Competition for Birmingham wealth has intensified on news Tacit Investment Management has opened an office in the city, marking the group’s first push into the regions.
The boutique private client manager hired Kypros Charalambous (pictured) from Deutsche Asset & Wealth Management, where he was Midlands head, last year.
He originally worked out of Tacit’s London base, but is now backed by three support staff in the new office in the second city, enabling him to be closer to his clients.
Charalambous’ switch to Tacit saw him reunited with his former Deutsche colleagues, Tacit founders Raj Basra, who was an investment director at the private bank, and Roy Swain, who headed its London intermediaries group.
They left to set up Tacit in 2010, along with Peter Bickley, who was previously the chief strategist at Deutsche’s UK arm.
Charalambous had managed over £1.3 billion at Deutsche across private client portfolios and a range of unitised products. Prior to that, he had a long stint at Gerrard Investment Management.
Swain said: 'When Tacit was founded, we were acutely aware of the importance of marrying an experienced investment management team with locally based client relationships. Following the successful establishment of Tacit’s South East footprint over the last three years, Kypros Charalambous, an immensely experienced investment manager, agreed to join Tacit to lead our Midlands based team last year.
'We see the opening of our regional office in Birmingham as an evolutionary step in the delivery of our strategic vision for building long term, locally based client relationships.'
Tacit follows in the footsteps of Psigma and Signia, who set up shop in in Birmingham earlier this year. The trio is competing against the likes of more established players such as Brown Shipley, Deutsche and Brewin Dolphin.