WEALTH manager Investec has poached a senior team from Deutsche Bank’s Edinburgh office as speculation continued that the German-owned business is up for sale.
Four senior investment professionals at Deutsche Asset & Wealth Management (DAWM), including Grant Milne, Gordon McAndrew, David Henderson and Ian Smith, will join Investec Wealth & Investment over the coming months.
Deutsche Bank is thought to be preparing to sell its regional wealth management network, including sites on Melville Street in Edinburgh and its Glasgow office on St Vincent Street.
The wealth management division is thought to have been under-performing since Deutsche acquired the former Tilney Investment Management business in 2006.
But it is understood that DAWM has no plans to shut the Edinburgh office.
Milne, the former managing director of DAWM’s operations in the Scottish capital, left the business last year and will join Investec in September as a senior investment director.
McAndrew, DAWM’s head of discretionary management, will join early next year, while Henderson and Smith, both currently investment directors, are due to join Investec’s Quartermile One-based office in November.
Murray Mackay, divisional director for Edinburgh for Investec, said: “We are tremendously pleased to welcome four exceptional wealth management professionals to our Edinburgh office. They bring with them substantial experience in managing portfolios on behalf of private clients, charities, trusts and pension funds.
“Working closely with our existing team, they will play an important role in expanding our presence in Edinburgh and throughout Scotland.”
Charles Mullins, head of wealth planning, is in charge of DAWM’s Edinburgh office.
Deutsche Bank’s wealth management business is expected to retain a presence in London, but is predicted to launch the sale of its regional offices in September.
Deutsche Bank declined to comment.