UBS Newcastle office hit by defection of key staff

UBS Wealth Management’s north east operation is to experience further upheaval, following the resignation of a three-strong team who are poised to join Rathbones, Wealth Manager understands.

The resignations of branch manager Nick Swales, director James Garbutt and client adviser James Kyle follow the departure of investment director Barney Hawkins during the summer. He will join Brewin Dolphin’s Newcastle branch later this year.

In the wake of the resignations, UBS has opted to bolster the local team with the relocation of regional heads Jonathan Brown and head of investment management UK, Paddy Lewis.

The pair helped found the Newcastle office a decade ago but in recent years have been working from London.

Brown will retain his title as head of regions but will now move back to run the Newcastle office – UBS’s largest in the north – full time, and will be joined by Lewis, who will work from the office several days a week.

The firm has also relocated two client advisers in the north east to provide support to the Newcastle office and said it is actively recruiting new team members.

Wealth Manager understands the UBS trio are set to join Rathbones to build a presence for them in the city, complementing the national wealth manager’s existing presence in Kendal and Liverpool. The firm declined to comment on the hires.

UBS head of domestic UK, Nick Tucker said the company was still committed to its Newcastle base and would look to further strengthen the office, with new hires in the wake of the departures.

‘Recognising the significance of Newcastle to our regional footprint, Jonathan Brown will strengthen the office by combining his role as head of regions with running the Newcastle office,’ he said.

‘His appointment reinforces UBS’s strong commitment to our clients in this important market, and we look forward to continuing the positive momentum that Newcastle has provided over the recent years.’