Charles Stanley plans to exploit the fallout from Barclays' decision to reduce the level of service it provides to lower net worth clients for a new office in Cardiff.
The news comes after Wealth Manager revealed Barclays was to cut around 100 private banker roles following its decision to offer a 'softer touch' service to clients below the £500,000 threshold.
Charles Stanley is understood to be in talks with a number Barclays wealth managers whose positions have become untenable following the strategic review. The talks are believed to be at an early stage with nothing finalised.
A spokesman person for Charles Stanley told Wealth Manager: 'Charles Stanley is an acquisitive business and we are always looking for the right kind of investment management teams to join our established business. An area like Cardiff would certainly fit within our network structure.'
The development comes shortly after Charles Stanley hired a private client team from Brewin Dolphin to launch a Leicester office.