings, and fixed term deposits to “meet the differing requirements of personal, business and specialist clients”.

  1. Arbuthnot Latham

Founded in 1833, Arbuthnot Latham offers private banking, wealth management and commercial banking services. As a private banking client, some of its key services include:

  • A focused portfolio of Treasury and Foreign Exchange services for private and commercial clients
  • Flexible borrowing facilities
  • Loans and foreign exchange

Read PBI’s interview feature with Arbuthnot Latham CEO Ian Henderson for an in depth view on the boutique private bank’s strategy.

A number of banks shifting private banking operations abroad due to Brexit could represent boutique private banks in London with potential lucrative opportunities or a chance to grab on to the bigger private banks’ clientele.

These include:

  • US bank JPMorgan has asked several of its employees to rabout 1,000 employees out of London in the next year to Dublin, Frankfurt, and Luxembourg.
  • Citi Private Bank said it would open a booking centre for its European private banking operations in Luxembourg after Brexit.
  • US peers Goldman Sachs and Morgan Stanley are also looking at spreading staff across a number of European cities after Brexit