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From Exeter to Edinburgh: eight wealth firms on a regional march
by James Phillipps on Oct 24, 2013 at 13:02
The wealth management regional expansion charge has continued apace over the last six months, here we give a round-up of recent activity.
The wealth management regional expansion charge has continued apace over the last six months.
Back at the end of the first quarter, Wealth Manager produced a gallery revealing how 12 groups were looking to open 15 branches between them. With the third quarter now disappearing in the rear view mirror, we thought we would have another look at the towns and cities that are proving to be regional hotspots.
Not included in the gallery, but also keen to expand are Mattioli Woods and Sanlam Private Investments, both of which have nationwide ambitions. Meanwhile, Signia, which we previously documented was targeting the North West, is still on the look-out for the right team to lead this charge.
Of course, several wealth managers have also withdrawn from various locales, with Brewin Dolphin merging away its Hereford, Inverness, Teesside and Swansea offices, while Ashcourt Rowan’s new Exeter branch came from the merger of two neighbouring bases. Our gallery gives a round-up of recent activity.
Tacit Investment Management opened its first regional office in September for Kypros Charalambous, who joined the firm from Deutsche Asset & Wealth Management last year.
The South West hub attracted private bank Duncan Lawrie. The office, headed by Jeff Durant, was opened by Her Majesty’s Lord Lieutenant of Bristol, Mary Prior MBE JP and local MP Stephen Williams.
Weatherbys hired Duncan Gourlay from Barclays where he was a regional director to spearhead a push into Scotland.
After opening its maiden regional office in Birmingham in the first quarter, PSigma said it hopes to open an Edinburgh branch by the end of the year.
Ashcourt Rowan opened an Exeter branch – overseen by Menna Culle, the group’s regional manager for the South West and Wales. This happened after the firm’s Torquay and Taunton offices were merged.
Rowan Dartington hired Mike Townsend from Coutts to head its new office in Devon, which has become something of a hotspot for wealth managers.
Brooks Macdonald opened up its eleventh office across the UK and Channel Islands, with a branch led by investment team director Mike Divers, who relocated from London.
Charles Stanley’s Leicester office opened its doors earlier this month, headed by Ed Cufflin, part of the team poached from Brewin Dolphin in March.
Scoban hired former Adam & Company associate director Jeremy Vaughan, who also became a board director, to head its new operation in the capital.
Barclays expanded its reach in the South East with a new office led by Mark Moran.