Bordier & Cie is to establish a UK presence through Berry Asset Management.
The Geneva-based private bank formed a strategic alliance with Berry in 2001, 20 years after Jamie Berry founded the firm. Bordier, which controls in excess of £7 billion, now owns 70% of the Berry stock, with staff owning the outstanding 30%.
Subject to FCA approval, Bordier & Cie (UK) aims to opens its doors for business in the capital within six months.
The new entity will comprise two units; the existing London Berry business will be the UK facing division and cater for existing clients, while a team will be recruited to establish an international division.
Bordier will operate from Berry’s existing offices on Pall Mall, with current Berry chief executive Jamie MacLeod (pictured) and chairman Jamie Berry, serving as CEO and chair respectively.
MacLeod will lead a significant recruitment programme, across a number of disciplines, with an international business head and a team of relationship managers among his key priorities.
As part of the initiative, the Berry name will eventually disappear from the wealth management industry
Macleod emphasised that while the firm will not be operating under the Berry banner, the team that has driven the firm's success remains in place.
‘Berry clients have always enjoyed the highest levels of client service - an industry-leading client/investment team ratio at the heart of our proposition – and they will continue to do so, for whilst the name on the door will change, the team which has made Berry successful will not,' he said.
‘What will change is that our clients will be able to access a much broader investment offering. I am enthused to be given the responsibility for leading Bordier & Cie’s business in the UK.
MacLeod added: ‘Our evolution, towards becoming a sector leading wealth management boutique, is a huge tribute to the entire Berry team; my fellow directors and staff remain committed to the firm for the long term and look to the future together with confidence as we become further linked with the Bordier private banking dynasty that has been serving clients so well for 170 years.’
Grégoire Bordier, partner at Bordier & Cie said: ‘This opportunity is a major strategic initiative for the Bordier Group, and I am delighted that the two “Jamies” have committed to building our proposition in the UK.’