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Brown Shipley taps Julius Baer regional boss to head Manchester

Brown Shipley has hired Martin Cuthbert as head of its Manchester office, replacing Nick Cringle who left the business in October.

Brown Shipley taps Julius Baer regional boss to head Manchester

Brown Shipley has hired Barclays veteran and current Julius Baer head of North East England Martin Cuthbert to head its Manchester office

Cuthbert replaces Nick Cringle, who left the business in October, having joined just two years earlier from Arbuthnot Latham.

He will report to former Julius Baer colleague Calum Brewster, who joined the business last month as head of private banking.

Both were part of an eight-strong team of Barclays regional wealth veterans who were recruited by Julius Baer in 2017 as the Swiss business targeted an aggressive UK expansion beneath its international boss David Durlacher.

Cuthbert spent more than a decade at Barclays, rising to become head of Yorkshire and then regional director of Barclays Wealth.

Brown Shipley chief executive Alan Mathewson said, ‘I’m excited to welcome Martin to Brown Shipley. I have every confidence that his experience and proven track record will help us as we continue our strategic growth in the region.’

Over the summer Brown Shipley completed a restructure that saw more than 20 roles made redundant, as the business is aligning closer with parent company Quintet. The company also recruited to some key roles.

Mathewson told Wealth Manager last month that, with the restructure now out of the way, he is focusing on strengthening the front office with senior names in key areas.

Recent departures from Brown Shipley’s Manchester branch include private client manager Tom Illingworth and client manager James Hymers, who both left over the summer, having spent 11 and five years at the firm, respectively.

Other recent Manchester exits include Lee Ramsden, who joined Brown Shipley a year ago as an investment director.

In the past 18 months the private bank has seen a change of guard as several senior figures, including former chief executive Ian Sackfield, the firm’s chief risk officer Michael Hudson and deputy chief investment officer Alex Brandreth, exited the business.

New recruits have included former Quilter Investors chief risk officer Fiona Woodhouse, brought on board to replace Hudson, former Coutts director Shanti Kelemen, who joined as an investment director, and former Coutts chief Rory Tapner, who is now chair at Quintet.

In September the private bank hired two UBS directors in its Edinburgh branch to replace office head Paul Embleton, who left the firm last year.

In its latest annual accounts for the year to December 2019, Brown Shipley, which manages around £9bn, reported pre-tax profit down 63% to £2.2m, partly due the investment of £3.6m in a new IT platform.

The results also revealed the firm paid £38m to acquire Cambridge wealth manager NW Brown & Co, which brought more than £1bn of assets, in June 2019.

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