Standard Life Wealth (SLW) is to boost its regional presence with the launch of a Bristol office.
The discretionary investment management arm of Standard Life, run by Richard Charnock (pictured), said the new Bristol base would be a hub for the firm in the South West, enabling it to grow its business in Somerset, Gloucestershire, Dorset, Devon, Cornwall and South Wales.
Wealth Manager understands the firm will hire an external team to spearhead growth in the region. The Bristol office will be the firm’s fourth in addition to its London, Edinburgh and Birmingham branches.
SLW managing director David Driver said: ‘This is a really exciting development for Standard Life Wealth and we look forward to servicing our clients in the South West in the years to come. We are currently servicing clients in the region from our London office, so we know there is demand for our proposition in the area.
‘The team based at our new office will be fully committed to the South West region, meeting their clients regularly to discuss their goals and how they can work together to achieve them.’
The news comes hot on the heels of SLW’s planned takeover of Newton’s private client arm for up to £83.5 million. The deal would see SLW triple its assets, as Newton currently runs £3.6 billion, while SLW has amassed £1.75 billion in assets since launching in 2008.
The move will also mean SLW gains a presence in Leeds as wells as boosting its charity and offshore client base.
Standard Life is not the only firm to have set its sights on the South West. Private bank Duncan Lawrie also recently bolstered its Bristol team with the hire of Jeff Durant, previously regional head of Clydesdale Bank, to lead its expansion in the South West.