Berry chief executive Jamie MacLeod (pictured) is planning to launch a family office as part of a new proposition for the resident non-domicile market.
Subject to regulatory approval, Berry will be renamed Bordier & Cie, taking on the name of its Swiss private bank majority shareholder.
The new entity will comprise two units: the existing business, which will cater for current clients, alongside an international division targeting the resident non-domicile market.
The management team expects this market to flourish due to the attractions of the UK, particularly London. It is hoped the changes will go live during the second quarter.
As part of the new strategy, MacLeod – who will become chief executive of the enlarged entity and sit on Bordier’s senior executive team in Switzerland – is looking to hire a new chief executive for the international business.
MacLeod said he had no plans to open up Bordier as a bank in the UK, however.
‘The high net worths we look after often have multiple banking arrangements already and we are not desperately sure that having a local bank adds much to the proposition,’ he said.
‘I don’t think you should see this as rolling out Bordier & Cie’s services to Berry’s clients. This is more of a fundamental change to attract resident non-domiciles and international clients.’
Explaining the decision to drop the Berry brand, which hails from when Jamie Berry founded the business in 1981, MacLeod said: ‘When I acquired a stake in Berry there was a number of things we all wanted to be clear about before we embarked on the journey we have been on. One was a name change.’
He added that Jamie Berry was supportive of the change.
‘Bordier is one of the largest private banks in Switzerland and it has a good name and reputation. The reaction from introducers and clients has been superb and I am glad we are doing it now. In listening to their reaction, maybe we should have done it a while ago.’
The business will retain its focus on investment management, although the two entities will have slightly different propositions.
The proposition for UK-based international clients is under consideration but is likely to comprise multi-currency portfolios, a family office service for those with around £25 million of deposited assets, and an international booking centre.
Subject to regulatory approval, international clients will gain access to Bordier’s direct global equity service, alongside collectives that are researched by a team in Geneva. The existing proposition for Berry clients and charging structure will not change after the business is revamped.
MacLeod said there were no plans to launch a financial planning service for domestic clients, while international clients may be able to seek wealth planning services within the broader group.
Berry has £850 million in assets and is part of the broader £7 billion Bordier & Cie group.
The decision to launch the new business will require some investment by Bordier, MacLeod acknowledged. ‘Investment is going to be significant in pounds, people and infrastructure. We have a leverageable business because of our tie-up with SEI.’