Wealth manager Investec has again taken advantage of unsettled conditions across the sector to bolster its teams in Edinburgh and Glasgow.
The nine recruits from Barclays and Deutsche Bank form the biggest of three recent raids by Investec, which is aggressively pushing to increase its share in the market for advice to wealthy Scottish-based investors.
It follows the poaching of four senior Deutsche managers in August, and a further four from Barclays in September.
In Glasgow, Lisa Brown and David Kerr are leaving Barclays to take up roles as investment directors at Investec. They are joined by five further colleagues from Barclays, taking the headcount at Investec’s Glasgow office to 20.
Gary Laing and Carole Anderson will join Investec’s Edinburgh office from Deutsche as associate investment director and administrative assistant respectively, taking the headcount there to 54.
The defections from Deutsche come amid continuing speculation that the German bank is set to sell its regional wealth management network. The division, formerly known as Tilney Investment Management, has been largely loss-making since Deutsche acquired it in October 2006 for £300 million.
Deutsche has been positioning itself for a sale of the business since the summer, and is thought to be close to identifying a front-runner among potential buyers.
Meanwhile, it emerged earlier this week that Barclays is to cut further jobs following the restructure of its private banking arm. It is expected to shed 100 of its roughly 280 private bankers as part of the overhaul of its wealth division announced by chief executive Peter Horrell in September.
The changes form part of plans for a “lighter touch” service to clients with assets of less than £500,000, who will now be served primarily from call centres. It is thought that the number of investment directors working for Barclays in Glasgow has fallen from 30 to less than 20 as a result.
Tom Street, head of investment management at Investec, said his company would continue its expansion despite the retreat of some rivals. “These latest recruits are evidence of our long-term commitment to providing a high-quality service to private clients, charities and trusts in Scotland, and to growing our business here,” he said.
According to Datamonitor, Scotland is forecast to see growth in the number of high net worth individuals pick up, along with London.
Other recent appointments by Investec include the announcement in September that Alastair Cumming, Clifford George, George Hunt and David Paterson would join the Glasgow office from Barclays. In August, it was revealed that Grant Milne, David Henderson, Gordon McAndrew and Ian Smith would join Investec’s Edinburgh office from Deutsche.